Risk and Controls

Whom did Elder Sitati say is the face of the Church?

• Employees

• President Nelson

• Missionaries

• Area Presidency

According to The Presiding Bishopric Vision, which of these is NOT a guiding principle of our work?

• Local Adaptation

• Teamwork

• Simplicity

• Continuous Improvement

True or False: When assessing risk, we consider both the likelihood and impact of the negative outcome.

• True

• False

Failure to properly withhold and remit VAT taxes falls under which type of business risk?

• Security risk

• Financial risk

• Compliance risk

• Strategic risk

Internal controls help us:

• Meet organizational objectives

• Reduce the risk of theft or loss

• Maintain accurate financial reporting

• All of the above

What is the term for when one person cannot perform all aspects of a process?

• Segregation of duties

• Teamwork

• Distrust

• Business objectives

Who is responsible to ensure internal controls are operating effectively?

• Management

• Auditors

• Staff

• All of the above

Finding coding errors while reviewing your monthly operating statement is an example of what type of control (select those that apply)?

• Manual, preventive

• Manual, detective

• Automated, preventive

• Automated, detective