Risk

This Audit Model is also called cour des comptes (Court of Accounts)

• Board Model

• Napoleonic Model

• Ramp Model

• Westminster Model

Which country does not use Westminster Model?

• India

• Australia

• Canada

• Republic of Korea

The Philippines adopts _________ model as a structure and ________ model as to function.

• Napoleonic; Board

• Board; Napoleonic

• Napoleonic; Westminster

• Westminster; Napoleonic

Which among the following is not a new role that auditors performed in 4th generation audit approach?

• Performs assurance and advisory activities to add value and improve an organization’s operation

• Helps an organization accomplish its objectives

• Brings a systematic, discipline approached to evaluate and improve the effectiveness of governance process.

• Starts with existing processes, procedures and control activities and audited them for compliance

ISO _____ defines Risk as an effect of uncertainty on objectives.

• 21000

• 31000

• 47000

• 17000

What do you call where relevance and reliability meet?

• Area of Integrity

• Point of Integrity

• Realm of Integrity

• Zone of Integrity

This is the threat that an event, action or inaction will adversely affect an auditee's ability to achieve its objectives and execute its strategies successfully.

• Audit Risk

• Business Risk

• Inherent Risk

• Detection Risk

The risk that an auditor might not be able to render the right opinion to the Financial Statements being audited

• Audit Risk

• Business Risk

• Control Risk

• Detection Risk

Which of the following is not an auditee's risk concerning environment, processes, and decisions from operations?

• Environment Risk

• Information and Information Processing Risk

• Information for Decision Making Risk

• Process Risk

Risk of intentional misstatement to the financial statements by an amount exceeding the tolerable error arising from misstatement or omission of amounts

• Error Risk

• Fraud Risk

• Information and Information Processing Risk

• Information for Decision-Making Risk