OPERATIONAL AUDIT QUIZ 1

Objectives of Risk Management per COSO Framework should be geared toward achieving the entity's objectives namely :

• Strategic-

• Operations-

• Compliance

• Reporting

Tools for Risk Management includes the following Risk Matrix, Risk Registers, SWOT Analysis, Risk Data Quality Assessment.

• TRUE

• FALSE

Is a visual tool depicting potential risks affecting a business.

A document that is used as a risk management tool to identify potential setbacks within a project. This process aims to collectively identify, analyze, and solve risks before they become problems.

Documents created by auditors to record the work done. They are a collection of evidentiary material showing the planning done, the fieldwork activities performed, and the support for all information mentioned in the audit report or other communication of results.

• Assertion

• Audit Evidence

• Working Papers

It is a system used to establish internal controls to be integrated into business processes. Collectively, these controls provide reasonable assurance that the organization is operating ethically, transparently and in accordance with established industry standards.

• Institute of Internal Auditor's Framework

• COSO Framework

• COA Framework

• Enterprise Risk Management

It is the governing body of internal auditors worldwide, provides guidance for internal auditors on what should be done, how it should be done, and why it should be done.

• Institute of Internal Auditor's Framework

• COSO Framework

• COA Framework

• Enterprise Risk Management

A future-oriented, systematic, and independent evaluation of organizational activities. Financial data may be used, but the primary sources of evidence are the operational policies and achievements related to organizational objectives.

• Operational Audit

• Internal Control

• Internal Audit

• External Audit

Defined as the possibility that an event will occur (that is, a threat will materialize) and adversely affect the achievement of objectives. It is measured in terms of the degree of likelihood that the event might occur, coupled with the probable impact should the event occur.

• Risk

• Threats

• Probability

• Problems

Is the information collected for a review of a company's financial transactions, internal control practices and other items. It is the basis of their opinion.

• Assertion

• Audit Evidence

• Working Papers