ELE_OA

ELE_OA

University

15 Qs

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ELE_OA

ELE_OA

Assessment

Quiz

Other

University

Practice Problem

Medium

Created by

IAN PAULO PUNSALAN

Used 6+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the essential initial step to put on the right footing for success in any engagement?

Risk assessment

Defining the objectives

Testing controls

Strategic planning

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a possible outcome if objectives are not clearly defined, communicated, and understood?

Irrelevant documentation

Unnecessary interviews

Communication of relevant recommendations

Frustration for all involved

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These can be the result of internal quality control initiatives that identify anomalies.

New rules

Poor performance

Compliance issues

Anomalous revenues or expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A contract signed by the company and an external party can drive for a review or an audit. This is an example of _____________.

New rules

Poor performance

Compliance issues

Anomalous revenues or expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the phases of operational audit?

Planning

Risk assessment

Fieldwork

Reporting

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The risk assessment should generate two key outputs: (1) strategic plan, and (2) ______________.

risk matrix

contingency plan

internal analysis

audit plan

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are conditions and other variables that in their present, or absence, as the case may be, either exacerbate or diminish the underlying risk.

risk probabilities

risk factors

risk impacts

risk likelihoods

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