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New Risk Based Audit Approach

Question 1 of 3

Q1 . Based on the new risk based audit approach, the audit plan is now determined by:

A The WVI FFM Internal audit frequency policy

B Prioritized areas based on the most critical risk

C Prior audit findings

D Management

Q2 . Why did Global Internal audit (GIA) decide to implement the new risk based audit approach? To be in line with the Institute of Internal audit standards To be aligned with World Vision's strategic mandate and goals To allocate audit's limited resources to risks To provide work for the GIA auditors and regional audit managers (RAMs)

A I, II, III and IV

B I and IV

C III only

D I, II and III

Q3 . In terms of risk factors (e.g World Vision Lanka/Philippines), how many are there?

A 10

B 5

C 8

D 2

Q4 . What is the definition of risk? I) chance of something that will have an impact on objectives II) effect of uncertainty on objectives III) combination of the probability of an event and its consequences IV) probability that an event will occur and adversely affect the achievement of objectives

A I, II, III and IV

B I and IV only

C II only

D I, II and III

Q5 . What are the first two columns in the ministry wide risk assessment project table (MWRAP)?

A Risks, controls

B Goals, risks

C Risks, fraud risk

D Risks, audit working papers

Q6 . In World Vision Lanka's presentation, what is the risk factor with the highest weighting?

A Complexity of the program

B Donor interest and expectation

C Project internal controls

D Results of prior audit results

Q7 . Compared with WV India and Sri Lanka's presentations, the Philippines audit department determined their audit universe by looking at:

A Local office ministry strategy

B PBAS

C Different sectors’ risk

D Last year’s audit plan

Q8 . Based on Standard and Poor ( a rating agency), what are the four main types of risk? I) Environmental II) Financial III) Management IV) Reputation V) Supply

A I, II, III and IV

B II and III only

C IV only

D I, II and III and V

Q9 . Impact of the risk identified (by WVDF – the Philippines) was measured by: I) Reputation II) $ III) Regulatory environment in the country IV) human poverty indicators.

A I, II, III and IV

B I and II only

C I only

D I, II and III

Q10 . In terms of risk, what are the projects that have the highest risk, resulting in being audited every year?

A National office

B Cost allocation method (CAM)

C Sponsorship projects (ADPs)

D Government grants

From Classroom to Quiz Stardom

When James Wilson first created a quiz on ancient civilizations for his high school history class, he never imagined it would lead to a side career as one of QuizMaker's most successful creators.

Three years and over 200 quizzes later, James's 'History Mysteries' series has amassed more than 2 million plays and a dedicated following of history enthusiasts from around the world.

Finding a Niche in Historical Puzzles

James's approach combines historical accuracy with engaging storytelling and problem-solving elements. 'I wanted to create quizzes that weren't just about memorizing dates and names,' he explains. 'Each quiz tells a story and invites players to solve a historical mystery or puzzle.'

This unique format has resonated with players who might not typically be drawn to history content, helping James build an audience beyond traditional history buffs.

Building a Community Around Historical Content

Beyond creating engaging quizzes, James has built a thriving community through his dedicated social media channels and a monthly newsletter where he shares historical facts, behind-the-scenes research, and previews of upcoming quizzes.

'The community aspect has been the most rewarding part,' James says. 'I receive messages from students saying my quizzes helped them develop a love for history, and from older adults who enjoy testing their knowledge and learning new things.'

Monetization Strategy

While James started creating quizzes as a teaching tool, they've now become a significant source of income. Through a combination of premium quizzes, sponsorships from educational companies, and affiliate marketing for history books and courses, he's been able to generate substantial revenue.

'Last year, my quiz income actually exceeded my teaching salary,' James reveals. 'It's allowed me to reduce my teaching hours and focus more on creating high-quality educational content.'