Quiz Detail

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

New Risk Based Audit Approach

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

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

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

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

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

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

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

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.

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