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Fy13 Annual Audit Conference Exam

Question 1 of 3

Q1 . MWRAP TABLE AND OBJECTIVES Processes are only used to help _ a large number of __.

A Categorize, ideas

B Categorize, risks

C Memorize, bible verses

D Understand, ideas

Q2 . MWRAP TABLE AND OBJECTIVES When we need to categorize risks, helpful documentation aids are:

A Process flowcharts

B Narration

C Charts

D Graphs

Q3 . SPONSORSHIP What is the most important special mailing communication from child to sponsor each year?

A Annual Progress Report (APR)

B Introductory Letters (IL)

C Christmas cards

D Birthday cards

Q4 . E-BINDER & REAL TIME REVIEW Where reviewers can sign off?

A Top

B Bottom, right side

C Left side

D Bottom, left side

Q5 . E-BINDER & REAL TIME REVIEW What is reviewer supposed to do during the real time review?

A Review all the work papers

B Review all the supporting documents

C Review all work papers and give review notes (if any) and also sign off

D Reviewer review only procurement section.

Q6 . E-BINDER & REAL TIME REVIEW What are the advantages of E-binder?

A Cost effective

B Easy storage

C Easy access

D All the above

Q7 . WRITING HIGH IMPACT AUDIT REPORT What is our responsibility as an auditor as we do the audit?

A Dig deep enough to diagnose the problem

B Surprise the audit client on your audit issues

C Raise your voice as you ask questions

D Travel and learn about World Vision

Q8 . MWRAP TABLE AND OBJECTIVES What does MWRAP stand for?

A Ministry with Regional Audit People

B Mighty Wide Risk Appreciation Process

C Ministry Wide Risk Assessment Project

D Most Worthy Risk Assessment Prize

Q9 . SPONSORSHIP What monitoring procedure is required to be done every 90 calendar days?

A Presence of the Child

B Participation in Health/Nutrition activities

C Participation in the programme

Q10 . SPONSORSHIP Death of a registered child must be reported by the NO to the SO and GC Sponsorship within 2 business days of receiving the death notification from the ADP/Project by email. (True or False)

A True

B False

Q11 . E-BINDER & REAL TIME REVIEW What is real time review in a nutshell?

A Audit is conducted within the audit frequency.

B Reviewer review after field audit

C Reviewer take more time to review

D Reviewer reviews all the work papers during the audit

Q12 . MWRAP TABLE AND OBJECTIVES What is the first step in the MWRAP table?

A Assessing Risk

B What are the controls in place?

C Find out what the core activity is

D Comparing actual v expected controls

Q13 . WRITING HIGH IMPACT AUDIT REPORT What you should write in the Condition?

A What should be..?

B So what..?

C How to make it better?

D What is..?

Q14 . AUDIT UNIVERSE To define the audit universe, the auditor divides the organization into auditable units of:

A Function / Activity

B Project or Program

C Organizational division

D All of the above

Q15 . AUDIT UNIVERSE ___________________________ is the aggregate of all areas that are available to be audited within World Vision.

A Audit Scope

B Audit Universe

C Audit Manual

D Audit Plan

Q16 . E-BINDER & REAL TIME REVIEW What are the advantages of real time review?

A Critical issues are scrutinized deeper with the reviewer’s help PLUS the assistance from the RAM is immediate.

B Finalized E-tabs can be presented to client at the exit meeting and agreed immediately

C Not many review notes after the audit field work

D All of the above

Q17 . GIA's FY13 DASHBOARD What are the first three columns of the Global Internal audit's (GIA) dashboard?

A Core, Inherent Risks

B Activity, Goal, Metric

C Objectives, By when, Results

D What, When, How

Q18 . AUDIT UNIVERSE World Vision activities/units should meet _______________________ criterion to become auditable units.

A Direct Contribution

B Noticeable Materiality

C Global Impact

D All of the above

Q19 . MWRAP TABLE AND OBJECTIVES Simplifying the process of finding risks involves:

A Looking at the process of the each sub activity of the objective

B Asking a lot of questions

C Ensuring that we are certified auditors

D Looking at the audit working papers first and then the risks.

Q20 . SPONSORSHIP A child's personal file shall . . . . be kept in a secure place remain in the custody of World Vision be used for any purpose other than WV-related activities or initiatives with or without consent of the child and family or the WV National Office. (True or False)

A True

B False

Q21 . WRITING HIGH IMPACT AUDIT REPORT We need to know first what the cause is before recommending the corrective action. True or False?

A False, we can write corrective actions anytime

B True, we used to it already

C False, we will write corrective action first for our comfort

D True, that is the right way to add value

Q22 . RISK PARAMETERS In GIA's MWRAP risk ranking parameters , the highest risk impact ranking is:

A Extreme

B CriticalCritical

C Catastrophic

D High

Q23 . RISK PARAMETERS Risk appetite should be set by the:

A Auditors

B IIA Mandatory Standards

C Management

D ERM

Q24 . GIA's FY13 DASHBOARD The main goal of the these activities "succession plan, turnover – GIA and Global and promotion to other areas of the organization" is to: I. Identify candidates and develop GIA's leadership succession plan II. Retain a qualified and productive staff III. Advocate for the promotion of qualified auditors into other areas of the partnership

A I only

B II and III only

C All of the above

D None of the above

Q25 . FINAL RISK OPINION Levels of risk maturity include all of the following, except for:

A Risk naive

B Risk defined

C Risk adventure

D Risk enabled

Q26 . E-BINDER & REAL TIME REVIEW The reviewer reviews the audit binder to ensure the _______________ of the audit.

A Existence

B Timeliness

C Quality

D Ministry

Q27 . INTERVIEWING MANAGEMENT Why do we need to interview management? All of these reasons except for:

A To build relationship

B To establish credibility

C Understand management’s point of business

D To include the documentation in the audit binder

Q28 . INTERVIEWING MANAGEMENT How do we interview management?

A Using an audit questionnaire

B Using a process flowchart

C Without any aid documents

D A & b only

Q29 . E-BINDER & REAL TIME REVIEW ''Review notes on names and dates''. What type of review note is this?

A Administrative

B Substance

C Amazing

D A and b

Q30 . GIA's FY13 DASHBOARD For the activity 'average number of days to issue final audit report', what does the color code green, red and yellow mean?

A Less than 45 days, Over 45 but less than 90 days, over 90 days

B Less than 90 days, Over 90 but less than 120 days, Over 120 days

C Less than 15 days, Over 15 but less than 30 days, Over 30 days

D Good, Not so good, Bad

Q31 . WRITING HIGH IMPACT AUDIT REPORT It is only when we identify the correct _ of the __ that our work will have a lasting value.

A Condition of the cause

B Consequence of the cause

C Cause of the condition

D Cause of the consequence

E None of the above

Q32 . WRITING HIGH IMPACT AUDIT REPORT What you should write in the CAUSE?

A What is..?

B Why does the condition exists?

C So what..?

D What should be..?

Q33 . CREDIBILITY What are the characteristics of communication that we should maintain with our audit clients?

A Continuous

B Complete (almost)

C Candid

D All of the above

Q34 . RISK PARAMETERS A significant adverse public attention is an example of ______ impact to WV's image and reputation.

A Critical

B Medium (Moderate)

C Low (Minor)

D High(Major)

Q35 . CREDIBILITY It's easier to develop enthusiasm when we maintain a positive attitude and concentrate on finding fault, not only on solving problems. True or False?

A True, that is how we are expected to be.

B False, we should concentrate and be enthusiastic on solving problems rather than on finding fault.

C True, finding fault is really how we can add value to the organization.

D False, enthusiasm should not be a characteristic of auditors.

Q36 . WRITING HIGH IMPACT AUDIT REPORT What you should write in the Consequence?

A What is..?

B What should be..?

C Why the condition exists?

D So what..?

Q37 . RISK PARAMETERS The level of risk that WV Management can take in the pursuit of value is called:

A Interest

B Risk tolerance

C Risk appetite

D Risk factors

Q38 . FINAL RISK OPINION The overall audit opinion is categorized as follows:

A Executive summary, contents, details, glossary

B Risks, Internal controls, Action measures, current levels of monitoring, overall score

C What, Who, How, Why

D Condition, Criteria, Cause, Consequence, Corrective action

Q39 . CREDIBILITY What is not a twin brother of "accuracy", which is one of the important tips to maintain credibility?

A Honesty

B Being factual

C Dishonesty

D Truthfulness

Q40 . E-BINDER & REAL TIME REVIEW Which one is not the administrative review note? Review notes on:

A Cross reference

B Alignments

C Assertions

D Indexing

Q41 . AUDIT UNIVERSE In the profession of internal audit, conventional wisdom and common practice have resulted in the development of audit universe. Such audit universe is the starting point for _________________

A Finalization of exact field audit dates

B Scheduling of training for new auditors

C Development of internal audit plan

D All of the above

Q42 . AUDIT UNIVERSE Risk Universe is the sub-set of Audit Universe

A True

B False

Q43 . FINAL RISK OPINION What does the risk maturity level of 'risk aware' mean?

A Strategy and policies in place and communicated. Risk appetite defined

B No formal approach developed for risk management

C Scattered silo based approach to risk management

D Enterprise approach to risk management developed and communicated

Q44 . INTERVIEWING MANAGEMENT When we interview management, the main difference between what we are expected to do now compared with what we used to do before (during the entry meeting) is:

A Listening to management

B Telling management what we, auditors do

C Presenting to management

D Informing management what internal controls are

Q45 . SPONSORSHIP According to the pertinent WVI Board policy of March 2003, child sponsorship is a required ___ of World Vision.

A Mission statement

B Core competency

C Vision statement

D Value statement

Q46 . WRITING HIGH IMPACT AUDIT REPORT If there is no _________, there is no condition/finding.

A Auditor

B Risk

C Criteria

D Cause

E None of the above

Q47 . CREDIBILITY Another way to maintain credibility is "walking your talk". Which of the following can be considered as a practical application of this principle?

A Report to the office in the field in our most convenient time, just inform the field staff.

B While working in the field, we should not mingle with the audit clients because we say that we are independent and objective.

C As auditors, all we say and write should be correct. Thus, we should not be heard saying “sorry” for what we have said/write that is not true.

D Liquidating our own cash advances on time (within 7 days after the last day of activity.

Q48 . RISK PARAMETERS In GIA's MWRAP risk ranking parameters , risks are group into the following categories except for: Operational factors Strategic factors Compliance and Regulatory factors Reporting factors

A I and II

B I, II and III

C All of the above

D IV only

Q49 . GIA's FY13 DASHBOARD How many KPIs are there that relates to the audit recommendations (i.e. recommendations implemented by management,…) ?

A 3

B 4

C 2

D 5

Q50 . WRITING HIGH IMPACT AUDIT REPORT WV promise to sponsors that supported children are provided with access to good health and nutrition was not kept. What statement is this?

A Condition

B Criteria

C Cause

D Consequence

E Corrective Action

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Fy13 Annual Audit Conference Exam

Q1 . MWRAP TABLE AND OBJECTIVES Processes are only used to help _______ a large number of ________.

Q2 . MWRAP TABLE AND OBJECTIVES When we need to categorize risks, helpful documentation aids are:

Q3 . SPONSORSHIP What is the most important special mailing communication from child to sponsor each year?

Q4 . E-BINDER & REAL TIME REVIEW Where reviewers can sign off?

Q5 . E-BINDER & REAL TIME REVIEW What is reviewer supposed to do during the real time review?

Q6 . E-BINDER & REAL TIME REVIEW What are the advantages of E-binder?

Q7 . WRITING HIGH IMPACT AUDIT REPORT What is our responsibility as an auditor as we do the audit?

Q8 . MWRAP TABLE AND OBJECTIVES What does MWRAP stand for?

Q9 . SPONSORSHIP What monitoring procedure is required to be done every 90 calendar days?

Q10 . SPONSORSHIP Death of a registered child must be reported by the NO to the SO and GC Sponsorship within 2 business days of receiving the death notification from the ADP/Project by email. (True or False)

Q11 . E-BINDER & REAL TIME REVIEW What is real time review in a nutshell?

Q12 . MWRAP TABLE AND OBJECTIVES What is the first step in the MWRAP table?

Q13 . WRITING HIGH IMPACT AUDIT REPORT What you should write in the Condition?

Q14 . AUDIT UNIVERSE To define the audit universe, the auditor divides the organization into auditable units of:

Q15 . AUDIT UNIVERSE ___________________________ is the aggregate of all areas that are available to be audited within World Vision.

Q16 . E-BINDER & REAL TIME REVIEW What are the advantages of real time review?

Q17 . GIA's FY13 DASHBOARD What are the first three columns of the Global Internal audit's (GIA) dashboard?

Q18 . AUDIT UNIVERSE World Vision activities/units should meet _______________________ criterion to become auditable units.

Q19 . MWRAP TABLE AND OBJECTIVES Simplifying the process of finding risks involves:

Q20 . SPONSORSHIP A child's personal file shall . . . . be kept in a secure place remain in the custody of World Vision be used for any purpose other than WV-related activities or initiatives with or without consent of the child and family or the WV National Office. (True or False)

Q21 . WRITING HIGH IMPACT AUDIT REPORT We need to know first what the cause is before recommending the corrective action. True or False?

Q22 . RISK PARAMETERS In GIA's MWRAP risk ranking parameters , the highest risk impact ranking is:

Q23 . RISK PARAMETERS Risk appetite should be set by the:

Q25 . FINAL RISK OPINION Levels of risk maturity include all of the following, except for:

Q26 . E-BINDER & REAL TIME REVIEW The reviewer reviews the audit binder to ensure the _______________ of the audit.

Q27 . INTERVIEWING MANAGEMENT Why do we need to interview management? All of these reasons except for:

Q28 . INTERVIEWING MANAGEMENT How do we interview management?

Q29 . E-BINDER & REAL TIME REVIEW ''Review notes on names and dates''. What type of review note is this?

Q30 . GIA's FY13 DASHBOARD For the activity 'average number of days to issue final audit report', what does the color code green, red and yellow mean?

Q31 . WRITING HIGH IMPACT AUDIT REPORT It is only when we identify the correct _______ of the ________ that our work will have a lasting value.

Q32 . WRITING HIGH IMPACT AUDIT REPORT What you should write in the CAUSE?

Q33 . CREDIBILITY What are the characteristics of communication that we should maintain with our audit clients?

Q34 . RISK PARAMETERS A significant adverse public attention is an example of ______ impact to WV's image and reputation.

Q35 . CREDIBILITY It's easier to develop enthusiasm when we maintain a positive attitude and concentrate on finding fault, not only on solving problems. True or False?

Q36 . WRITING HIGH IMPACT AUDIT REPORT What you should write in the Consequence?

Q37 . RISK PARAMETERS The level of risk that WV Management can take in the pursuit of value is called:

Q38 . FINAL RISK OPINION The overall audit opinion is categorized as follows:

Q39 . CREDIBILITY What is not a twin brother of "accuracy", which is one of the important tips to maintain credibility?

Q40 . E-BINDER & REAL TIME REVIEW Which one is not the administrative review note? Review notes on:

Q41 . AUDIT UNIVERSE In the profession of internal audit, conventional wisdom and common practice have resulted in the development of audit universe. Such audit universe is the starting point for _________________

Q42 . AUDIT UNIVERSE Risk Universe is the sub-set of Audit Universe

Q43 . FINAL RISK OPINION What does the risk maturity level of 'risk aware' mean?

Q44 . INTERVIEWING MANAGEMENT When we interview management, the main difference between what we are expected to do now compared with what we used to do before (during the entry meeting) is:

Q45 . SPONSORSHIP According to the pertinent WVI Board policy of March 2003, child sponsorship is a required __________ _____________ of World Vision.

Q46 . WRITING HIGH IMPACT AUDIT REPORT If there is no _________, there is no condition/finding.

Q47 . CREDIBILITY Another way to maintain credibility is "walking your talk". Which of the following can be considered as a practical application of this principle?

Q48 . RISK PARAMETERS In GIA's MWRAP risk ranking parameters , risks are group into the following categories except for: Operational factors Strategic factors Compliance and Regulatory factors Reporting factors

Q49 . GIA's FY13 DASHBOARD How many KPIs are there that relates to the audit recommendations (i.e. recommendations implemented by management,…) ?

Q50 . WRITING HIGH IMPACT AUDIT REPORT WV promise to sponsors that supported children are provided with access to good health and nutrition was not kept. What statement is this?

From Classroom to Quiz Stardom

Finding a Niche in Historical Puzzles

Building a Community Around Historical Content

Monetization Strategy

Q1 . MWRAP TABLE AND OBJECTIVES Processes are only used to help _ a large number of __.

Q31 . WRITING HIGH IMPACT AUDIT REPORT It is only when we identify the correct _ of the __ that our work will have a lasting value.

Q45 . SPONSORSHIP According to the pertinent WVI Board policy of March 2003, child sponsorship is a required ___ of World Vision.