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    Quiz - Module 1 (3BSA-1) - Attempt Review

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    Methly
    The document summarizes a student's attempt at an online quiz about operational engagements for internal auditing. It shows the student answered 7 out of 10 questions correctly and earned a grade of 70%. It provides details of each question, the student's answer, and the number of points earned. The questions cover topics like the purpose of comparing actual vs standard costs, assessing department staffing against industry standards, roles and responsibilities of internal auditors, and matching audit phases like planning, execution, and reporting to their definitions.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Quiz - Module 1 (3BSA-1) - Attempt Review

    Uploaded by

    Methly
    53 views5 pages
    The document summarizes a student's attempt at an online quiz about operational engagements for internal auditing. It shows the student answered 7 out of 10 questions correctly and earned a grade of 70%. It provides details of each question, the student's answer, and the number of points earned. The questions cover topics like the purpose of comparing actual vs standard costs, assessing department staffing against industry standards, roles and responsibilities of internal auditors, and matching audit phases like planning, execution, and reporting to their definitions.

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    Quiz_ Module 1 (3BSA-1)_ Attempt review

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    The document summarizes a student's attempt at an online quiz about operational engagements for internal auditing. It shows the student answered 7 out of 10 questions correctly and earned a grade of 70%. It provides details of each question, the student's answer, and the number of points earned. The questions cover topics like the purpose of comparing actual vs standard costs, assessing department staffing against industry standards, roles and responsibilities of internal auditors, and matching audit phases like planning, execution, and reporting to their definitions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    53 views5 pages

    Quiz - Module 1 (3BSA-1) - Attempt Review

    Uploaded by

    Methly
    The document summarizes a student's attempt at an online quiz about operational engagements for internal auditing. It shows the student answered 7 out of 10 questions correctly and earned a grade of 70%. It provides details of each question, the student's answer, and the number of points earned. The questions cover topics like the purpose of comparing actual vs standard costs, assessing department staffing against industry standards, roles and responsibilities of internal auditors, and matching audit phases like planning, execution, and reporting to their definitions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    8/2/2021 Quiz: Module 1 (3BSA-1): Attempt review

    Dashboard My courses ELECT4-18 Quizzes Quiz: Module 1 (3BSA-1)

    Started on Monday, 2 August 2021, 6:15 PM


    State Finished
    Completed on Monday, 2 August 2021, 6:26 PM
    Time taken 11 mins 15 secs
    Grade 14.00 out of 20.00 (70%)

    Question 1
    Incorrect

    Mark 0.00 out of 1.00

    An operational engagement relating to the production function includes a procedure to compare actual costs
    with standard costs. The purpose of this engagement procedure is to

    a. Measure the effectiveness of the standard cost system.

    b. Assist management in its evaluation of effectiveness and efficiency. note that this is the main objective of auditing.

    c. Determine the accuracy of the system used to record actual costs.

    d. Assess the reasonableness of standard costs. 

    Question 2
    Incorrect

    Mark 0.00 out of 1.00

    he's already conducting testing.

    During an operational engagement, the internal auditors compare the current staffing of a department with
    established industry standards to

    a. Assess the current performance of the department and make appropriate recommendations for
    improvement. note that you are benchmarkig here, so its all about assessment
    of performance.
    b. Evaluate the adequacy of the established internal controls for the department. 

    c. Determine whether the department has complied with all laws and regulations governing its personnel.

    d. Identify bogus employees on the department’s payroll.

    https://college.neu.edu.ph/mod/quiz/review.php?attempt=647028&cmid=190898 1/5
    8/2/2021 Quiz: Module 1 (3BSA-1): Attempt review

    Question 3
    Correct

    Mark 1.00 out of 1.00

    The internal audit activity is responsible for implementing

    1. Risk management

    2. Governance
    the one responsible here is the senior management.
    3. Control

    a. 1 only.

    b. 3 only.

    c. None of the answers are correct. 

    d. 2 only.

    Question 4
    Correct

    Mark 1.00 out of 1.00

    Internal auditors obtain an understanding of controls and perform tests of controls to:

    a. Reduce control risk to an acceptable level.

    b. Assess the inherent risks associated with transactions.

    c. Evaluate the design adequacy and operating effectiveness of the controls. 

    d. Detect material misstatements in account balances.

    Question 5
    Correct

    Mark 1.00 out of 1.00

    The primary difference between operational engagements and financial engagements is that, in the latter, the
    internal auditors

    a. Start with the financial statements of the client entity and work backward to the basic processes 
    involved in producing them.

    b. Are not concerned with whether the client entity is generating information in compliance with financial
    accounting standards.

    c. Are seeking to help management use resources in the most effective manner possible. this one is internal.

    d. Can use analytical skills and tools that are not necessary in financial engagements.

    https://college.neu.edu.ph/mod/quiz/review.php?attempt=647028&cmid=190898 2/5
    8/2/2021 Quiz: Module 1 (3BSA-1): Attempt review

    Question 6
    Correct

    Mark 1.00 out of 1.00

    The primary difference between operational engagements and financial engagements is that, in the former, the
    internal auditors

    a. Are not concerned with whether the client entity is generating information in compliance with financial
    accounting standards.

    b. Are seeking to help management use resources in the most effective manner possible. 

    c. Can use analytical skills and tools that are not necessary in financial engagements.

    d. Start with the financial statements of the client entity and work backward to the basic processes involved in
    producing them.

    Question 7
    Correct

    Mark 1.00 out of 1.00

    Which group is charged with overseeing the establishment, administration, and evaluation of the processes of risk
    management and control?

    a. Internal auditors.

    b. Operating managers.

    c. Senior management. 

    d. External auditors.

    Question 8
    Correct

    Mark 3.00 out of 3.00

    Match the following

    Where the detailed work and testing is carried


    out.
    Execution

    To report to stakeholders on the results of the
    work performed, which should include practical and Reporting
    value-added recommendations


    Developing an audit plan that meets the
    needs and expectations of the client and the key risks of Planning
    the organisation.

    https://college.neu.edu.ph/mod/quiz/review.php?attempt=647028&cmid=190898 3/5
    8/2/2021 Quiz: Module 1 (3BSA-1): Attempt review

    Question 9
    Partially correct

    Mark 6.00 out of 10.00

    Match the following:

    reporting.
    Conduct interim and preliminary engagement communications. Planning 

    Develop final engagement communications. Reporting 

    Evaluate the adequacy of control design. Execution  planning

    Determine engagement objectives and scope. Planning 

    Conduct test to gather evidence. Execution 

    Allocate resources to the engagement. Planning 

    Identify
    and assess risks.
    Planning 

    Identify key controls. Planning 

    Perform observation evaluation and escalation process. Execution  reporting

    Develop observations and formulate recommendations. Reporting  execution

    Previous activity
    ◄ Quiz: Module 1

    Jump to...

    Next activity
    Quiz: Module 2 ►

    https://college.neu.edu.ph/mod/quiz/review.php?attempt=647028&cmid=190898 4/5
    8/2/2021 Quiz: Module 1 (3BSA-1): Attempt review

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