Q1

_______ auditing can be defined as an independent objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control and governance processes.

Q2

The initial audit process should seek to identify risks to the business in a way that acknowledges the 4Vs of values, Value, Value Add, Valuables, and Valuation. However, the authors (Pickett text) mention a 5th "V" which they say is: vulnerability.

True

False

Q3

Which of the following could be associated with a Type 2 Audit?

1.

Has some value but should avoid being seen as a whitewash.

2.

Endeavors to set strategy in the sense that people responsible for aspects of the business need to plan improvements wherever possible.

3.

Employed to endorse current strategies or help steer the business in a new direction.

4.

More prevalent for investigations into what went wrong and why.

Q4 A short-cut way of performing an evaluation is to use a survey to assess whether the types of controls in place are actually present and would be in a (Yes/No) format.

True

False