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Questions Bank (1503362 total)
Northstar awards a contractor a fixed total price for constructing a warehouse. The contractor bears the risk that actual labour and material costs exceed estimates, unless the agreed scope is formally changed.
Required:
The contract is BEST classified as:
Northstar Community Clinic achieves its annual target of treating 50,000 patients but exceeds its budget by 35% and uses substantially more staff hours than planned.
Required:
Which conclusion is MOST appropriate?
You are an internal audit manager at Green Apple Limited. The chief audit executive (CAE) plans to present to the audit committee the various types of internal audit engagements.
Required:
Identify the following types of audits that will be presented to the audit committee.
Northstar Holdings Ltd is a diversified company operating in healthcare, logistics, retail, energy and technology. The board and senior management are strengthening the organisation’s internal audit and risk-management processes.
Required:
Match each scenario with the most appropriate term.
Since organisational performance encompasses effectiveness, it also encompasses efficiency and economy.
Required:
For each of the input and output processes described, indicate whether the process relates to the economy, efficiency or effectiveness of the process.
Required:
State whether the following statement is true or false:
Risk assessments should be updated regularly because organisational risks may change over time due to changes in operations, technology and the external environment.
Required:
State whether the following statement is true or false:
A risk-based internal audit approach focuses primarily on detecting fraud after it has occurred rather than evaluating whether key organisational risks are adequately managed.
Required:
State whether the following statement is true or false.
The main purpose of the IAF is to evaluate the organisation’s compliance with relevant regulations and guidelines, be it internal or external.