Cia Part Ii Section I Mcq: Csa, Contract, Risk Assessment

Front 1

What are the 3 methods used when performing a CSA?

Back 1

facilitated team workshop, qustionnaires, management produced analyses

Front 2

When are CSA questionnaires preferred against team workshops?

Back 2

"- management desires to limit the cost of gathering information
- employees are widely dispersed geograpaphically
- organisational culture hinders open and candid discussions

Front 3

"
On what does the intensity of the monitoring of the IA involved in a CSA by the CAE depend?

Back 3

the monitoring intensity carried out by the CAE depends on the SIGNIFICANCE of topics being discussed in the CSA

Front 4

When facilitating a CSA, what must the IA not do with regard to the ownership and accountability for the information gathered?

Back 4

take over the ownership and accountability from the participating group (e.g. by offering suggestions when the group is struggling)

Front 5

In designing a CSA workshop, the most important issue is to ensure that staff and management have a sense of what?

Back 5

a sense of ownership to be active process participants

Front 6

If a CSA is successful, it will reduce the number of what?

Back 6

- reduce the number of errors and failures

Front 7

Which CSA method is most suited for gathering information about soft controls such as "tone of the top"?

Back 7

face-to-face discussions at CSA workshops with participants from many parts of the organization and various levels

Front 8

What are the four centrals of a valid contract?

Back 8

"- mutual consent
- lawful object
- mutual consideration
- capable parties

Front 9

"
How is contract considered is one of the four centrals of a contract is missing?

Back 9

a void contract as it is considered never to have com into existence due to the lack of the four contract centrals

Front 10

What is a voidable contract?

Back 10

a void contract in a voidable contract one of the parties has the option to step back from the contract (e.g. contract was closed under duress, involved misrepresentation or fraud)

Front 11

When is a contract unenforcable?

Back 11

a contract in which neither party may enforce the other's obligation (e.g. contract violates the statute of frauds as it has not been set up in writing)

Front 12

Which contract type is best suited when it is not possible at the time of placing the contract to estimate accurately the duration of the work?

Back 12

time-and-materials contract

Front 13

Which contract type is best suited when the requirements are well-defined, uncertainties can be identified and costs estimated, and there is adequate competition?

Back 13

fixed-price contract

Front 14

Which contract type is best suited when the requirements are complex and costs cannot be easily identified and estimated?

Back 14

cost-reimbursement contract

Front 15

Which contract type is best suited when the supplies and/or services of future deliveries are not known at the time of contract award?

Back 15

indefinite delivery aka. Open contract

Front 16

Which contract type is best suited in circumstances of unusual and compelling urgency as it represents a preliminary intstrument that permits a contractor to begin work when all of the contract terms and conditions have not been agreed upon?

Back 16

letter contracts

Front 17

How often at least should a contractual activity be monitored so that the monitoring may be considered timely?

Back 17

at least monthly

Front 18

Which COSO ERM Component does encompass the tone of an organization and set the basis how risk is viewed and addressed by an entity's people?

Back 18

internal environment

Front 19

Which COSO ERM Component does encompass the setting of objectives that support and align with the entity's mission and are consistent with its risk appetite?

Back 19

objectives setting

Front 20

In which COSO ERM Component are identified events distinguished between risks and opportunities?

Back 20

event identification

Front 21

In which COSO ERM Component are risks to the achievement of objectives analyzed and are assessed on an inherent and a residual basis?

Back 21

risk assessment

Front 22

In which COSO ERM Component does management develop a set of actions to align risks with the entity's risk tolerance and risk appetite?

Back 22

risk response

Front 23

In which COSO ERM Component are policies and procedures established and implemented to help ensure that the risk responses are effectively carried out?

Back 23

control activities

Front 24

In which COSO ERM Component is relevant information identified, captured, and communicated in a form and time frame that enables people to carry out their responsibilities?

Back 24

information and communication

Front 25

In which COSO ERM Component is the entirety of ERM observed and modified as necessary?

Back 25

monitoring

Front 26

In the COSO model, which components influences other components?

Back 26

any component can influence the others

Front 27

Which factors are considered in a risk assessment?

Back 27

the probability of risk and its impact

Front 28

As what can the extent of management judgements and accounting estimatea serve in identifying the areas to be examined?

Back 28

as risk factors

Front 29

In assessing organizational risk in a manufacturing environement, which risk factor has the most long-range impact on the organization?

Back 29

product quality

Front 30

What does a risk control matrix cover in the assessment of risks?(3)

Back 30

"- business objectives
- risks associated with each objective
- controls mitigating the risks

Front 31

"
In what does the risk control matrix IAs and clients assist with regard to how to handle risks?

Back 31

assist in prioritizing risks based on probability (likelihood) and significance (impact)

Front 32

What is the major disadvantage in setting up a risk control matrix?

Back 32

filling it out requires a significant time invesment

Front 33

A risk control matrix not incorporate an analysis of which costs?

Back 33

an analysis of exact economic costs of each risk