Question 1

The risk analysis process involves all of the following given below EXCEPT:

Options :

A : Identify auditable activities (programs, accounts, contracts, transactions)

B : Estimate the significance of a risk (magnitude of exposure in dollars or other type of measure, type of threat, duration)

C : Do not Estimate the likelihood that a risk will occur and do not determine how to manage the risks.

D : Estimate the likelihood that a risk will occur and prioritize risks.

Answer: C

Question 2

All budgets, whether national, regional, or local, should be tied to specific objectives. All government revenue raising and spending should fall into one of the following objectives given below please choose the correct option:

Options :

A : Allocation — ensuring that an appropriate level of funding flows into sectors of the economy where it is required.

B : Legislative consideration

C : Audit and evaluation

D : Growth — using the power of government spending to facilitate economic growth and wealth creation.

Answer: A,B

Question 3

The control environment sets the tone of an organization and influences the control consciousness of its employees. The characteristics of an effective control environment are all of the following EXCEPT:

Options :

A : Management communicates the importance of internal controls to all employees.

B : A system is in place to monitor controls on a regular basis

C : Employees are held accountable for their performance.

D : Employees don not have clearly defined responsibilities.

Answer: D

Question 4

All of the following are guidelines for effective personnel management EXCEPT:

Options :

A : Plan for personnel needs and review hiring results periodically to determine whether personnel needs are being achieved

B : Estimate the significance of a risk (magnitude of exposure in dollars or other type of measure, type of threat, duration, etc.)

C : Provide continuing education and training for staff (external or in-house training courses, professional conferences, or seminars).

D : Develop procedures to identify sources of potential hires, methods of contacting and attracting potential hires, and methods of evaluating and selecting potential hires

Answer: B

Question 5

The ultimate penalty is generally _____ and _____guidelines are developed to ensure that the termination is warranted and that the employee has been adequately apprised of his or her behavioral problem:

Options :

A : termination, formal

B : discipline, informal

C : evaluation, informal

D : discipline, formal

Answer: A

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