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Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
Management of Patients with Diabetes
MAC 2601 EXAM PACK 2024/25
internal audit
Ans>>independent, objective assurance and consulting activity designed to add
value and improve an organization's operations. independence and objectivity,
systematic and disciplined approach
governance
Ans>>the process conducted by the BOD to authorize, direct, and oversee
management toward the achievement of the organization's objectives.It is the system
of rules, practices, and processes by which a company is directed and controlled.
risk management
Ans>>the process conducted by management to understand and deal with
uncertainties that could affect the organization's ability to achieve its objectives
control
Ans>>the process conducted by management to mitigate risks to acceptable levels
assurance
Ans>>an objective examination of evidence for the purpose of providing an
independent assessment on risk management, control, or governance processes for
the organization
consulting
Ans>>advisory and related client service activities, the nature and scope of which
are agreed with the client and which are intended to add value and improve an
organizations governance, risk management, and control processses without the
internal auditor assuming management responsibilities
3 components of value proposition
Ans>>assurance, insight, objectivity
insight
, Ans>>Internal auditor acts as a catalyst for improving an organization's
effectiveness and efficiency by providing insight and recommendation based on
analyses and assessment of data and business processes.
objectivity
Ans>>With commitment to integrity and accountability, internal auditor provides
value to governing bodies and senior management as an objective source of
independent advice.
auditing vs accounting
Ans>>accounting collects, classifies, summarizes and communicates data, as well
as measures and communicates business events and conditions.
auditing considers business events and conditions also but does not have the task of
measuring or communicating them. they review them for propriety. it is analytical and
investigative
Risk
Ans>>the effect of uncertainty on business objectives; risk mgmt refers to the set of
coordinated activities to direct and control an organization to recognize opportunities
while management negative events
compliance
Ans>>adherence to policies, plans, procedures, laws, regulations, contracts of other
requirements
corporate governance
Ans>>values/goals are established and communicated, accomplishment of goals
are monitored, accountability is ensured, and values are preserved
governance umbrella
Ans>>board of directors up top- they have strategic direction, governance oversight
role of the Board in Governance
Ans>>to identify the stakeholders of an organization, understand the needs and
expectations of the stakeholders, identify the potential outcomes that would be
unacceptable to key stakeholders
different types of outcomes
Ans>>financial, compliance, operations, strategic
Risk appetite
Ans>>Amount of risk the organization or function is willing to pursue or accept to
attain its goals
risk tolerance
Ans>>The degree of uncertainty that an investor can ACTUALLY handle in regard to
a negative change in the value of his or her portfolio.
risk owners
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
Management of Patients with Diabetes
MAC 2601 EXAM PACK 2024/25
internal audit
Ans>>independent, objective assurance and consulting activity designed to add
value and improve an organization's operations. independence and objectivity,
systematic and disciplined approach
governance
Ans>>the process conducted by the BOD to authorize, direct, and oversee
management toward the achievement of the organization's objectives.It is the system
of rules, practices, and processes by which a company is directed and controlled.
risk management
Ans>>the process conducted by management to understand and deal with
uncertainties that could affect the organization's ability to achieve its objectives
control
Ans>>the process conducted by management to mitigate risks to acceptable levels
assurance
Ans>>an objective examination of evidence for the purpose of providing an
independent assessment on risk management, control, or governance processes for
the organization
consulting
Ans>>advisory and related client service activities, the nature and scope of which
are agreed with the client and which are intended to add value and improve an
organizations governance, risk management, and control processses without the
internal auditor assuming management responsibilities
3 components of value proposition
Ans>>assurance, insight, objectivity
insight
, Ans>>Internal auditor acts as a catalyst for improving an organization's
effectiveness and efficiency by providing insight and recommendation based on
analyses and assessment of data and business processes.
objectivity
Ans>>With commitment to integrity and accountability, internal auditor provides
value to governing bodies and senior management as an objective source of
independent advice.
auditing vs accounting
Ans>>accounting collects, classifies, summarizes and communicates data, as well
as measures and communicates business events and conditions.
auditing considers business events and conditions also but does not have the task of
measuring or communicating them. they review them for propriety. it is analytical and
investigative
Risk
Ans>>the effect of uncertainty on business objectives; risk mgmt refers to the set of
coordinated activities to direct and control an organization to recognize opportunities
while management negative events
compliance
Ans>>adherence to policies, plans, procedures, laws, regulations, contracts of other
requirements
corporate governance
Ans>>values/goals are established and communicated, accomplishment of goals
are monitored, accountability is ensured, and values are preserved
governance umbrella
Ans>>board of directors up top- they have strategic direction, governance oversight
role of the Board in Governance
Ans>>to identify the stakeholders of an organization, understand the needs and
expectations of the stakeholders, identify the potential outcomes that would be
unacceptable to key stakeholders
different types of outcomes
Ans>>financial, compliance, operations, strategic
Risk appetite
Ans>>Amount of risk the organization or function is willing to pursue or accept to
attain its goals
risk tolerance
Ans>>The degree of uncertainty that an investor can ACTUALLY handle in regard to
a negative change in the value of his or her portfolio.
risk owners
