STUDENTS SUCCESS
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct Ans ...
MAC 2601 EXAM PACK 2024-2025 ACTUAL EXAM COMPLETE -
QUESTIONS AND CORRECT DETAILED ANSWERS
Quiz 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
Quiz 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.
Quiz 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
Quiz control
Ans: the process conducted by management to mitigate risks to acceptable levels
Quiz 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
Quiz 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
Quiz 3 components of value proposition
Ans: assurance, insight, objectivity
Quiz 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.
Quiz 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.
Quiz 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
Quiz 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
Quiz compliance
Ans: adherence to policies, plans, procedures, laws, regulations, contracts of other
requirements
Quiz corporate governance
Ans: values/goals are established and communicated, accomplishment of goals are
monitored, accountability is ensured, and values are preserved
Quiz governance umbrella
Ans: board of directors up top- they have strategic direction, governance oversight
Quiz role of the Board in Governance
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct Ans ...
MAC 2601 EXAM PACK 2024-2025 ACTUAL EXAM COMPLETE -
QUESTIONS AND CORRECT DETAILED ANSWERS
Quiz 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
Quiz 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.
Quiz 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
Quiz control
Ans: the process conducted by management to mitigate risks to acceptable levels
Quiz 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
Quiz 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
Quiz 3 components of value proposition
Ans: assurance, insight, objectivity
Quiz 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.
Quiz 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.
Quiz 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
Quiz 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
Quiz compliance
Ans: adherence to policies, plans, procedures, laws, regulations, contracts of other
requirements
Quiz corporate governance
Ans: values/goals are established and communicated, accomplishment of goals are
monitored, accountability is ensured, and values are preserved
Quiz governance umbrella
Ans: board of directors up top- they have strategic direction, governance oversight
Quiz role of the Board in Governance
