GENERAL INSTRUCTIONS: Every question must be answered using 5-10 sentences.

Generally, we will adopt the "there is no wrong answer" perspective in rating your answers.
The points that you will earn are based primarily on your explanations for each of your
given answers. Answers may be handwritten or encoded. Submit your answers to my email
virgilkitaugustin.abanilla@spsps.edu.ph

Unit 1: QUIZ ON INTRODUCTION TO INTERNAL AUDITING

1.Based on your readings, what has been the role of Internal Audit since ancient or
early civilization until present?
2. Among the significant developments in Internal Audit, what is the profession’s
greatest contribution insofar as accountability is concerned?
3. What are apparent reasons why Internal Audit is or must be moved out from
accountancy?
4.For those entities who cannot afford to have independent and separate Internal
auditors, hence such function shall be exercised simultaneously with the
accountants, what measures shall be implemented in order to ensure that check
and balances will still be in place?
5. How should Internal Audit overcome expectation gap in order to establish its
relevance and to meet requirements of the ever dynamic corporate world?

Unit 2: QUIZ ON CORPORATE GOVERNANCE PERSPECTIVES

1. Explain the Agency concept and its role in so far as corporate performance and
accountability are concerned.

2. Cite one finding in the survey conducted by KPMG Forensic Accounting to

more than 800 directors and managers as regards corporate ethics and
accountability, and provide a brief commentary about it.

3. Distinguish Internal Audit from External Audit.

4. Explain the role of Audit Committee in the board, and describe its significance
in securing the welfare of the stakeholders.
5. In the denial of the ABS-CBN franchise renewal application before the
Congress, were there lapses on the part of ABS-CBN’s Audit Committee?
Explain.

Unit 3: QUIZ ON MANAGING RISK

1. What should be the right perspective/ attitude towards risk? Illustrate your
points.
2. Discuss the risk management process by citing a practical example
3. Out of the 10 risk response schemes (5cs and 5ts), discuss 2 of them by citing a
practical example.
4. There are 3 components in a risk policy. which of them shall be given greater
significance?
5. What is the role of Internal Audit in Risk Management?

Unit 4: QUIZ ON INTERNAL CONTROL

1. what is the right attitude towards the concept of the fallacy of perfection
insofar as internal controls are concerned?
2. How important a Control Framework is in ensuring an effective and cost-
efficient internal control?
3. Why must business entities redirect their fund to prevent controls from other
categories of control?
4. Briefly discuss the COSO and COCO framework, and distinguish one from the
other.
5. What is the role of Internal Audit in securing an effective internal control?