Refresher Quiz

These are the policies and procedures established to address risks and to achieve the agency's objectives.

It is an integral process that is affected by an agency's management and personnel and is designed to address risks and provide reasonable assurance that the general objectives of the agency are being achieved.

It is the foundation for all the other components of internal control, providing discipline and structure.

The process of identifying and analyzing relevant risks to the achievement of the agency's objectives and determining the appropriate response.

These are the essentialities in realizing all internal control objectives by providing management access to relevant, complete, reliable, correct and timely communication related to internal as well as external events.

What is the internal control standard prescribed for use by government agencies in the Philippines?

• Internal Control System in the Philippines

• Standards on Philippine Internal Control

• Internal Control Standards for the Philippine Public Sector

• Internal Standards in the Philippine Public Sector

The ICSAO is a new office created as part of the organizational modifications of the COA, one of the functions, among others, is to assist in the design, installation, and improvement of internal control systems of government agencies and recommend measures to strengthen their ICS. What does ICSAO stand for?

• Internal Control Services Advisory Office

• Internal Control Systems Advisory Office

• Internal Control Services Audit Office

• None of the above

Establishing a separate reporting line including ethics hotlines is under component:

• Risk Assessment

• Monitoring

• Information and Communication

• Control Environment

One of the roles of internal auditors pertains to examining and contributing to the effectiveness of the internal control system through their evaluations and recommendations.

• True

• False

This principal focus requires that no singular individual or team should control all key stages of a transaction or event, to reduce the risk of error, waste, or wrongful acts and the risk of not detecting such problems.

• Top level review

• Authorization and approval

• Verification

• Segregation of duties