Internal Auditing Review Quiz

LACOSTE STYLE AND PLAY uses the latest technology in the production of its products, lead time is reduced, and waste is managed for the company. LACOST STYLE AND PLAY was able to secure its ISO certification for the current year.

What support activity in the value chain is being described?

• Inbound Logistics

• Outbound Logistics

• Technological Development

• Marketing

Which of the following is NOT part of the Porter’s Five (5) Forces Model?

• Threat of Substitutes

• Bargaining power of suppliers

• Threat of Competition

• Threat of New Entrants

In the following items, which of the following comes last in the data life cycle?

• Results

• Insights

• Data

• Discussions

Which of the following is/are TRUE relating to data analytics?
Statement 1: A time series plot is a graphical presentation of the relationship between time and the time series variable
Statement 2: A horizontal pattern exists when the data fluctuate randomly around a constant mean over time

• Only Statement 1 is true

• Only Statement 2 is true

• Both Statements are correct

• Both Statements are incorrect

Which of the following implements a Radical Improvement Strategy?

• ENRIQUEZ CO. performed an overhaul of operations in the production department, leading to the retooling of Standard Operating Procedures (SOP).

• GOYO INC. adopts the “Toyota Production Systems” philosophy in the manufacture of its products

• TONIO COMPANY implements a “demand-pull” inventory system, ensuring waste is avoided as well as reorder time

• LUNA CO. analyzes employee performance and offering retooling and upskilling to those lagging workers

You are asked to evaluate the following statements:
Statement 1 – A company must have a vision to derive business strategies, but missions are not necessarily essential in place for strategy implementation.
Statement 2 – A combination of a comprehensive strategy mechanism coupled with effective resource allocation guarantees success in the business industry.

• Only Statement 1 is correct

• Only Statement 2 is correct

• Both statements are correct

• Both statements are incorrect

You are asked to evaluate the following statements:
Statement 1 – When PUREGOLD CO. resells goods from manufacturers at a low-cost, disregarding market sector brackets is an application of Cost Leadership strategy.
Statement 2 – WALMART INC. replenishes inventory daily for perishable goods in an effective application of Lean Management Strategy.
Statement 3 – MCDONALDS COMPANY released “Flavors of Japan” viand on its menu, thus, implementing Kaizen approach. Statement 4 – JOLLIBEE FOODS CORPORATION’s crew staff circulates across the branch, asking for comments from diners as to the palatability of food. This is an application of a primary activity of the value chain.

• Only one statement is correct

• Only two statements are correct

• Only three statements are correct

• All statements are incorrect

MOIRA INDUSTRIES purchased SAP S4 HANA software to serve as its accounting system where transactions are entered and financial reports are ought to be generated for submission to regulatory agencies. Which BI software or tool is being described?

• Reporting Software

• Power BI Dashboard

• Spreadsheets

• Data Mining Tool

STATESIDE INC. plans an internal audit engagement within a span of 45 days. STATESIDE plotted activities on its dashboard, laying the groundwork for priority activities, less priority activities and least priority activities. Each activity is named as “A”, “B”, “C” and the like, representing timeframes on a per phase basis. What project management tool was used?

• PERT-CPM

• WBS

• Gantt Chart

• None of the above

You are asked to evaluate the following statements:
Statement 1 – Business Intelligence (BI) collects and analyzing internal data and external data to provide new insights that were not apparent before.
Statement 2 – Online analytical processing (OLAP): OLAP tools allow users to analyze datasets from a wide variety of angles based on different business perspectives.
Statement 3 – The presence of hierarchy in an organization creates various levels of authority arranged in the order of delegated powers in the organization.
Statement 4 – A catalyst of change is someone in the organization who is afraid to take a leap of faith for organizational growth.

• Only one statement is correct

• Only two statements are correct

• Only three statements are correct

• All statements are incorrect