QUIZ NO.

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ACCT 1163 – OPERATIONAL AUDITING Date: Jan. 28, 2023

A. Identification: Write the correct term/concept being described in each of the following items (8 pts):

1. It is concerned with being involved in, or contributory to, environmental and sustainability
initiatives. (Ecology/Environment)

2. It is focused on the cost of inputs and is a measure of the price paid for organizational resources off
a given quality. (Economy)

3. It is focused on the achievement of objectives and is a measure of whether the actual outputs of a
process or activity is as planned. (Effectiveness)

4. Also known as the burn rate, it relates to the use of inputs and other resources toward the
achievement of goals and objectives and is a measure of the actual production (i.e., outputs) given
the actual inputs or resources. (Efficiency)

5. It refers to the rules of behavior based on ideas about what is morally good and bad, what is
morally right or wrong, and moral duty and obligation. (Ethics)

6. It refers to the performance of all work with high quality. (Excellence)

7. It relates to the treatment of others with dignity and respect, and often thought of in terms of
fairness, reciprocity, and impartiality. (Equity)

8. It is one method of identifying required or necessary processes of change within a department,

function, activity, process or organization, by comparing with others in compatible circumstances.
(Benchmarking)

B. Essay. Answer the following questions and provide a brief answer. (12 points)

1. What is Internal Auditing? (3 pts)

2. What options does the Internal Audit function of an organization have if it does not have the
competency required to perform all or part of an engagement? (3pts)
3. Differentiate assurance from consulting activity. (4 pts)
4. Give at least two (2) competencies necessary/relevant in the internal audit function.