C. Increasing Operational Surprises
D. Seizing Opportunities

Answer(s): C
QUESTION: 31
Organization's Objectives are described in three general categories:

A. Effectiveness of operations, Efficiency of strategic plans, Reliability of internal and external
reporting
B. Effectiveness of operations, Efficiency of strategic plans, Reliability of internal and external
reporting, compliance with applicable laws and regulations
C. Effectiveness and Efficiency of operations, Compliance with applicable laws and regulations,
Monitoring and management control system
D. Effectiveness and Efficiency of operations, Reliability of internal and external reporting,
Compliance with applicable laws and regulations

Answer(s): D
QUESTION: 32
The plans developed for the audit functions should be updated as circumstances dictate. Such
specific types of plans include all EXCEPT:

A. Activity Reports
B. Target dates
C. Opportunities and threats
D. Staffing plans and financial budgets

Answer(s): C
QUESTION: 33
Which one of the following statements is NOT the part of audit work schedule?

A. The extent and type of findings in the last audit
B. Loss of assets, errors and fraud
C. The availability of audit staff resources
D. Opportunities to achieve operations benefits

Answer(s): B
QUESTION: 34
Risk is the probability that an event or action may adversely affect the organization or activity
under review. In other words, risk is anything that can prevent an organization from achieving an
objective. Major components of risk are as follows EXCEPT:

A. Non- Compliance with the laws, rules and regulations
B. An event or cause that can interfere with achieving the objective (e.g. What can go wrong?)

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