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AUI3703 Assignment 1 semester 2
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AUI3703 Assignment 1 semester 2
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As part of an operational audit, you are required to evaluate the company's mission statement. Whichone of the following steps would you take when evaluating the mission statement?
a.
Gain an understanding of the business purpose and ensure that the mission statement does not
translate into the reason for existence of the company.
b.
Evaluate the performance objectives to ensure that there is no direct link between the performance
objectives and the mission statement.
c.
Find out whether the mission statement is verbally defined.
d.
Discuss with management whether they are keeping their mission statement in line with the changing
needs of their customers.
Question 2
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Question text
Enterprise Risk Mangement (ERM) refers to ...
a.
the process of finding, listing and characterising elements of risk.
b.
developing an understanding of the risk involved.
c.
the process related to a risk strategy that exploit the risk opportunities.
d.
the extension of risk management across the organisation on a macro level by integrating all the risk
management initiatives.
Question 3
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, Question text
Which of the following is an objective of risk management?
a.
To identify employees who are inclined to commit fraud.
b.
To monitor adherence to the code of conduct.
c.
To facilitate greater operational effectiveness and efficiency.
d.
To limit ambitious risk-taking across the organisation.
Question 4
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Question text
Indicate for each of the recommendations listed below whether it relates to economy, efficiency or
effectiveness.
All vacant positions should be filled, and staff should be adequate in relation to the functions that
need to be performed. Blank 1
The factors that can impede satisfactory performance should be identified and addressed. Blank 2
The procurement policy should outline the procedures that should be followed when procuring new
machinery. Blank 3
Cost-benefit studies should be completed, and the results of the cost-benefit studies should be taken
into consideration before the selection of suppliers. Blank 4
All targets and objectives should be communicated to staff in a timely manner. Blank 5
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