Value for money auditing
Quiz by Arjun
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14 questions
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- Q1What is value for money auditing focused on?Maximizing profits for the companyEnsuring that resources are used efficiently, effectively, and economicallyPaying the highest price for goods and servicesMinimizing expenses without regard to quality30s
- Q2What is the purpose of conducting a value for money audit?To hide financial information from stakeholdersTo ensure accountability, transparency, and value in the use of resourcesTo ignore risks and compliance requirementsTo justify excessive spending without justification30s
- Q3How does value for money auditing differ from traditional financial audits?Financial audits evaluate operational efficiency, while value for money audits check compliance with tax regulations.Value for money audits prioritize customer satisfaction, while financial audits emphasize product quality.Value for money audits focus on market competition, while financial audits assess employee performance.Value for money auditing focuses on the utilization of resources to achieve objectives, while financial audits verify the accuracy of financial statements.30s
- Q4What is a key responsibility of the Auditor General of Ontario in relation to public sector entities?Conducting value-for-money auditsOperating public schoolsManaging public transportation systemsIssuing driver's licenses30s
- Q5In the context of the 3 E's of value for money, which E focuses on achieving the desired goals?EffectivenessEleganceEfficiencyEthics30s
- Q6Which of the following E's of value for money focuses on keeping the costs low?EngagementEfficiencyEconomyEffectiveness30s
- Q7Which of the '3 E's of value for money' focuses on utilizing resources in the most productive and efficient way possible?EfficiencyEconomyEffectivenessEngagement30s
- Q8What does 'significance' refer to in the context of a value for money audit?Significance refers to the location of the auditSignificance refers to the cost of conducting the auditSignificance refers to the materiality or importance of a deviation from expected norms or standards.Significance refers to the number of audits conducted30s
- Q9Why is it important to address significant deviations identified in a value for money audit?Addressing deviations has no impact on resource utilizationIgnoring deviations leads to higher audit costsSignificant deviations are not importantAddressing significant deviations helps in improving the use of resources and achieving better value for money.30s
- Q10In a value for money audit, what does an adverse opinion indicate?Accurate financial reporting by the audited entitySignificance & extent of deviations from satisfactory performance are pervasiveHigh profitability of the audited entityEfficient financial operations30s
- Q11What is the purpose of informing management about the upcoming value for money audit?To create confusion within the organizationTo hinder the audit processTo ensure transparency and cooperation in the audit processTo surprise management with the audit30s
- Q12What was one of the key activities undertaken during the value for money audit for the Ontario Science Centre?Conducting experiments in the science labsRunning fitness programs for visitorsAnalyzing internal and external documentation to understand financial health and sustainability of the centresOrganizing marketing events for the Science Centre30s
- Q13What was the trigger for the negative impact on visitor experience due to deferred maintenance projects?42 projects deemed critical denied funding since 201730 projects under consideration since 201725 projects completed since 201750 projects approved for funding since 201730s
- Q14What was a key recommendation from the Auditor General of Ontario regarding the Ontario Science Centre's value for money audit?Prioritize funding and completion of deferred maintenance projectsIncrease ticket prices for visitorsInvest in new exhibits without considering maintenance issuesReduce staff salaries30s