1. What is the primary goal of sustainability reporting?

a) To increase profits
b) To improve internal processes
c) To communicate sustainability performance
d) To comply with legal requirements

Answer: c) To communicate sustainability performance

2. Which of the following is not a stakeholder group typically considered in sustainability reporting?
a) Customers
b) Employees
c) Competitors
d) Shareholders

Answer: c) Competitor

3. Which organization developed the Sustainable Development Goals (SDGs)?

a) International Monetary Fund (IMF)
b) World Economic Forum
c) United Nations
d) World Trade Organization (WTO)

Answer: c) United Nations

4. In the context of sustainability reporting, what does "SDG" stand for?

a) Sustainable Development Goal
b) Socially Driven Growth
c) Sustainable Design Guidelines
d) Sustainable Data Gathering

Answer: a) Sustainable Development Goal

5. The BRSR reporting system is divided into how many sections?

a) 1
b) 2
c) 3
d) 4

Answer: (c) 3

6. Which of the following is not a disclosure requirement under the BRSR?

a) Overview of the entity's material ESG risks and opportunities
b) Approach to mitigate or adapt to the risks along with financial implications of the same
c) Performance against the nine principles of the NGBRCs
d) Details of the listed entity's products/services
e) Gender and social diversity of employees

Answer: (d) Details of the listed entity's products/services

7. Which of the following is NOT a principle of BRSR?
A. Businesses should respect and make efforts to protect and restore the environment.
B. Businesses should be accountable to their stakeholders.
C. Businesses should strive to improve the quality of life of their employees and the communities in
which they operate.
D. Businesses should promote sustainable development.
E. Businesses should comply with all applicable laws and regulations.

Answer B. Businesses should be accountable to their stakeholders.

8. Which of the following is NOT a requirement of BRSR reporting?

A. The report should be externally audited.
B. The report should be published on the company's website.
C. The report should be in a format that is accessible to all stakeholders.
D. The report should be aligned with the GRI Sustainability Reporting Standards.
E. The report should be prepared in accordance with the company's internal policies and procedures.

Answer E. The report should be prepared in accordance with the company's internal policies and
procedures.

9. Which of the following is the most important audience for BRSR reports?
A. Investors.
B. Customers.
C. Employees.
D. Suppliers.
E. Government.

Answer A. Investors.

10. Which of the following is an example of an environmental indicator in sustainability reporting?

A) Employee turnover rate
B) Carbon emissions
C) Customer satisfaction
D) Revenue growth

Answer: B) Carbon emissions

11. What are the four components of BRSR?

A. Governance and ethics, social, environmental, and economic
B. Governance and ethics, social, environmental, and financial
C. Governance, social, environmental, and economic
D. Governance, social, environmental, and financial performance

Answer: A Governance and ethics, social, environmental, and economic

12. Social sustainability refers to what?
A. The concept of the enterprise supporting jobs and delivering income to communities in the long term
B. Stewardship of resources and managing and conserving the environment
C. The concept of the enterprise supporting jobs and delivering income to communities in the short
term
D. Sharing benefits fairly and equitably and respecting the quality of life of communities and of human
rights
Answer» D. Sharing benefits fairly and equitably and respecting the quality of life of communities and of
human rights.

13. Social, economic and ecological equity is the necessary condition for achieving
A. Social development
B. Economic development
C. Sustainable development
D. Ecological development

Answer» C. Sustainable development

14. The United Nations Sustainable Development Goals (SDGs) include how many goals?
A) 5
B) 10
C) 17
D) 20

Answer: C- 17

15. A company's carbon footprint is a measure of its:

A) Financial stability
B) Environmental impact in terms of greenhouse gas emissions
C) Market share
D) Social responsibility efforts

Answer: B Environmental impact in terms of greenhouse gas emissions

MCQ:
1) Reasonable assurance is mandatory in FY 2023-24 for which companies?
a) Top 150 companies by market cap
b) Top 250 companies by market cap
c) Top 500 companies by market cap
d) Top 1000 companies by market cap
Ans: a)
2) There are_____ Goals under United Nations Sustainable Development Goals
a) 14
b) 15
c) 16
d) 17
Ans: (d)

3) Which of the following is renewable energy?

a) Coal
b) Grid electricity
c) Solar
d) Diesel
Ans: (c)
4) How many principles are there in the Business Responsibility and Sustainability Report?
a) 2
b) 5
c) 10
d) 9
Ans: (d)
5) Which of the following Material Topics will fall under the Social Section?
i. Carbon emissions
ii. Health & Safety
iii. Business Ethics
iv. Labor Management

a) i & iii
b) ii & iv
c) i, ii & iv
d) all of the above
Ans: (b)
6) Double Materiality focuses on –
a) Financial Materiality
b) Impact Materiality
c) Business Continuity and Risk Management
d) Both Financial & Impact Materiality
Ans: (d)

7) As per Prime Minister’s Panchamrit Goals, by 2030 India will reduce the carbon intensity
of its economy by -
a) 30%
b) 45%
c) 60%
d) 75%
Ans: (b)
8) MCA Committee Recommendation includes which of the following?
a) BRSR be integrated with the MCA 21 portal
b) BRSR should be filed on ISSB website
c) BRSR should include 15 principles
d) BRSR should have limited assurance
Ans: (a)
Practical Aspects of Sustainability Data Management

Multiple Choice Questions

1. Which of the following factors contribute to the criticality of sustainability data?

a. Increased transparency
b. Large volume of data reported
c. Availability of alternative data
d. All of the above
2. The ESG data management process is divided into how many phases?
a. Three
b. Four
c. Five
d. Two
3. Stakeholder engagement is -
a. Often ignored by companies
b. Is a critical factor in ESG data management
c. Both a and b
d. None of the above
4. Non reporting of waste generated by a Bank indicates –
a. They don’t have any kind of waste being generated
b. Their business model is such that no type of waste generation is possible
c. They don’t have processes in place to record waste generated
d. They can choose to not report waste generated
5. In case a company has multiple office locations in different countries, they should –
a. Only report for the Indian locations as BRSR is applicable only in India
b. Can choose which locations to include in the BRSR report
c. Include all the locations mandatorily
6. All ESG data can be collected from a single point of contact from a company.
a. True
b. False
7. The Sustainability Reporting Maturity Model (SRMM) is –
a. A self evaluation tool for companies in India
b. Requires all companies to be scored out of 300, without exception
c. Classifies reports in four levels
d. a & c both
8. It is mandatory for companies to publish their SRMM scores on their website
a. True
b. False
9. The best way for companies to collect ESG data is by –
a. Assigning responsibility to various department representatives
b. Collecting all the data in one place and consolidation for the entire company
c. Set up validations at various levels to ensure correctness of data
d. All of the above
10. A company has grievance mechanism process in place but it has not documented it formally.
This will
a. Reduce its SRMM score
 b. Have no impact on its SRM score

Answers:

1. D
2. A
3. C
4. C
5. B
6. B
7. D
8. B
9. D
10. A
Quiz MCQs – Day 2, Session 2 (Global sustainability frameworks)
Q1) What is the primary objective of Integrated Reporting?
a) Comprehensive reporting of sustainability parameters
b) integrated representation of a company's performance in terms of both financial and
sustainability parameters.
c) Combine annual report and sustainability report into one document
d) to provide information on climate action

Q2) It is mandatory for companies preparing sustainability reports to adopt GRI Standards.
a) True
b) False

Q3) Under the Integrated Reporting Framework, disclosure of information about matters that
substantively affect the organization’s ability to create value over the short, medium and long term is
termed as
a) Materiality
b) Key performance indicators
c) Six capitals
d) Consistency

Q4) The ‘building blocks’ of an integrated report are:

a) Completeness
b) Guiding principles and Content elements
c) Accuracy
d) Consistency and transparency

Q5) The GRI Standards are divided into two main areas:
a) Mandatory and optional standards
b) Core and comprehensive standards
c) Universal standards and Topic-specific standards
d) Generic and industry standards

Q6) Which are the terminologies used by organizations globally for their non-financial disclosures:
a) Sustainability Report
b) CSR Report
c) ESG Report
d) All of the above

Q7) GRI reporting, IR reporting and BRSR reporting may have overlapping elements:
a) True
b) False

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Q8) Looking at the history of reporting and launch of reporting frameworks, please select the correct
option (oldest to most recent):
a) GRI, IR, BRSR
b) BRSR, IR, GR
c) IR, GRI, BRSR

Q9) Which is the most widely used framework by companies to report non-financial disclosures
globally?
a) Integrated Reporting (IR)
b) Global Reporting Initiative (GRI)
c) Business Responsibility and Sustainability Reporting (BRSR)
d) Sustainability Accounting Board and Standards (SASB)

Q10) The guiding principle of IR which requires “An integrated report should include all material
matters, both positive and negative, in a balanced way and without any material error” relates to:
a) Reliability and completeness
b) Consistency and comparability
c) Concise
d) Connectivity of information

ANSWER KEY:

1. B

2. B

3. A

4. B

5. C

6. D

7. A

8. A

9. B

10. A

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Materiality Assessment

Multiple Choice Questions

1. The difference between financial materiality and ESG materiality is:

a. Relevant stakeholders
b. Time horizon for reporting
c. Both a and b
d. None of the above
2. A materiality map is a graphical representation of the importance of material topics based
on their importance to the company and importance to shareholders
a. True
b. False
3. Materiality assessment process is divided into _ phases
a. Four
b. Five
c. Six
d. Seven
4. What are the sources of impact identification?
a. Legal reviews
b. Audits
c. OHS inspections
d. All of the above
5. Impacts can be actual, which are currently happening, or potential, which may happen in the
future.
a. True
b. False
6. It is not mandatory for a company to report quantitative targets for each material topic.
a. True
b. False
7. A company in the manufacturing industry is required to select emissions, waste and water
consumption as material topics.
a. True
b. False
8. The benefits of aligning materiality assessment with business strategy are: (select all that
apply)
a. Risk management
b. Opportunity for innovation
c. Asset valuation
d. Leadership improvement
9. BRSR framework mandates companies to disclose their materiality assessment process.
a. True
b. False
10. In the prioritization phase, the company:
a. The company assesses the shortlisted material topics in consultation with its
leadership
b. Defines the scope and boundary of each material topic
 c. Both a and b

Answer key:

1. C
2. B
3. B
4. D
5. A
6. A
7. F
8. A,b,d
9. B
10. C
MCQ SET

Ques-1 Which movement in the 1980s involved excluding "sin stocks"

and using negative screening for investments?
A) ESG Evolution
B) Sustainable Investing
C) Socially Responsible Investing (SRI)
D) Governance Revolution

Ans- C

Ques-2 What marked a pivotal moment in 2000, offering a framework

for businesses to commit to core labor, human rights, environment, and
anti-corruption principles?
A) UN Global Compact
B) ESG Index Launch
C) Social Responsibility Summit
D) Sustainable Business Initiative

Ans- A

Ques-3 What organization, established in 2006, played a significant role

in promoting the adoption of ESG principles within the investment
community?
A) Global Reporting Initiative (GRI)
B) Sustainability Accounting Standards Board (SASB)
C) Task Force on Climate-related Financial Disclosures (TCFD)
D) United Nations Principles for Responsible Investment (UNPRI)

Ans- D

Ques-4 What is a significant driver behind the integration of ESG

principles into corporate strategies?
A) Consumer trends
B) Regulatory pressure
C) Short-term financial gains
D) Shareholder activism

Ans- B

Ques-5 In the context of ESG, what does "materiality" refer to?

A) Financial profits
B) Standards for reporting
C) Issues most relevant to business and stakeholders
D) Transparency requirements

Ans- C

Ques-6 How is technology contributing to the evolution of ESG

reporting?
A) By reducing transparency
B) Through increased complexity
C) By streamlining data collection
D) By limiting stakeholder engagement

Ans- C
MCQ SET

Ques-7 Why is board composition considered crucial for effective

oversight of sustainability initiatives?
A) To minimize diversity of perspectives
B) To focus solely on financial goals
C) To address complex and multifaceted sustainability challenges
D) To limit stakeholder influence

Ans- C

Ques-8 Why is a diverse skill set considered crucial in the board

composition of companies focused on ESG considerations?
A) To maximize short-term financial gains
B) To prioritize shareholder interests
C) To address multifaceted ESG issues effectively
D) To minimize transparency

Ans- C

Ques-9 Why is stakeholder representation crucial in the board

composition for ESG?
A) To exclude diverse viewpoints
B) To narrow down decision-making perspectives
C) To align with shareholder-centric views
D) To ensure a comprehensive understanding of potential impacts

Ans- D

Ques-10 How does the Nomination Committee influence BRSR?

A) By excluding individuals with expertise in sustainability matters
B) By prioritizing short-term financial gains
C) By ensuring a diverse board composition, including expertise in sustainability
D) By minimizing transparency in board decisions

Ans- C

Ques-11 Why is collaboration between specialized committees essential

for effective BRSR oversight?
A) To minimize transparency in decision-making
B) To prioritize short-term financial gains
C) To foster interdisciplinary collaboration and a holistic approach
D) To avoid addressing potential ESG risks

Ans- C

Ques-12 Why is the landscape understanding crucial before designing

anti-bribery and anti-corruption policies?
A) To minimize risk assessment efforts
B) To tailor policies to specific challenges
C) To exclude global markets from consideration
D) To disregard risk vulnerabilities

Ans- B
Ques-13 Why is conducting thorough risk assessments crucial in
developing ABAC policies?
MCQ SET

A) To eliminate all risks completely

B) To identify potential vulnerabilities to corruption
C) To avoid adapting policies to evolving threats
D) To exclude specific regions from consideration

Ans- B

Ques-14 Why are whistleblower mechanisms integral components of

ABAC policies?
A) To encourage a culture of accountability
B) To retaliate against employees
C) To avoid reporting corrupt practices
D) To limit communication channels

Ans- A

Ques-15 What is the role of ethics in the corporate context beyond legal
compliance?
A) Ignoring societal impact
B) Prioritizing short-term gains
C) Commitment to moral integrity and responsible conduct
D) Encouraging discrimination practices

Ans- C

Ques-16 Why has the integration of ESG factors become a strategic

imperative for organizations?
A) Due to regulatory pressure only
B) To maximize short-term profits
C) To achieve enduring resilience, create long-term value, and foster positive
societal impact
D) To minimize stakeholder engagement

Ans- C

Ques- 17 What is a notable transformation in the priorities of

corporations in the present state of ESG governance?
A) Prioritizing only financial performance
B) Excluding stakeholders' scrutiny
C) Recognizing the substantial impact of ESG factors on enduring prosperity
D) Ignoring the need for transparency

Ans- C

Ques-18 How can the performance of a Board's ESG oversight be

accurately evaluated?
A) Solely by measuring the organization's environmental footprint and social
impact.
B) Through a self-assessment conducted by the Board members themselves.
C) By comparing the company's ESG performance to industry benchmarks.
D) Using a multi-pronged approach that considers stakeholder feedback,
independent audits, and progress on ESG goals.

Ans- D
MCQ SET

Ques-19 Two companies in the same industry have similar codes of

conduct, but their ethical reputations differ significantly. What could
explain this discrepancy?
A) Differences in the formal wording and structure of their codes.
B) Variations in the level of awareness and understanding of the code among
employees.
C) The effectiveness of implementation and enforcement mechanisms within
each company.
D) The level of external scrutiny and stakeholder pressure faced by each
company.

Ans- C

Ques-20 What is the greatest challenge in transitioning from traditional

corporate governance to effective ESG governance?
A) Lack of skilled professionals with ESG expertise
B) Changing corporate culture and mindset to embrace long-term sustainability.
C) Measuring and demonstrating the financial benefits of ESG investments.
D) Balancing stakeholder interests with shareholder expectations.

Ans- B
1. Companies should manage their sustainability risk for:
a. Brand building
b. Access to funds
c. Value creation
d. All of the above
2. The most ‘material’ ESG risk reported is:
a. Labour practices
b. Climate change
c. Governance
d. Economic challenges
3. ESG / Sustainability committee needs to be formed at:
a. Board level
b. Management level
c. Implementation level
d. All of the above
4. China’s commitment to go carbon neutral by 2060 is primarily:
a. Chronic physical risk due to climate change
b. Policy and Legal transitional risk
c. Technology risk
d. Market risk
5. S.M.A.R.T. Targets are:
a. Specific, Measurable, Attainable, Relevant and Time-bound
b. Specific, Measurable, Ambitious, Relevant and Time-bound
c. Sustainable, Measurable, Attainable, Responsible and Time-bound
d. Specific, Measurable, Attainable, Responsible and Time-bound
6. Management of Reputation, Credibility, Quality, Ratings and Rankings are:
a. Internal KPIs for risk management
b. External KPIs for risk management
c. Both a and b
d. Neither a nor b
7. Following are Internal KPIs for risk management
a. Decision making based on ESG parameters
b. Continual Improvement
c. Reliability
d. All of the above
8. Adopting the following will be an essential tool in Sustainability Risk Management
a. National Guidelines for Responsible Business Conduct, 2018
b. BRSR Core 2023
c. IFRS S1 & S2
d. Any of the above
MCQs for Quiz – Day 4 Session 2

Q1) Which are key drivers of corporate sustainability disclosures?

a) Rising investor queries on ESG issues
b) Growing stakeholder interest
c) Global commitments and regulatory requirements
d) All of the above

Q2) Which of the following is not a direct and likely benefit of undergoing external assurance:
a) Improved leadership engagement
b) Increased Recognition, Trust and Credibility
c) Enhanced data management and internal processes
d) Better market performance

Q3) Reasonable level of sustainability assurance leads to the practitioner issuing a conclusion on the
subject matter.
a) True
b) False

Q4) Limited level of assurance is mandatory for top 150 companies preparing BRSR reports.
a) True
b) False

Q5) The scope of an assurance is finalized by the assurance provider?

a) True
b) False

Q6) External assurance provider is not required to review the data collection process for the reported
sustainability information?
a) True
b) False

Q7) The ISAE 3000 standard does not prescribe specific error margins to define material
misstatements:
a) True
b) False

Q8) Testing of internal controls is required for which level of assurance under ISAE 3000 standard?
a) Limited assurance
b) Reasonable assurance
c) Both limited and reasonable assurance

Q9) Is independent assurance of sustainability report a mandatory requirement of the GRI Standard?
a) No
b) Yes

Q10) Sustainability assurance includes a review of the company’s materiality assessment process?
a) Yes
b) No

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Answer Keys:

Q1 – D
Q2 – D
Q3 – B
Q4 – B
Q5 – B
Q6 – B
Q7 – A
Q8 – B
Q9 – A
Q10 - A

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MCQ:
1) Which of the following is a benefit of conducting assurance of sustainability information?
a) Enhancing the confidence of the stakeholders in the accuracy and reliability of
the reported information
b) Robust data gathering and processes
c) Stakeholder engagement -to ensure addressing their concerns
d) All of the above
Ans: (d)
2) Reasonable Assurance is an:
a) Examination Engagement
b) Review Engagement
c) Assertion Specific Engagement
d) Both 1 & 2
Ans: (a)

3) Limited Assurance is an:

a) Review Engagement
b) Examination Engagement
c) Assertion Specific Engagement
d) Both 1 & 2
Ans: (a)
4) In a Reasonable Assurance, the assurance provider:
a) provides a negative form of expression
b) obtains reasonable assurance and provides a conclusion about whether any
material modifications are required in the subject matter in order for it to be in
accordance with the relevant criteria
c) obtains reasonable assurance in order to express his opinion on whether the
subject matter of assurance reviewed in terms of the relevant criteria is free from
material misstatement.
d) Both 1& 3
Ans: (c)
5) In Limited Assurance, the assurance provider:
a) provides a positive form of expression
b) provides a conclusion about whether any material modifications are required in the
subject matter in order for it to be in accordance with the relevant criteria
c) obtains reasonable assurance in order to express his opinion on whether the subject
matter of assurance reviewed in terms of the relevant criteria is free from material
misstatement.
d) Both 1& 2
Ans: (b)
6) Reasonable Assurance requires:
a) Limited procedures as compared to Limited Assurance
 b) Equal procedures as required in Limited Assurance
c) Extensive Procedures
d) Lesser evidence than required in Limited Assurance
Ans: (c)
7) Which of the following is a correct statement
a) Risk Basis for Planning Engagement is same for both Reasonable and Limited
Assurance
b) Risk Basis for Planning Engagement is lower for Limited Assurance
c) Risk Basis for Planning Engagement is higher for Limited Assurance
d) Risk Basis is irrelevant
Ans: (a)
8) Which of the following is a correct statement:
a) Level of Material is lower in Limited Assurance
b) Level of Material is lower in Reasonable Assurance
c) Level of materiality is same in both reasonable and limited assurance
d) Materiality is irrelevant
Ans: (c)
9) Which of the following is an assurance standard for assurance of non-financial
information:
a) IFRS S1
b) ISAE 3000 (Revised)
c) IFRS S2
d) ISQC
Ans: (b)
10) Which of the following is not a key pillar of the Accountability Principles
a) Materiality
b) Impact
c) Stakeholders
d) Risk
Ans: (d)
 1. How is Sustainability Defined?

A. Practices that avoid all use of natural resources, exclusively using recycling

B. Meeting current needs without overburdening the natural environment or future

generations

C. It covers only greenhouse gas emissions reduction

D. Compliance with BRSR requirements

Ans. B

2. What is the difference between sustainable and green finance?

A. Sustainable Finance complies with the TCFD, whereas green finance complies with E.U
Taxonomy

B. Sustainable finance refers to finance tied to sustainability targets, whereas green

finance is general purpose corporate financing

C. Sustainable finance includes finance targeted at any number of environmental or

social goals, whereas green finance refers only to environmental goals

D. Sustainable finance is for the Sustainable Development Goals, whereas green finance is
directed at reforestation

Ans. C

3. What one of the following is not among the core components of green bond from standard
bonds (Check all that apply)

A. Use of proceeds

B. Selection of Key Performance Indicators

C. Reporting

D. Management of Proceeds

Ans. B

4. What makes a sustainability linked bond different from a green bond?

A. A sustainability linked bond must always be tied to an SDG

B. A sustainability linked bond must be underwritten by a bank, whereas a green bond can
be underwritten by a counterparty

C. A sustainability linked bond must be linked to a particular project, whereas a green bond
is general purpose

D. A sustainability linked bond has its coupon linked to the achievement of specific
sustainability targets whereas a green bonds use of proceeds must be earmarked
Ans. D

5. What is Sustainable Finance Taxonomy and how does it define sustainability?

A. Sustainable finance taxonomy defines which types of companies must report which
types of ESG information

B. Sustainable finance taxonomy defines which types of economic activities by sector and
subsector, count as sustainable with specific thresholds and conditions

C. Sustainable finance taxonomy defines which types of financial instruments are

sustainable with separate conditions for green bonds, green loans and SLB

D. Sustainable finance taxonomy defines which types of finance are excluded from
eligibility for public sector climate change adaptation and mitigation

Ans. B

6. Which one of the following is false

A. Compliance carbon markets are set up by policies at the national, regional, and/or
international level and are officially regulated

B. Carbon Credits is tradeable permits or carbon allowances, that each represents the right
to emit one metric ton of CO2e emissions

C. Carbon Offsets measure the amount of GHG emissions that has been generated by a
project

D. Carbon offsets are most often traded in voluntary markets. If permitted by compliance
regime, can be used in compliance markets

Ans. C

7. Which one of the following is not true:

A. Sustainable finance is a subset of Green Finance

B. Structured financial activity to ensure better environmental outcome is considered

green finance

C. Structured financial activity to support ocean friendly projects and water supply
resources is considered blue finance

D. Climate finance is a subset of Green Finance

Ans. A

8. Which of the following is not an Ecosystem Services:

A. Provisioning services

B. Regulating services
 C. Cultural services

D. Economic Services

Ans. D

9. Which of the following is not true about Green Credit Rules, 2023?

A. It establishes a cap and trade model as a market based mechanism

B. It establishes a voluntary market for trading green credit

C. 'Green credit' is a single unit of an incentive provided for a specific activity that delivers
a positive impact on the environment

D. Indian Council of Forestry Research and Education is appointed as administrator

Ans. A

10. What are yellow bonds?

A. A subset of green bond, dedicated to finance solar energy generation

B. Yellow bonds are undefined in Indian scenario
C. Yellow bonds are not a sustainable finance instrument
D. Yellow Bonds are bonds where use of proceeds are ear marked to affordable housing

Ans. A
 Questions

1. An NPO includes:
a. Only Trust & NGOs
b. Only Trust & Society
c. Only Society & Section 8 Company formed under Company’s act
d. All: Trust, Society, NGOs and Section 8 company
2. What is the most important rationale of SSE?
a. Cater to need of CSR
b. Meet funding needs of NGOs
c. bridges the gap between the private sector and non-profit sector
d. Benefit FPE to make profits
3. Which among following is a type of Funding structure for NPOs
a. Pay-for-profit through Social/ Development Impact Bond
b. Pay-for-success through Social/ Development Impact Bond
c. issuance of Zero Coupon Zero Principal (ZCZP) Instruments
d. None of the above
4. Financing Instruments for NPOs
I. issuance of Zero Coupon Zero Principal (ZCZP) instruments
II. donations through Mutual Fund schemes as specified by SEBI
III. equity
IV. lending from banks
a. only I & II
b. only II
c. only III
d. All
5. A social impact fund invests in:
a. Only FPEs
b. securities, units/partnership interest of social ventures/securities of social enterprises
c. Alternative Investment Fund
d. None of the above
6. Which one of the following is one of the eligibility criteria for social enterprises?
a. Revenue at least 90% of the immediately preceding 3-year
b. Revenue at least 67% of the immediately preceding 3-year
c. Revenue at least 65% of the immediately preceding 3-year
d. None of the above
7. Which is a “differentiator”:
a. Difference between NPO & FPEs
b. Disclosure of various aspects
c. Difference between equity & debt
d. Funding instruments for FPEs
8. The minimum issue size of Zero Coupon Zero Principal (ZCZP) is:
a. Rs. 2 lakhs
b. Rs. 50 lakhs
c. Rs. 1 crore
d. Rs. 2 crore
9. Which of the following are correct set of Key partners in development impact bond?
a. Implementation Agencies, Outcome Funder, Risk Investor
b. Government & NGO
c. Implementation Agencies, Outcome Funder, Risk Investor, 3rd Party Evaluator, Intermediary
d. Input funder & output funder
Answers

1. d
2. c
3. c
4. a
5. b
6. b
7. b
8. b
9. c
1. Which of the following engagements falls within the scope of Framework for Social Audits?
a. Social Audit of projects / programs undertaken by Social Enterprises
b. Financial / Non-financial Data compilation engagements undertaken for Social Enterprises
c. Management Consulting for programs/projects of Social Enterprises
d. All of the above

2. Which of the following engagements does not fall within the scope of Framework for
Social Audits?
a. Social Audit of entities listed under the Social Stock Exchange
b. Social Audit of projects undertaken by Social Enterprises not listed under SSE
c. Compilation of Social Impact Assessment Report
d. Limited Assurance engagement only for the use of the Responsible Party
3. Which of the following principles are to be looked at while performing Social Audits?
a. Going Concern
b. Materiality
c. Consistency
d. All of the above
4. Code of Conduct for Social Auditors is applicable to
a. Social Auditors performing Social Audits for entities listed on the Social Stock Exchange
b. Social Auditors performing Social Audits for Non-profit Organizations with Social Intent
c. Social Auditors performing Social Audits for For-profit Enterprises with Social Intent
d. All of the above
5. Following principle/s governs Social Auditors:
a. Integrity
b. Independence
c. Confidentiality
d. All of the above
6. The sixteen Social Audit Standards based on the taxonomic classification can be mapped to
a. United Nations Sustainable Development Goals
b. Niti Aayog Sustainable Development Goals
c. Either of the above
d. None of the above
7. Which of the following activities are conducted during Social Audits?
a. Desk Review
b. Personal Interviews / Focused Group Discussions
c. Data Collection and Sampling
d. All of the above
8. Key Impact Indicators have to be
a. Quantitative
b. Qualitative
c. Both
d. Either based on the nature of the project under review
9. Challenges, limitations and exclusions are a part of
a. Social Impact Assessment Report
b. Social Audit Report
c. Both
d. None of the above
10. Level of Assurance for Social Audit is
a. Limited Assurance
b. Reasonable Assurance
c. Either a or b
d. Need not be predefined
MCQ:
1) Which of the following is a benefit of conducting assurance of sustainability
information?
a) Enhancing the confidence of the stakeholders in the accuracy and reliability of
the reported information
b) Robust data gathering and processes
c) Stakeholder engagement -to ensure addressing their concerns
d) All of the above
Ans: (d)
2) Reasonable Assurance is an:
a) Examination Engagement
b) Review Engagement
c) Assertion Specific Engagement
d) Both 1 & 2
Ans: (a)

3) Limited Assurance is an:

a) Review Engagement
b) Examination Engagement
c) Assertion Specific Engagement
d) Both 1 & 2
Ans: (a)
4) In a Reasonable Assurance, the assurance provider:
a) provides a negative form of expression
b) obtains reasonable assurance and provides a conclusion about whether any
material modifications are required in the subject matter in order for it to be in
accordance with the relevant criteria
c) obtains reasonable assurance in order to express his opinion on whether the
subject matter of assurance reviewed in terms of the relevant criteria is free
from material misstatement.
d) Both 1& 3
Ans: (c)
5) In Limited Assurance, the assurance provider:
a) provides a positive form of expression
b) provides a conclusion about whether any material modifications are required in
the subject matter in order for it to be in accordance with the relevant criteria
c) obtains reasonable assurance in order to express his opinion on whether the
subject matter of assurance reviewed in terms of the relevant criteria is free from
material misstatement.
d) Both 1& 2
Ans: (b)
6) Reasonable Assurance requires:
a) Limited procedures as compared to Limited Assurance
b) Equal procedures as required in Limited Assurance
c) Extensive Procedures
d) Lesser evidence than required in Limited Assurance
Ans: (c)
7) Which of the following is a correct statement
a) Risk Basis for Planning Engagement is same for both Reasonable and
Limited Assurance
b) Risk Basis for Planning Engagement is lower for Limited Assurance
c) Risk Basis for Planning Engagement is higher for Limited Assurance
d) Risk Basis is irrelevant
Ans: (a)
8) Which of the following is a correct statement:
a) Level of Material is lower in Limited Assurance
b) Level of Material is lower in Reasonable Assurance
c) Level of materiality is same in both reasonable and limited assurance
d) Materiality is irrelevant
Ans: (c)
9) Which of the following is an assurance standard for assurance of non-financial
information:
a) IFRS S1
b) ISAE 3000 (Revised)
c) IFRS S2
d) ISQC
Ans: (b)
10) Which of the following is not a key pillar of the Accountability Principles
a) Materiality
b) Impact
c) Stakeholders
d) Risk
Ans: (d)