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A) Prevent fraud
B) Provide reasonable assurance that the company's objectives will be achieved
C) Catch all errors that may occur in the company.
D) Aid in the effective auditing of the company.
2 Providing reasonable assurance with respect to which of the following is not required under the
internal control provisions of the Foreign Corrupt Practices Act?
A) Management is responsibility for knowledge and authorization of transactions.
B) Transactions are recorded to maintain accountability for assets.
C) Access to assets is limited to members of management.
Transactions are recorded to permit the preparation of reliable financial
D) statements.
3 The auditors' understanding of their client's internal control provides a basis for:
Assessing sufficiency risk
A)
Yes
Yes
Yes
B)
Yes
Yes
No
C)
No
Yes
Yes
D)
No
Yes
No
4 Billy Jo is responsible for custody of the finished goods in the warehouse. If his company wishes
to maintain strong internal control, which of the following responsibilities are incompatible with
his primary job?
A) He is also responsible for the company's fixed asset control ledger.
B) He is responsible for receiving of goods into the warehouse.
He is responsible for the accounting records for all receipts and shipments of
C) goods from the warehouse.
D) He is responsible for issuing goods for shipment.
5 Which of the following is least likely when an auditor performs an integrated audit of a public
companys financial statements?
A) Issuing an audit report on internal control over financial reporting.
B) Issuing an audit report on the financial statements.
C) Omitting tests of controls for several major accounts.
D) Performing tests of internal control design effectiveness.
9 Which of the following is one of the most fundamental and effective controls?
A) Increased use of computers for recording accounting transactions.
B) Increased reliance on internal auditors to monitor accounting systems.
C) Segregation of incompatible duties across several people.
D) Having internal auditors report only to the Board of Directors.
10 Which circumstance would be consistent with both the planned assessed level and the assessed
level of control risk being low?
A) No tests of controls have been performed.
B) Tests of controls have been performed.
Externally generated evidence supports management's contentions relating to
C) internal control.
The results of the consideration of internal control suggest that controls are not
D) operating effectively.
11 The results of the consideration of internal control are least likely to affect the auditors' decisions
pertaining to:
11
Is it a material weakness?
A)
Yes
Yes
B)
Yes
No
C)
No
Yes
D)
No
No