Exam 4: Internal Control, Control Risk, Section 404 Audits, Fraud Auditing, and the Impact of Information Technology on the Audit Process

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As part of designing and performing procedures to address management override of controls, auditors must perform which of the following procedures?

(Short Answer)

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Question 21

Which of the following is correct?

(Multiple Choice)

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Question 22

When management is evaluating the design of internal control, management evaluates whether the control can do which of the following?

(Short Answer)

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Question 23

To be effective, an internal audit department must be independent of:

(Multiple Choice)

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Question 24

Which of the following is not one of the levels of an absence of internal controls?

(Multiple Choice)

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Question 25

Which of the following is not a likely procedure to support the operating effectiveness of internal controls?

(Multiple Choice)

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Question 26

What types of reports may be issued by a service organization auditor? Which of these is likely to be used by an auditor performing an audit of a public company?

(Essay)

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Question 27

Why do businesses use networks? Describe a local area network and a wide area network.

(Essay)

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Question 28

During a financial statement audit of a private company, three steps must be completed by the auditor before concluding that control risk is low. What are these steps?

(Essay)

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Question 29

When the auditor decides to 'audit around the computer,' there is no need to test the client's IT controls or obtain an understanding of the client's internal controls related to the IT system.

(True/False)

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Question 30

Discuss the circumstances that must exist for the auditor to 'audit around the computer.

(Essay)

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Question 31

Which of the following non- verbal cues is a sign of stress?

(Multiple Choice)

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Question 32

This type of inquiry often elicits 'yes' or 'no' responses to the auditor's questions.

(Multiple Choice)

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Question 33

ISA 230 requires auditors to document which of the following matters related to the auditor's consideration of material misstatements due to fraud?

(Multiple Choice)

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Question 34

Which of the following is not an example of an applications control?

(Multiple Choice)

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Question 35

After fraud risks are identified and documented, the auditor should evaluate factors that ________ fraud risk before developing an appropriate response to the risk of fraud.

(Multiple Choice)

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Question 36

One significant risk related to an automated environment is that auditors may ________ information provided by an information system.

(Multiple Choice)

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Question 37

Programmers should not have access to transaction data.

(True/False)

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Question 38

Which of the following is one of the conditions for fraud described in the fraud triangle?

(Short Answer)

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Question 39

As part of the brainstorming sessions, auditors are directed to emphasize:

(Short Answer)

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Question 40

Showing 21 - 40 of 70

As part of designing and performing procedures to address management override of controls, auditors must perform which of the following procedures?

Which of the following is correct?

When management is evaluating the design of internal control, management evaluates whether the control can do which of the following?

To be effective, an internal audit department must be independent of:

Which of the following is not one of the levels of an absence of internal controls?

Which of the following is not a likely procedure to support the operating effectiveness of internal controls?

What types of reports may be issued by a service organization auditor? Which of these is likely to be used by an auditor performing an audit of a public company?

Why do businesses use networks? Describe a local area network and a wide area network.

During a financial statement audit of a private company, three steps must be completed by the auditor before concluding that control risk is low. What are these steps?

When the auditor decides to 'audit around the computer,' there is no need to test the client's IT controls or obtain an understanding of the client's internal controls related to the IT system.

Discuss the circumstances that must exist for the auditor to 'audit around the computer.

Which of the following non- verbal cues is a sign of stress?

This type of inquiry often elicits 'yes' or 'no' responses to the auditor's questions.

ISA 230 requires auditors to document which of the following matters related to the auditor's consideration of material misstatements due to fraud?

Which of the following is not an example of an applications control?

After fraud risks are identified and documented, the auditor should evaluate factors that ________ fraud risk before developing an appropriate response to the risk of fraud.

One significant risk related to an automated environment is that auditors may ________ information provided by an information system.

Programmers should not have access to transaction data.

Which of the following is one of the conditions for fraud described in the fraud triangle?

As part of the brainstorming sessions, auditors are directed to emphasize:

The Demand for Audit, Cpa Profession, Audit Reports and Other Assurance Services

Professional Ethics, Legal Liability, Audit Responsibilities and Objectives

Audit Evidence, Audit Planning, Analytical Procedures, Materiality and Risk

Overall Audit Strategy, Audit Program, Audit of the Sales and Collection Cycle, Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable, Audit Sampling for Tests of Details of Balances, and Audit of the Acquisition and Payment Cycle

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts, Audit of the Payroll and Personnel Cycle, Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition, Repayment, Audit of Cash and Financial Instruments, and Completing the Audit

Other Assurance Services, Internal and Governmental Financial Auditing and Operations Auditing

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