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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Auditor responses to fraud risks include which of the following?

(Short Answer)

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Question 41

Internal control reports issued by public companies must identify the framework used to evaluate the effectiveness of internal control. Which of the following is the most common framework in the U.S.?

(Multiple Choice)

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Question 42

The auditor's consideration of a private company's internal control is:

(Multiple Choice)

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Question 43

In the audit of a private company, an auditor will test controls when control risk is initially assessed at:

(Short Answer)

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Question 44

Knowledge of both general and application controls is not particularly crucial for auditors of public companies.

(True/False)

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Question 45

________ involves deliberate actions taken by management to meet earnings objectives.

(Multiple Choice)

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Question 46

Which of the following is not a general control?

(Multiple Choice)

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Question 47

Sources of information gathered to assess fraud risks usually do not include:

(Multiple Choice)

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Question 48

The initial presumption in the audit of a public company is that control risk is:

(Multiple Choice)

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Question 49

ISAs 240 and 315 does not specifically indicate which members of an audit engagement team must attend a brainstorming session.

(True/False)

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Question 50

Match each of the definition with the following terms -Management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operating as intended and modified when needed.

(Multiple Choice)

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Question 51

What matters related to their consideration of fraud must auditors document according to ISA 230?

(Essay)

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Question 52

Which of the following is a category of fraud?

(Short Answer)

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Question 53

With respect to fraudulent financial reporting, most frauds involve:

(Short Answer)

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Question 54

________ link equipment in large geographic regions.

(Multiple Choice)

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Question 55

List and briefly describe the three conditions for fraud arising from fraudulent financial reporting and misappropriation of assets as described in ISAs 240, 315 and 450.

(Essay)

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Question 56

Fraudulent financial reporting may be accomplished through the manipulation of:

(Multiple Choice)

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Question 57

Management is responsible for:

(Short Answer)

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Question 58

Which of the following factors may increase risks to an organization?

(Short Answer)

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Question 59

Which of the following is not a category of an application control?

(Multiple Choice)

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Question 60

Showing 41 - 60 of 70

Auditor responses to fraud risks include which of the following?

Internal control reports issued by public companies must identify the framework used to evaluate the effectiveness of internal control. Which of the following is the most common framework in the U.S.?

The auditor's consideration of a private company's internal control is:

In the audit of a private company, an auditor will test controls when control risk is initially assessed at:

Knowledge of both general and application controls is not particularly crucial for auditors of public companies.

________ involves deliberate actions taken by management to meet earnings objectives.

Which of the following is not a general control?

Sources of information gathered to assess fraud risks usually do not include:

The initial presumption in the audit of a public company is that control risk is:

ISAs 240 and 315 does not specifically indicate which members of an audit engagement team must attend a brainstorming session.

Match each of the definition with the following terms -Management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operating as intended and modified when needed.

What matters related to their consideration of fraud must auditors document according to ISA 230?

Which of the following is a category of fraud?

With respect to fraudulent financial reporting, most frauds involve:

________ link equipment in large geographic regions.

List and briefly describe the three conditions for fraud arising from fraudulent financial reporting and misappropriation of assets as described in ISAs 240, 315 and 450.

Fraudulent financial reporting may be accomplished through the manipulation of:

Management is responsible for:

Which of the following factors may increase risks to an organization?

Which of the following is not a category of an application control?

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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