Exam 10: Internal Control, Control Risk, and Section 404 Audits
Exam 1: The Demand for Audit and Other Assurance Services47 Questions
Exam 2: The Cpa Profession79 Questions
Exam 3: Audit Reports140 Questions
Exam 4: Professional Ethics119 Questions
Exam 5: Legal Liability115 Questions
Exam 6: Audit Responsibilities and Objectives132 Questions
Exam 7: Audit Evidence105 Questions
Exam 8: Audit Planning and Analytical Procedures102 Questions
Exam 9: Materiality and Risk113 Questions
Exam 10: Internal Control, Control Risk, and Section 404 Audits116 Questions
Exam 11: Fraud Auditing93 Questions
Exam 12: The Impact of Information Technology on the Audit Process106 Questions
Exam 13: Overall Audit Strategy and Audit Program94 Questions
Exam 14: Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions109 Questions
Exam 15: Audit Sampling for Tests of Controls and Substantive Tests of Transactions119 Questions
Exam 16: Completing the Tests in the Sales and Collection Cycle: Accounts Receivable101 Questions
Exam 17: Audit Sampling for Tests of Details of Balances114 Questions
Exam 18: Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable116 Questions
Exam 19: Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts101 Questions
Exam 20: Audit of the Payroll and Personnel Cycle113 Questions
Exam 21: Audit of the Inventory and Warehousing Cycle116 Questions
Exam 22: Audit of the Capital Acquisition and Repayment Cycle91 Questions
Exam 23: Audit of Cash and Financial Instruments121 Questions
Exam 24: Completing the Audit120 Questions
Exam 25: Other Assurance Services104 Questions
Exam 26: Internal and Governmental Financial Auditing and Operational Auditing73 Questions
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If, when obtaining an understanding of control activities of a relatively small client, the auditor identified no control activities, the auditor would probably reassess whether the client is auditable.
(True/False)
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Significant deficiencies and material weaknesses in internal control of a public company must be reported in writing to which of the following?
(Multiple Choice)
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Describe each of the three broad objectives management typically has for internal control.With which of these objectives is the auditor primarily concerned?
(Essay)
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Control activities are a subcomponent of the information and communication component of internal control.
(True/False)
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When auditing a private company, the auditor should obtain an understanding of internal control sufficient to:
(Multiple Choice)
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Which of the following represents a correct statement regarding internal control testing?
(Multiple Choice)
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An auditor is likely to use four types of procedures to support the operating effectiveness of internal controls.Which of the following would generally not be used?
(Multiple Choice)
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Management's identification and analysis of risk is an ongoing process and is a critical component of effective internal control.An important first step is for management to identify factors that may increase risk.Identify at least five factors, observable by management, which may lead to increased risk in a typical business organization.
(Essay)
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In an audit of a non-public company, the less control risk there is, the smaller the amount of planned substantive evidence that is required.
(True/False)
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Of the following statements about internal controls, which one is least likely to be correct?
(Multiple Choice)
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For most uses, flowcharts are superior to narratives as a method of communicating the characteristics of internal control.
(True/False)
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Proper segregation of functional responsibilities calls for separation of:
(Multiple Choice)
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Match seven of the terms (a-i)with the definitions provided below (1-7):
Correct Answer:
Premises:
Responses:
(Matching)
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The auditor of a private company is not required by auditing standards to issue a written report on significant deficiencies in internal control.
(True/False)
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When assessing whether the financial statements are auditable, the auditor must consider:
(Multiple Choice)
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Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with reporting requirements of applicable accounting frameworks.
(True/False)
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When management is evaluating the design of internal control, management evaluates whether the control can do which of the following?
(Multiple Choice)
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When the auditor attempts to understand the operation of the accounting system by tracing a few transactions through the accounting system, the auditor is said to be:
(Multiple Choice)
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Audit evidence regarding the separation of duties is normally best obtained by:
(Multiple Choice)
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