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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When a compensating control exists, the absence of a key control:
(Multiple Choice)
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Auditors of private companies may rely on prior periods' tests of controls.
(True/False)
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To obtain an understanding of an entity's control environment, an auditor should concentrate on the substance of management's policies and procedures rather than their form because:
(Multiple Choice)
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Two key concepts that underlie management's design and implementation of internal control are:
(Multiple Choice)
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Which of the following is not one of the subcomponents of the control environment?
(Multiple Choice)
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Walkthroughs combine observation, inspection, and inquiry to assure that the controls designed by management have been implemented.
(True/False)
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To promote operational efficiency, the internal audit department would ideally report to:
(Multiple Choice)
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Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies?
(Multiple Choice)
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The auditor's consideration of a private company's internal control is:
(Multiple Choice)
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If the results of tests of controls support the design and operations of controls as expected, the auditor uses ________ control risk as the preliminary assessment.
(Multiple Choice)
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When documenting their understanding of a client's internal controls, auditors are required to use narratives.
(True/False)
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The chart of accounts is helpful in preventing classification errors if it accurately describes which type of transaction should be in each account.
(True/False)
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Internal controls normally include procedures designed to provide reasonable assurance that:
(Multiple Choice)
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Which of the following deficiency exists if a necessary control is missing or not properly formulated?
(Multiple Choice)
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Control risk is generally set at minimum for most private companies.
(True/False)
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In developing an understanding of the client's accounting information system the auditor follows a sequential process.Describe the process below:
(Essay)
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To issue a report on internal control over financial reporting for a public company, an auditor must:
(Multiple Choice)
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