Exam 7: Auditing Internal Control Over Financial Reporting

For which of the following internal controls would an auditor be least likely to perform tests of internal controls closer to the "as of" date?

The five step process in the audit of ICFR includes:

Which of the following is true of generalized audit software packages?

Which of the following is false?

Identify indicators of a material weakness in internal control over financial reporting.

Section 404 of the Sarbanes-Oxley Act includes which of the following?

Based on PCAOB guidelines, the audit of ICFR and financial statements audit should be conducted as an "integrated audit."

AS5 requires that the auditor appropriately document the processes, procedures, judgments, and results relating to the audit of internal control. Specifically, what must this documentation include?

An auditor will use the IT test data method in order to gain certain assurances with respect to the

The person in charge of authorizing credit to customers does not properly understand what constitutes a credit risk. This is an example of:

A deficiency that implies that there is a reasonable possibility of misstatement in the financial statements that is significant but not material is:

Which of the following is not an element of management's assessment process for the effectiveness of internal control?

When testing a computerized accounting system, which of the following is false regarding the test data approach?

Management documentation of the ICFR assessment should include all of the following except:

S&H Associates has just performed an audit of Bob's Bikes. S&H was unable to obtain a written representation from management about internal control. Which of the following is true?

Management's written representations concerning internal control are:

You are performing an audit on North South Natural Gas (NSNG). Alana, an NSNG employee, has responsibility for reconciling bank statements with the entity's cash accounts. You determine, however, that Alana has never been taught how to reconcile statements. In effect, the statements have not been properly reconciled for two years. How would you judge the significance of this control deficiency? How would you classify this deficiency?

The PCAOB Auditing Standards require the auditor to provide which of the following?

According to the PCAOB, who is responsible for the reliability of the internal controls over financial reporting process of an entity?