Exam 7: Auditing Internal Control Over Financial Reporting

Which of the following statements included in management's assessment of the effectiveness of internal control over financial reporting would be considered acceptable for issuing an unqualified opinion?

Which of the following is not a primary objective of internal control as established by COSO?

Examples of entity-level controls include

The main goal of auditing internal control is

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?

Which of the following is least likely to represent a material weakness in internal control for Flynt Corporation?

You are an experienced audit senior.The new staff accountant on your audit team does not understand what a control deficiency is.Give him a definition of "control deficiency." Include examples of two types of control deficiencies.

To obtain an understanding of significant processes and relevant subprocesses,auditors would be least likely to use which of the following techniques?

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

An "integrated audit" as stated in Section 404 of the Sarbanes-Oxley Act means

Which of the following is false?

Which of the following is an advantage of generalized computer audit packages?

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

The auditor is least likely to use generalized audit software to

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 primary purpose of a generalized computer audit program is to allow the auditor to

When an auditor tests a computerized accounting system,which of the following is true of the test data approach?

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?

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