Exam 6: The Challenges of Accounting: Standards, internal Control, audits, fraud, and Ethics

Under Sarbanes-Oxley,those officers signing off on the reports must have evaluated the company's internal control within the previous:

Having security measures,proper authorization channels,and restricted access to assets is an example of what element of internal control?

In a broad sense,fraud is the use of deception or trickery for personal gain.

An audit opinion in which there are material misstatements in the financial statements is the:

IFRS are developed by the:

Committing a fraud because of a gambling addiction is related to what part of the Fraud Triangle?

Under which circumstance would an adverse opinion NOT be issued?

Removing any of the components of the Fraud Triangle:

Establishing fake companies,then having the company pay for goods or services that will never be delivered,and then intercepting and cashing the checks would be an example of a(n):

What is an audit opinion?

The agency that requires financial audits of publicly traded companies is the:

Under SOX,the external auditors must now report to:

Which of the following help ensure the usefulness of accounting information?

A properly designed internal control system can guarantee that fraud will not occur.

Fraud is always committed against an organization.

Receiving favors from a supplier by turning a blind eye to the delivery of inferior goods is a form of:

The International Accounting Standards Board was formed in:

Which of the following would NOT be considered part of the control environment?

Generally Accepted Auditing Standards are developed by the Securities and Exchange Commission.

Separation of duties is part of the control environment of an internal control system.