Exam 7: Internal Control, Understanding the Clients Internal Control Over Financial Reporting and Auditing Design Effectiveness

Which of the following best describes an auditor's responsibility regarding whistleblower information?

Which of the following is not one of the operating benefits provided by a strong system of internal controls?

Segregation of duties calls for separation of the development and operations responsibilities.

Why is it necessary for an auditor to perform audit work after the "as of" date to which the opinion on ICFR applies?

Event identification in the ERM Framework is primarily concerned with identifying:

Which of the following describes management's responsibility for providing documentation for its assessment of the effectiveness of ICFR?

For an auditor's report to conclude that ICFR is effective, the auditor must have confidence in the conclusion that the ICFR are effective in both design and operation. The applicable period of time pertaining to this conclusion is:

In the U.S., the first legislation requiring management of public companies to maintain a system of internal controls was the:

Each of the following is a monitoring procedure from the COSO monitoring guidance except:

The portfolio view of ERM is one in which management reduces risks to acceptable levels by:

Social engineering is the term used to describe:

If a company's system of ICFR is effective, auditors can rely upon the evidence that is produced by the system to reduce the extent of substantive testing on the audit.

Auditors' working papers must be in electronic format in order to protect their confidentiality.

Each of the following is a control used to combat denial of service attacks except:

The management assertion that is concerned with whether recorded transactions are real and actually happened is the:

To which of the following accounts would the management assertion "valuation" be relevant, and why? For any accounts to which it would not be relevant, explain why. Cash Cash when foreign currency translation is involved Gross amount of accounts receivable Net amount of accounts receivable

Which of the following is an example of a transaction-level ITGC?

When a client company's operations have expanded rapidly, auditors should be aware that existing systems may become strained and break down.

Which of the following is not an important consideration for the auditor's assessment of audit committee effectiveness?

Which of the following circumstances would not warrant special risk assessment attention?