Question 1

With whom does the tone of internal control typically originate?

Accepted Answer

A) Auditors. 
B) Employees. 
C) Management. 
D) Stockholders. 
A) Auditors. 
B) Employees. 
C) Management. 
D) Stockholders.

Question 2

A strong control environment can reduce all the financial reporting risks to zero.

Accepted Answer

A) True 
 B)False

Question 3

Corporate policies designed to attract,train,and evaluate competent employees are considered part of the control environment in the COSO framework for internal controls.

Accepted Answer

A) True 
 B)False

Question 4

Within the COSO framework,external communication includes only information sent by the organization to external parties,such as stockholders,customers,and regulators.

Accepted Answer

A) True 
 B)False

Question 5

Internal control is a process effected by the organization's board of directors,management,and other personnel to provide reasonable assurance of achieving certain objectives.Which of the following does not fit into one of these categories of objectives?

Accepted Answer

A) Reliability of financial reporting. 
B) Compliance with laws and regulations. 
C) Continuing existence. 
D) Effectiveness and efficiency of operations. 
A) Reliability of financial reporting. 
B) Compliance with laws and regulations. 
C) Continuing existence. 
D) Effectiveness and efficiency of operations.

Question 6

Internal control is a process,effected by an entity's board of directors,management,and other personnel,designed to provide reasonable assurance regarding the achievement of objectives relating to operations,reporting,and compliance.

Accepted Answer

A) True 
 B)False

Question 7

Physical controls are necessary to protect and safeguard assets from accidental or intentional destruction and theft.

Accepted Answer

A) True 
 B)False

With whom does the tone of internal control typically originate?

A strong control environment can reduce all the financial reporting risks to zero.

Corporate policies designed to attract,train,and evaluate competent employees are considered part of the control environment in the COSO framework for internal controls.

Within the COSO framework,external communication includes only information sent by the organization to external parties,such as stockholders,customers,and regulators.

Internal control is a process effected by the organization's board of directors,management,and other personnel to provide reasonable assurance of achieving certain objectives.Which of the following does not fit into one of these categories of objectives?

Internal control is a process,effected by an entity's board of directors,management,and other personnel,designed to provide reasonable assurance regarding the achievement of objectives relating to operations,reporting,and compliance.

Physical controls are necessary to protect and safeguard assets from accidental or intentional destruction and theft.

Quality Auditing: Why It Matters

The Auditors Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and Corporate Governance

Professional Legal Liability

Professional Auditing Standards and the Audit Opinion Formulation Process

Audit Evidence

Planning the Audit: Identifying and Responding to the Risks of Material Misstatement

Specialized Audit Tools: Sampling and Generalized Audit Software

Auditing the Revenue Cycle

Auditing Cash and Marketable Securities

Auditing Inventory, Goods and Services, and Accounts Payable: the Acquisition and Payment Cycle

Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal

Auditing Long-Term Liabilities and Stockholders Equity Transactions

Completing a Quality Audit

Audit Reports

Filters

Exam 3: Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditor

With whom does the tone of internal control typically originate?

A strong control environment can reduce all the financial reporting risks to zero.

Corporate policies designed to attract,train,and evaluate competent employees are considered part of the control environment in the COSO framework for internal controls.

Within the COSO framework,external communication includes only information sent by the organization to external parties,such as stockholders,customers,and regulators.

Internal control is a process effected by the organization's board of directors,management,and other personnel to provide reasonable assurance of achieving certain objectives.Which of the following does not fit into one of these categories of objectives?

Internal control is a process,effected by an entity's board of directors,management,and other personnel,designed to provide reasonable assurance regarding the achievement of objectives relating to operations,reporting,and compliance.

Physical controls are necessary to protect and safeguard assets from accidental or intentional destruction and theft.

Quality Auditing: Why It Matters

The Auditors Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and Corporate Governance

Professional Legal Liability

Professional Auditing Standards and the Audit Opinion Formulation Process

Audit Evidence

Planning the Audit: Identifying and Responding to the Risks of Material Misstatement

Specialized Audit Tools: Sampling and Generalized Audit Software

Auditing the Revenue Cycle

Auditing Cash and Marketable Securities

Auditing Inventory, Goods and Services, and Accounts Payable: the Acquisition and Payment Cycle

Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal

Auditing Long-Term Liabilities and Stockholders Equity Transactions

Completing a Quality Audit

Audit Reports

Filters