Exam 9: Control Assessment and Testing

arrow
  • Select Tags
search iconSearch Question
flashcardsStudy Flashcards
  • Select Tags

An inherent weakness of all internal controls is:

(Multiple Choice)
4.8/5
(41)

An auditor should always check late entries in the accounting records with substantive procedures.

(True/False)
4.8/5
(26)

If a control fails to prevent a sale from being recorded,it means the authorization control objective was not met

(True/False)
4.9/5
(36)

Which internal control objectives relate to the financial statement assertion of valuation?

(Multiple Choice)
4.9/5
(28)

Control tests should be applied to samples of transactions and control procedures ________.

(Multiple Choice)
4.8/5
(40)

Identify three general categories of misstatements and give an example of each.

(Essay)
4.9/5
(38)

In general,a control deficiency will not affect control risk when ______.

(Multiple Choice)
4.9/5
(38)

An auditor has uncovered suspicious expense reimbursements paid to the chief executive officer of its audit client.What should the auditor do?

(Multiple Choice)
4.9/5
(38)

The auditor's primary purpose for evaluating internal control is to ________.

(Multiple Choice)
4.9/5
(46)

When the assessed level of inherent risk for material misstatement is not high,but the control risk is,the audit plan should call for:

(Multiple Choice)
4.8/5
(34)

Controls such as those to protect inventory should be put in place no matter what the cost.

(True/False)
4.9/5
(31)

What is a "walk through" test?

(Multiple Choice)
4.8/5
(32)

The required degree of control compliance is determined by management's control objectives.

(True/False)
4.9/5
(39)

The auditor's primary concern with regard to internal controls is ________.

(Multiple Choice)
4.8/5
(38)

Validity refers to ________.

(Multiple Choice)
4.8/5
(32)

A clean audit is normally associated with weak controls.

(True/False)
4.8/5
(37)

Which of the following is not a control risk associated with manual controls?

(Multiple Choice)
4.8/5
(35)

Which of the following descriptions of job responsibilities reflects improper segregation of duties?

(Multiple Choice)
4.8/5
(39)

The objective of application control procedures is to process transactions correctly.

(True/False)
4.8/5
(44)

The internal control objective of ensuring that all sales on credit are recorded at the proper dollar amounts is ________.

(Multiple Choice)
4.8/5
(34)
Showing 21 - 40 of 51
close modal

Filters

  • Essay(0)
  • Multiple Choice(0)
  • Short Answer(0)
  • True False(0)
  • Matching(0)