Exam 11: Internal Control and Coso Framework

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Deficiencies in internal controls may cause significant losses, delay financial reporting, but cannot result in material misstatements in the financial statements.

(True/False)

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Question 21

The primary emphasis by auditors is on controls over

(Multiple Choice)

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Question 22

Two key concepts that underlie management's design and implementation of internal control are

(Multiple Choice)

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Question 23

When dealing with the administration of the IT function and the segregation of IT duties

(Multiple Choice)

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Question 24

Controls that are designed for each software application and are intended to help a company satisfy the transaction-related audit objectives are

(Multiple Choice)

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Question 25

Which of the following is not an example of an applications control?

(Multiple Choice)

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Question 26

Other countries around the world have passed similar legislation to the Sarbanes-Oxley Act regarding mandating management and auditor reporting on internal controls over financial reporting.

(True/False)

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Question 27

Of the following statements about internal controls, which one is least likely to be correct?

(Multiple Choice)

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Question 28

Which of the following statements is most correct with respect to separation of duties?

(Multiple Choice)

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Question 29

Which of the following is an accurate statement regarding control activities?

(Multiple Choice)

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Question 30

When management is evaluating the design of internal control, management evaluates whether the control can do which of the following?

(Multiple Choice)

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Question 31

________ is the information technology and internal control processes an organization has in place to protect computers, networks, programs, and data from unauthorized access.

(Multiple Choice)

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Question 32

In an IT system, automated equipment controls or hardware controls are designed to

(Multiple Choice)

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Question 33

Who is responsible for establishing a private company's internal control?

(Multiple Choice)

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Question 34

If a company has an effective internal audit department,

(Multiple Choice)

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Question 35

Once the auditor is satisfied with the transaction-related controls in the revenue and accounts receivable area, it is not important for the auditor to gain an understanding of the controls that exist over the ending account balances and the related disclosures made in the financial statements.

(True/False)

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Question 36

Old and new systems operating simultaneously in all locations is a test approach known as

(Multiple Choice)

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Question 37

Which of the following is not a general control?

(Multiple Choice)

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Question 38

The COSO framework, updated in 2013, provides a rules-based approach that provides additional guidance on designing and implementing an effective system of internal controls.

(True/False)

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Question 39

Certain principles dictate the proper design and use of documents and records. Briefly describe several of these principles.

(Essay)

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Question 40

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Exam 11: Internal Control and Coso Framework

Deficiencies in internal controls may cause significant losses, delay financial reporting, but cannot result in material misstatements in the financial statements.

The primary emphasis by auditors is on controls over

Two key concepts that underlie management's design and implementation of internal control are

When dealing with the administration of the IT function and the segregation of IT duties

Controls that are designed for each software application and are intended to help a company satisfy the transaction-related audit objectives are

Which of the following is not an example of an applications control?

Other countries around the world have passed similar legislation to the Sarbanes-Oxley Act regarding mandating management and auditor reporting on internal controls over financial reporting.

Of the following statements about internal controls, which one is least likely to be correct?

Which of the following statements is most correct with respect to separation of duties?

Which of the following is an accurate statement regarding control activities?

When management is evaluating the design of internal control, management evaluates whether the control can do which of the following?

________ is the information technology and internal control processes an organization has in place to protect computers, networks, programs, and data from unauthorized access.

In an IT system, automated equipment controls or hardware controls are designed to

Who is responsible for establishing a private company's internal control?

If a company has an effective internal audit department,

Once the auditor is satisfied with the transaction-related controls in the revenue and accounts receivable area, it is not important for the auditor to gain an understanding of the controls that exist over the ending account balances and the related disclosures made in the financial statements.

Old and new systems operating simultaneously in all locations is a test approach known as

Which of the following is not a general control?

The COSO framework, updated in 2013, provides a rules-based approach that provides additional guidance on designing and implementing an effective system of internal controls.

Certain principles dictate the proper design and use of documents and records. Briefly describe several of these principles.

The Demand for Audit and Other Assurance Services

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Audit Planning and Materiality

Assessing the Risk of Material Misstatement

Fraud Auditing

Assessing Control Risk and Reporting on Internal Controls

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

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