Exam 11: Internal Control and Coso Framework

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The Sarbanes-Oxley Act requires either management of U.S. public companies or their auditors to report on the effectiveness of internal controls over financial reporting.

(True/False)

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Question 141

When auditing a client who uses a database management system, the auditor is principally aware of elevated risk due to the fact that

(Multiple Choice)

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(80)

Question 142

A(n) ________ total represents the summary total of codes from all records in a batch that do not represent a meaningful total.

(Multiple Choice)

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Question 143

Typical controls developed for manual systems which are still important in IT systems include

(Multiple Choice)

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Question 144

Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies?

(Multiple Choice)

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Question 145

Which of the following is most correct regarding the requirements under Section 404 of the Sarbanes-Oxley Act?

(Multiple Choice)

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Question 146

An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as

(Multiple Choice)

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Question 147

Authorizations can be either general or specific. Which of the following is not an example of a general authorization?

(Multiple Choice)

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Question 148

Control activities help assure that the necessary actions are taken to address risks to the achievement of the company's objectives. List the five types of control activities.

(Essay)

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Question 149

Define control for general controls and application controls. Also list the categories of controls included under general controls and application controls.

(Essay)

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Question 150

Backup and contingency plans should also identify alternative hardware that can be used to process company data.

(True/False)

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Question 151

With which of management's assertions with respect to implementing internal controls is the auditor primarily concerned?

(Multiple Choice)

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Question 152

Showing 141 - 152 of 152

The Sarbanes-Oxley Act requires either management of U.S. public companies or their auditors to report on the effectiveness of internal controls over financial reporting.

When auditing a client who uses a database management system, the auditor is principally aware of elevated risk due to the fact that

A(n) ________ total represents the summary total of codes from all records in a batch that do not represent a meaningful total.

Typical controls developed for manual systems which are still important in IT systems include

Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies?

Which of the following is most correct regarding the requirements under Section 404 of the Sarbanes-Oxley Act?

An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as

Authorizations can be either general or specific. Which of the following is not an example of a general authorization?

Control activities help assure that the necessary actions are taken to address risks to the achievement of the company's objectives. List the five types of control activities.

Define control for general controls and application controls. Also list the categories of controls included under general controls and application controls.

Backup and contingency plans should also identify alternative hardware that can be used to process company data.

With which of management's assertions with respect to implementing internal controls is the auditor primarily concerned?

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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