Exam 10: Fraud and Internal Control

Which SOC report is conducted by the service organization's auditors using Attestation Standards (AT)Section 101 and prepared using the AICPA Trust Services?

In control activities, ________ divide authorization, recording, and asset custody among different individuals.

The COSO ________ provides a blueprint for implementing an internal control system to assist in ensuring the reliability of financial statements and compliance with Sarbanes-Oxley legislation.

List and describe the control activities for mitigating financial, operational, and compliance controls risks.

Match the internal auditors code of conduct principle with the appropriate definition. -Objectivity

________ controls are embedded within business process applications.

Which Rule of Conduct for internal auditors states that they are not to use information for any personal gain or in any manner that would be contrary to the law or detrimental to the legitimate and ethical objectives of the organization?

The reporting framework for Service Organization Control (SOC)consists of five SOC reports.

List the five principle the on which the Trust Services framework is based.

Which of the following is NOT part of the audit committee's responsibilities?

What three things must a perpetrator have to commit fraud? Include a brief description of each.

In the COSO Internal Control-Integrated Framework, control activities do NOT include

Increasingly the expectation is that the auditor and the IT professional learn more about the other's field.

SOX section 404 requires requires each annual report of a publicly traded company to contain an internal control report to contain a assessment of the effectiveness of the company's internal control structure and procedures.

For internal control to be effective, an organization needs ________ with internal controls.

Match the internal auditors code of ethics principle to the appropriate definition. -Competency

Service organizations are external organizations that perform services to the company being audited.

Which of the following is NOT the purpose of internal controls?

Which principle in the Code of Ethics for internal auditors states that the are to make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments?

Which Rule of Conduct for internal auditors states that they shall continually improve their proficiency and the effectiveness and quality of their services.