Question<\/p>\n
Question 1. Question :<\/p>\n
(TCO 5) Which of the following is responsible for establishing internal controls for a public company?<\/p>\n
Management<\/p>\n
Financial statement auditors<\/p>\n
Management and auditors<\/p>\n
Committee of Sponsoring Organizations<\/p>\n
Question 2. Question :<\/p>\n
(TCO 5) Sarbanes-Oxley requires management to issue an internal control report that includes two specific items. Which of the following is one of these two requirements?<\/p>\n
A statement that management is responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting<\/p>\n
A statement that management and the board of directors are jointly responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting<\/p>\n
A statement that management, the board of directors, and the external auditors are jointly responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting<\/p>\n
None of the above<\/p>\n
Question 3. Question :<\/p>\n
(TCO 5) Which of the following activities would be least likely to strengthen a company’s internal control?<\/p>\n
Separating accounting from other financial operations<\/p>\n
Maintaining insurance for fire and theft<\/p>\n
Fixing responsibility for the performance of employee duties<\/p>\n
Carefully selecting and training employees<\/p>\n
Question 4. Question :<\/p>\n
(TCO 5) Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the<\/p>\n
adequacy of the computer system.<\/p>\n
proper implementation by management.<\/p>\n
ability of the internal audit staff to maintain it.<\/p>\n
competency and dependability of the people using it.<\/p>\n
Question 5. Question :<\/p>\n
(TCO 5) Which of the following is not one of the levels of an absence of internal controls?<\/p>\n
Major deficiency<\/p>\n
Material weakness<\/p>\n
Significant deficiency<\/p>\n
Control deficiency<\/p>\n
Question 6. Question :<\/p>\n
(TCO 10) Which of the following is not a benefit of using IT-based controls?<\/p>\n
Ability to process large volumes of transactions<\/p>\n
Ability to replace manual controls with computer-based controls<\/p>\n
Reduction in misstatements due to consistent processing of transactions<\/p>\n
Over-reliance on computer-generated reports<\/p>\n
Question 7. Question :<\/p>\n
(TCO 10) Programmers should do all but which of the following?<\/p>\n
Test programs for proper performance<\/p>\n
Evaluate legitimacy of transaction data input<\/p>\n
Develop flowcharts for new applications<\/p>\n
Programmers should perform each of the above<\/p>\n
Question 8. Question :<\/p>\n
(TCO 10) Which of the following is least likely to be used in obtaining an understanding of client general controls?<\/p>\n
Examination of system documentation<\/p>\n
Inquiry of client personnel (e.g. key users)<\/p>\n
Observation of transaction processing<\/p>\n
Reviews of questionnaires completed by client IT personnel<\/p>\n
Question 9. Question :<\/p>\n
(TCO 10) Auditors should evaluate the _____ before evaluating application controls because of the potential for pervasive effects.<\/p>\n
input controls<\/p>\n
control environment<\/p>\n
processing controls<\/p>\n
general controls<\/p>\n
Question 10. Question :<\/p>\n
(TCO 10) Which of the following is not a category of an application control?<\/p>\n
Processing controls<\/p>\n
Output controls<\/p>\n
Hardware controls<\/p>\n
Input controls<\/p>\n","protected":false},"excerpt":{"rendered":"
Question Question 1. Question : (TCO 5) Which of the following is responsible for establishing internal controls for a public company? Management Financial statement auditors Management and auditors Committee of Sponsoring Organizations Question 2. Question : (TCO 5) Sarbanes-Oxley requires Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51257","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/51257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=51257"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/51257\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=51257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=51257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=51257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}