25202473
Descripción
Test por Kayla Harbaugh, actualizado hace más de 1 año
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Creado por Kayla Harbaugh
hace alrededor de 4 años
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Pregunta 1
Pregunta
What is the primary benefit of effective internal control in an organization?
Respuesta
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Completing a successful audit for the entity.
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Achieving certain organizational goals.
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Obtaining profitability and financial strength.
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Maximizing value for shareholders.
Pregunta 2
Pregunta
Internal control is a process designed to achieve objectives in which one of the following categories?
Respuesta
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Reliability of financial reporting
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Compliance with applicable laws
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Operational effectiveness
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All of the above
Pregunta 3
Pregunta
Which of the following is considered to be an entity-wide control?
Respuesta
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Segregation of duties
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Controls over management override
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Adequately documented transaction trails
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Authorization procedures for purchasing
Pregunta 4
Pregunta
Which of the following is not included as a component of an organization's internal control structure in the COSO framework?
Respuesta
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Control activities
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The control environment
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Control risk
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Risk assessment
Pregunta 5
Pregunta
Which of the following is considered to be a transaction control?
Respuesta
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Controls to monitor other controls
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Physical controls to safeguard assets
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Centralized processing controls
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Policies that address significant business control practices
Pregunta 6
Pregunta
Which of the following is not part of the control environment of an organization?
Respuesta
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Management’s philosophy and operating style.
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Organizational structure.
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Organization’s commitment to ethical values.
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All of the above are part of the control environment.
Pregunta 7
Pregunta
With whom does the tone of internal control typically originate?
Respuesta
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Auditors
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Employees
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Stockholders
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Management
Pregunta 8
Pregunta
Which of the following COSO components is the foundation for all other components of internal control?
Respuesta
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Information and communication
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Control risk assessment
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Control environment
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Monitoring
Pregunta 9
Pregunta
Which of the following is an example of a control environment deficiency?
Respuesta
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A low level of control consciousness within the organization
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An audit committee that does not have independent members
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An audit committee that is not viewed as the client of the external auditor
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All of the above
Pregunta 10
Pregunta
Which of the following is an example of a control environment deficiency?
Respuesta
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A low level of control consciousness within the organization.
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An audit committee that does not have independent members.
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An audit committee that is not viewed as the client of the external auditor.
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All of the above.
Pregunta 11
Pregunta
Which of the following is not part of the control environment?
Respuesta
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Methods of assigning authority and responsibility.
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Management philosophy and operating style.
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Control activities
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Personnel policies and practices.
Pregunta 12
Pregunta
Which of the following best describes the purpose of personnel policies and procedures?
Respuesta
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Ensure the organization has employees that are properly trained and supervised.
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Ensure the organization complies with federal and state laws in its hiring and retention decisions.
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Ensure the organization performs all of the above.
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Ensure the organization hires the right people.
Pregunta 13
Pregunta
Which of the following is a major component of an organization's internal control structure?
Respuesta
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Major new financing
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Telecommunication equipment
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Risk assessment
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The financial environment
Pregunta 14
Pregunta
Internal controls may be preventive or detective. Which of the following controls is preventive?
Respuesta
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Preparing bank reconciliations
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Using batch totals
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Requiring two persons to open mail containing payments
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Reconciling the accounts receivable subsidiary file with the control account.
Pregunta 15
Pregunta
Which of the following is an inherent limitation of internal controls?
Respuesta
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Lack of auditor independence
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Employee peer review
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Separation of duties
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Collusion
Pregunta 16
Pregunta
Requiring the mail clerk to prepare a listing of all checks received, with copies of the list going to the cashier and to accounting, is an example of which type of control?
Respuesta
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Detective
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Corrective
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Preventive
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Directive
Pregunta 17
Pregunta
Which of the following is an example of a physical control to safeguard assets?
Respuesta
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Safety audits on the production line
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Hiring only trustworthy cashiers
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Separation of duties
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Locks on warehouse doors
Pregunta 18
Pregunta
A control designed to ensure that no employee is paid for more than 80 hours of sick pay is an example of which type of control?
Respuesta
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Entity-wide control
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Input control
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Output control
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Processing control
Pregunta 19
Pregunta
Which one of the following is not a control activity implemented in most accounting systems?
Respuesta
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Segregation of duties
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Authorization procedures
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All of these activities are normally implemented
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Competent, trustworthy employees
Pregunta 20
Pregunta
A control designed to ensure that sales transactions are generated using the company’s most current prices would be considered to be which type of control?
Respuesta
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An output control
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A physical control
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A processing control
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An input control
Pregunta 21
Pregunta
Requiring two signatures on any check in excess of $10,000 is an example of which type of control?
Respuesta
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Processing control
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Input control
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Preventive control
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Detective control
Pregunta 22
Pregunta
A bank reconciliation is an example of which type of control?
Respuesta
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An input control
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An output control
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A detective control
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A preventive control
Pregunta 23
Pregunta
Security management practices that limit access to technologies is a function included in which COSO component of internal control structure?
Respuesta
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Monitoring
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Risk assessment
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Control activities
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Control environment
Pregunta 24
Pregunta
Which COSO component of internal control concerns the process of identifying, capturing, and exchanging information in a timely fashion to enable accomplishment of the organization’s objectives?
Respuesta
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Control environment
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Monitoring
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Information and communication
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Control activities
Pregunta 25
Pregunta
Which of the following groups is interested in an organization's control structure?
Respuesta
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Board members
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Lenders
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Auditors
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All of the above
Pregunta 26
Pregunta
The information and communication component of internal control includes which of the following?
Respuesta
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The organization deploys control activities through policies that establish what is expected and in procedures that put policies into action.
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The organization obtains or generates and uses relevant, quality information to support the functioning of other components of internal control.
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The organization identifies and assesses changes that could significantly impact the system of internal control.
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All of the above
Pregunta 27
Pregunta
Which of the following activities would be an example of an ongoing evaluation?
Respuesta
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Automated review of all payments and transactions
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Monthly bank statement reconciliations
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Periodic review of employee expense reimbursements
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All of the above
Pregunta 28
Pregunta
Which of the following is not part of management’s report on internal controls?
Respuesta
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The framework used to evaluate internal control.
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A statement indicating the extent of tests performed to assess controls.
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An assessment of the effectiveness of the company's internal control.
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A statement that management is responsible for internal control.
Pregunta 29
Pregunta
Which of the following best represents a walkthrough?
Respuesta
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The auditor walks the production line to find inefficiencies in the inventory process and reports them to management.
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The controller takes a sample of recorded write-offs to ensure they have been properly approved.
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The controller reviews the bank reconciliation prepared by the accountant and its resulting journal entries.
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The auditor traces three purchasing transactions from the purchase order to the financial statement for observation and understanding.
Pregunta 30
Pregunta
Which of the following is the most severe?
Respuesta
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Significant deficiencies in internal control.
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Operational deficiencies in internal control.
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Each is equally severe because it could result in inaccuracies in financial reporting.
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Material weaknesses in internal control.
Pregunta 31
Pregunta
In a financial statement audit, what is the external auditor’s primary concern?
Respuesta
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Determining whether the internal controls promote efficiency.
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Detecting all errors.
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Determining the effectiveness of operations.
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Determining whether the internal controls are effective.
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