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ACC 403 Quiz 5 week 7 RECENT

ACC 403 Quiz 5 week 7 RECENT
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ACC 403 Quiz 5 week 7
1. Which of the following deficiency exists if a necessary control is missing or not properly formulated?
2. An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is:
3. Which of the following is responsible for establishing a private company's internal control?
4. Internal controls normally include procedures designed to provide reasonable assurance that:
5. Internal controls:
6. Narratives, flowcharts, and internal control questionnaires are three common methods of:
7. Which of the following activities would be least likely to strengthen a company's internal control?
8. When the auditor attempts to understand the operation of the accounting system by tracing a few transactions through the accounting system, the auditor is said to be:
9. In performing the audit of internal control over financial reporting the auditor emphasizes internal control over class of transactions because:
10. The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on:
11. When considering internal controls, an important point to consider is that:
12. Proper segregation of functional responsibilities calls for separation of:
13. Management must disclose material weaknesses in internal control in its audit report:
14. A five-step approach can be used to identify deficiencies, significant deficiencies, and material weaknesses. The first step in this approach is:
15. When determining what type of report to issue on internal control under Section 404:
16. Analytical procedures can be very effective in detecting inventory fraud. Which of the following analytical procedures would not be useful in detecting fraud?
17. Which of the following best defines fraud in a financial statement auditing context?
18. Which of the following would the auditor be most concerned about regarding a heightened risk of intentional misstatement?
19. Which of the following is least likely to uncover fraud?
20. Which party has the primary responsibility to oversee an organization's financial reporting and internal control process?
21. ________ is fraud that involves theft of an entity's assets.
22. Who is most likely to perpetrate fraudulent financial reporting?
23. A company is concerned with the theft of cash after the sale has been recorded. One way in which fraudsters conceal the theft is by a process called "lapping." Which of the following best describes lapping?
24. Which of the following is a factor that relates to incentives or pressures to commit fraudulent financial reporting?
25. Fraud awareness training should be:
26. Fraud is more prevalent in smaller businesses and not-for-profit organizations because it is more difficult for them to maintain:
27. Which of the following questions is the auditor not required to ask company management when assessing fraud risk?
28. Auditors need to exhibit professional skepticism when auditing a client. This auditing standard is best expressed by which of the following?
29. Which of the following is a factor that relates to incentives to misappropriate assets?
30. Financial statement manipulation risk is arguably present for all companies' financial statements. However, the risk is elevated for companies that:

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