41 Which of the following is no control (according to the COSO definition)? t considered...
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41 Which of the following is no control (according to the COSO definition)? t considered one of the five major components of internal A) Risk assessment. B) Segregation of duties. C) Control activities. D) Monitoring. E) Control Environment 42. Which of the following would not be a method used by the auditor to study internal control a. creating a Questionnaires written narrative describing the system of IC b. creating a flowchart of the system of IC c sending out confirmations tocustomers and vendors asking them to evaluate the system d. trace sample transactions through the client's system 43. Which of the following control deficiencies needs to be reported to the audit committe? a. material weakness b. any control deficiency c. only a weakness that results in a qualified opinion on internal control d. none of them need to be reported 44. A section 404 audit a. only relates to private companies b. is optional and is conducted at the request of management c. is required for only publicly traded companies trading on the New York Stock Exchange d. is a SOX requirement requiring managers of public companies to assess their own internal control, which the auditor then considers in giving an opinion on internal control
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