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Question1:
Which of the following is a likely approach for testing the segregation of duties?
- Personal inquiry and confirmation
- Analytical procedures
- Counting variations of procedures
- Observing employee performance of processes
Question2:
A report on internal control performed in accordance with PCAOB Standard No.5 includes an opinion on internal control for:
- The end of each quarter
- The prior quarter
- The entire year
- The as-of date.
Question3:
Public accounting firms generally rely on internal control questionnaires entirely to determine the level of control risk.
- True
- False
Question4:
Of the following statements about internal control, which is not valid?
- No one person should be responsible for the custodial responsibility and the recording responsibility for an asset.
- Control activities ensure all fraud will be eliminated.
- Transactions must be properly authorized before such transactions are processed.
- Because of the cost/benefits relationship,a client may apply control procedures on a test basis
Question5:
In general, bonding companies are much more likely to prosecute fraud cases than employees are
- True
- False
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