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assurance-midterm-exam.docx - Name: College of Business...

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College of Business EducationMidterm ExamAssurance PrincipeName:Score:I. Encircle the letter of your answer.1. An internal auditor would be concerned about the possibility of fraud ifa. only one person has access to the petty cash fundb. cash receipts, net of the amounts used to pay petty cash-type expenditures, are deposited in thebank dailyc. the monthly bank statement reconciliation is performed by the same employee who maintains theperpetual inventory recordsd. the accounts receivable subsidiary ledger and accounts payable subsidiary ledger are maintainedby the same person
2. The physical count inventory of a retailer was higher than shown by the perpetual records. Whichof the following could explain the difference?
3. Which of the following is a false statement concerning fraud?
4. Which of the following describes the objective of a review of financial statement differs from theobjective of a compilation engagement?

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