Chapter 5 Quiz

Chapter 5 Quiz - Q uiz (See related pages) 1 An entity's...

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Quiz (See related pages) 1 An entity's internal control consists of the policies and procedures established to provide reasonable assurance that specific entity objectives will be achieved. Only some of these objectives, policies, and procedures are relevant to a financial statement audit. Which one of the following would most likely be considered in such an audit? A) Timely reporting and review of quality control results. B) Maintenance of control over unused checks. C) Marketing analysis of sales generated by advertising projects. D) Maintenance of statistical production analyses. 2 An internal control questionnaire (ICQ) contains the following question: "Does a single individual receive and list cash receipts and perform posting to sales and general ledgers?" What action should an auditor take if the manager of accounting responds "yes" to the question? A) No action is required because "yes" responses on an ICQ indicate the presence of good control. B)
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Chapter 5 Quiz - Q uiz (See related pages) 1 An entity's...

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