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Quiz 7 - Question 1 0.5 0.5 points Which of the following...

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Question 1 0.5 / 0.5 points Which of the following is not one of the operating benefits provided by a strong system of internal controls? Question options: 1 Streamlining accounting and financial information systems. 2 Improving the company's financial activities. 3 Identifying procedures that are not cost effective. 4 Isolating transactions that generate significant profits or losses. Question 2 0.5 / 0.5 points If an auditor determines that a client company's internal controls are producing reliable and complete financial information, the auditor will rely upon the internal control system and: Question options: 1 reduce the extent of controls testing in the interim phase of the financial statement audit. 2 reduce the planned substantive testing during the financial statement audit. 3 increase the amount of evidence collected during the financial statement audit. 4 increase the planned substantive testing during the financial statement audit. Question 3 0.5 / 0.5 points "Tone at the top" refers to the: Question options: 1) thoroughness of policies for screening and electing the company's board of directors. 2) clarity of the company's written code of conduct which sets forth the expectations for personal ethical behavior to support the internal control structure. 3) environment in which management supports the internal control system by behaving ethically and making business decisions that emphasize its importance. 4) effectiveness of the company's internal audit function in monitoring the control environment. Questi on 4 0.5 / 0.5 points Each of the following is a monitoring procedure from the COSO monitoring guidance except: Question options: 1) periodic evaluation and testing of controls by the internal auditors. 2) supervisory reconciliations and other reviews of controls. 3) analysis of and follow up on metrics that might identify control failures. 4) cumulative access and authority of a super-user.
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