ACCT241 Auditing CH5 Quiz

ACCT241 Auditing CH5 Quiz - operations? Answer Selected...

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Question 1 1 out of 1 points 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? Answer Selected Answer: Question 2 1 out of 1 points 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? Answer Selected Answer:
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Question 3 1 out of 1 points The primary responsibility for establishing and maintaining internal controls rests with Answer Selected Answer: Management. Question 4 1 out of 1 points Which method provides the auditor with the best visual grasp of a system and a means for analyzing complex
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Unformatted text preview: operations? Answer Selected Answer: A flowcharting approach. Question 5 1 out of 1 points Which of the following factors are included in an entity's control environment? Answer Selected Answer: Question 6 1 out of 1 points An auditor would most likely be concerned with internal control policies and procedures that provide reasonable assurance about Answer Selected Answer: Question 7 1 out of 1 points In addition to gaining an understanding of the internal controls for a private company, an external auditor, at minimum, would be expected to Answer Selected Answer: Question 8 1 out of 1 points An advantage of an internal control questionnaire is Answer Selected Answer: Ease of completion. Question 9 1 out of 1 points Which of the following is an inherent limitation of any client's internal control? Answer Selected Answer: Question 10 1 out of 1 points Internal controls are designed to provide reasonable assurance that Answer Selected Answer:...
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ACCT241 Auditing CH5 Quiz - operations? Answer Selected...

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