the following statements about internal control which one is not valid A No one

The following statements about internal control which

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68.Of the following statements about internal control, which one is not valid? A)No one person should be responsible for the custodial responsibility and the recording responsibility for an asset. B)Transactions must be properly authorized before such transactions are processed. C)Because of the cost/benefit relationship, a client may apply control procedures on a test basis. D)Control activities reasonably insure that collusion among employees can not occur. Answer: D Difficulty: Easy Source: AICPA 69.Tests of controls are most likely to be performed when: Difficulty: Hard 115 Whittington, Principles of Auditing, Fifteenth Edition
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Chapter 7 Internal Control 70.Which of the following would be least likely to be included in an auditor's tests of controls? Difficulty: Medium Source: AICPA 71.The internal control provisions of the Sarbanes-Oxley Act of 2002apply to which companies in the United States: Difficulty: Medium 72.An integrated audit performed under Section 404b of the Sarbanes-Oxley Act addresses financial statements and: A)Compliance with laws. B)Internal control over asset safeguarding. C)Internal control over financial reporting. D)Suitable criteria. Answer: C Difficulty: Medium 73.A report on internal control performed in accordance with PCAOB Standard No. 2 includes an opinion on internal control for: Difficulty: Hard Whittington, Principles of Auditing, Fifteenth Edition 116
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Chapter 7 Internal Control 74.When performing an audit of internal control under PCAOB Standard No. 2, auditors evaluate control: Difficulty: Medium 75.An integrated audit requires test of controls for all Difficulty: Hard
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