A manufacturing firm identified that it would have difficulty sourcing raw materials locally, so it decided to relocate its production facilities. According to COSO, this decision represents which of the following responses to the risk?
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1 .Which of the following procedures should an accountant perform during an engagement to compile prospective financial statements?
A Make inquiries prior to the date of the report about possible future transactions that may impact the forecast once the report is issued. B Test the entity's internal controls to determine if adequate controls exist so that financial projections can be reasonably achieved. C Compare the prospectiv...
2 .According to the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, which of the following components of enterprise risk management addresses an entity's assignment of authority and responsibility?
A Monitoring. B Control activities. C Information and communication. D Internal environment.
3 .Accepting an engagement to compile a financial projection for a publicly held company most likely would be inappropriate if the projection were to be distributed to:
A A labor union with which the entity is negotiating a contract. B A bank with which the entity is negotiating for a loan. C The principal stockholder, to the exclusion of the other stockholders. D All stockholders of record as of the report date.
4 .Able Corporation owns numerous businesses along the coast of Florida. The company's management has identified business interruption events as a potential risk resulting from storm damages caused by hurricanes. Management is so fearful of the possibility of storm damage that they elect to divest the company of virtually all properties on the Florida coast. Able's response to potential risks is known as:
A Acceptance. B Reduction. C Avoidance. D Sharing.
5 .Which of the following is true about the auditor's use of an internal auditor and a specialist?
A The auditor must assess the competency of both the internal auditor and the specialist. B A specialist may be related to the client, but an internal auditor may not. C The auditor may share responsibility for the audit report with a specialist who is deemed to be both objective and competent, but ...
7 .Inherent risk and control risk differ from detection risk in which of the following ways?
A Inherent risk and control risk are controlled by the auditor. B Inherent risk and control risk exist as a result of the auditor's judgment about materiality. C Inherent risk and control risk exist independently of the audit. D Inherent risk and control risk are calculated by the client.
8 .According to COSO, the position or internal entity that is best suited, as part of the enterprise risk management process, to devise and execute risk procedures for a particular department is:
A A manager within the department. B The audit committee. C The chief executive officer. D The internal audit department.
9 .Which of the following relatively small misstatements most likely could have a material effect on an entity's financial statements?
A An illegal payment to a foreign official that was not recorded. B A petty cash fund disbursement that was not properly authorized. C A piece of obsolete office equipment that was not retired. D An uncollectible account receivable that was not written off.
10 .Which of the following is assigned to goods that were either purchased or manufactured for resale?
A Opportunity cost. B Period cost. C Relevant cost. D Product cost.
