Proper segregation of duties reduces the opportunities to allow any employee to be in a position to both:
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1 .An auditor who discovers that client employees have committed an act of noncompliance with laws and regulations that has a material effect on the client's financial statements most likely would withdraw from the engagement if:
A The auditor has already assessed control risk at a high level. B The client does not take the remedial action that the auditor considers necessary. C The act of noncompliance is a violation of generally accepted accounting principles. D The act of noncompliance was committed during a prior year th...
2 .Analytical procedures used in planning an audit should focus on:
A Providing assurance that potential material misstatements will be identified. B Reducing the scope of tests of controls and substantive tests. C Enhancing the auditor's understanding of the client's business. D Assessing the adequacy of the available audit evidence.
3 .An auditor of a nonissuer should design tests of details to ensure that sufficient audit evidence supports which of the following?
A The planned level of assurance at the relevant assertion level. B The planned level of control risk. C Management's assertions that internal controls exist and are operating efficiently. D The effectiveness of internal controls.
4 .Management philosophy and operating style most likely would have a significant influence on an entity's control environment when:
A Management is dominated by one individual. B The internal auditor reports directly to management. C Accurate management job descriptions delineate specific duties. D Those charged with governance actively oversee the financial reporting process.
5 .An auditor should obtain sufficient knowledge of an entity's information system relevant to financial reporting to understand the:
A Process used to prepare significant accounting estimates. B Procedures used to assure proper authorization of transactions. C Safeguards used to limit access to computer facilities. D Policies used to detect the concealment of fraud.
7 .An auditor uses the knowledge provided by the understanding of internal control and the final assessed risk of material misstatement primarily to determine the nature, timing, and extent of the:
A Tests of controls. B Attribute tests. C Substantive tests. D Compliance tests.
8 .An auditor would most likely be concerned with internal controls that provide reasonable assurance about the:
A Methods of assigning production tasks to employees. B Appropriate prices the entity should charge for its products. C Efficiency of management's decision-making process. D Entity's ability to process and summarize financial data.
9 .Which of the following factors is most likely to affect the extent of the documentation of the auditor's understanding of a client's system of internal controls?
A The degree to which information technology is used in the accounting function. B The relationship between management, the board of directors, and external stakeholders. C The degree to which the auditor intends to use internal audit personnel to perform substantive tests. D The industry and the bu...
10 .Which of the following is an inherent limitation in internal control?
A Incompatible duties. B Faulty human judgment. C Lack of an audit committee. D Lack of segregation of duties.
