9.6 Which of the following is an advantage of using flowcharts to document internal controls instead of using internal control questionnaires?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .9.1 Which of the following is NOT a benefit of an effective system of internal control?
A Enhanced profitability B Better management of assets and liabilities C Cutting down the time needed for the audit D Compliance with laws and regulations
2 .9.2 An effective system of internal control requires segregation of basic functions (segregation of duties). Which THREE of the following functions should ideally be segregated?(1) Authorisation of transactions(2) Preparation of financial statements(3) Custody or handling of assets(4) Budgetary control(5) Recording of transactions
A 1, 3 and 5 B 1, 2 and 3 C 1, 2 and 5 D 3, 4 and 5
3 .9.3 ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment states that an internal control system in an organization consists of five components: the control environment, the entity’s risk assessment process, the information system, control activities and monitoring of controls.Which component would include the review by a senior financial manager of monthly bank reconciliations produced by her assistant?
A Control environment B Control activity C Monitoring of controls
4 .9.4 Two examples of internal controls operated at Fairweather Co include the financial accountant signing the bank reconciliation (which had been prepared by a member of his staff) and the finance director comparing monthly expenditure on consumables to budgeted expenditure.Control activities include:(1) Authorisation(2) Performance reviews(3) Information processing(4) Physical controls(5) Segregation of dutiesWhat TWO control activities do the examples at Fairweather Co illustrate?
A 1 and 5 B 1 and 2 C 3 and 4 D 5 and 3
5 .9.5 The auditor’s preliminary evaluation of the internal control system of a company is that it is effective in ensuring the completeness and accuracy of the accounting records because the company has implemented multiple controls, including good segregation of duties. However,the auditor is aware that the effectiveness of the company’s internal controls is limited by the possibility of collusion.What level of reliance on internal controls and what types and extent of testing would the auditor normally plan to carry out?
A Level of reliance on controls: low; Extent of tests of control: nil; Extent of substantive procedures: extensive. B Level of reliance on controls: moderate; Extent of tests of control: reduced; Extent of substantive procedures: reduced. C Level of reliance on controls: high; Extent of tests of con...
7 .9.7 An internal control questionnaire is used by the auditor to document which of the following?
A Control risk assessment B Control environment effectiveness C The auditor’s understanding of internal controls
8 .Which of the following is more of a disadvantage of operating as a sole trader rather than a partnership?
A Risk of personal bankruptcy B Limited access to finance C Responsibility for all liabilities D Requirements to keep accounting records
9 .Which one of the following items could properly be included in non-current tangible assets in the statement of financial position of a manufacturing business?
A USD55,000 representing the use of the business’s own labour and material costsincurred in constructing an extension to the warehouse B USD45,000 representing the salary and occupancy costs of a manager whose main function is to prepare, control and implement capital expenditure budgets C USD25,0...
10 .Which one of the following represents cost of goods sold in a statement of profit or loss?
A Purchases – closing inventory + opening inventory B Purchases – opening inventory + closing inventory C Opening inventory + purchases + closing inventory D Closing inventory + purchases – opening inventory
