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:
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1 .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.
2 .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.
3 .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 ...
4 .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?
A Risk reduction. B Prospect theory. C Risk sharing. D Risk acceptance.
5 .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.
7 .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.
8 .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.
9 .Which of the following characteristics most likely would heighten an auditor's concern about the risk of intentional manipulation of financial statements?
A Turnover of senior accounting personnel is low. B Management places substantial emphasis on meeting earnings projections. C Insiders recently purchased additional shares of the entity's stock. D The rate of change in the entity's industry is slow.
10 .Kimbeth Manufacturing uses a process costsystem to manufacture Dust Density Sensors for the mining industry. Thefollowing information pertains to operations for the month of May: Units Beginning work-in-process inventory, May 1 16,000 Started in production during May 100,000 Completed production during May 92,000 Ending work-in-process inventory, May 31 24,000 The beginninginventory was 60 percent complete for materials and 20 percent complete forconversion costs. The ending inventory was 90 percent complete for materialsand 40 percent complete for conversion costs.Costs pertainingto the month of May are as follows:·Beginning inventory costs are: materials, USD54,560;direct labor USD20,320; and factory overhead, USD15,240.·Costs incurred during May are: materials used, USD468,000;direct labor, USD182,880; and factory overhead, USD391,160.·Using the FIFO method, the equivalent unit conversioncost for May is:
A USD5.83 B USD6.20 C USD6.00 D USD5.65
