ACCT 444 Week 4 Quiz

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ACCT 444 Week 4 Quiz

1. (TCO 5) Which of the following is responsible for establishing a private company’s internal control? (Points : 3)

Management and auditors
Committee of Sponsoring Organizations


Question 2.2. (TCO 5) Which section of the Sarbanes-Oxley Act requires management to issue an internal control report? (Points : 3)



Question 3.3. (TCO 5) Which of management’s concerns with respect to implementing internal controls is the auditor primarily concerned? (Points : 3)

Efficiency of operations
Reliability of financial reporting
Effectiveness of operations
Compliance with applicable laws and regulations

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Question 4.4. (TCO 5) Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the (Points : 3)

adequacy of the computer system.
proper implementation by management.
ability of the internal audit staff to maintain it.
competency and dependability of the people using it.


Question 5.5. (TCO 5) Which of the following is correct? (Points : 3)

A significant deficiency is always a material weakness.
A reportable condition is always a material weakness.
A material weakness is less significant that a control deficiency.
A significant deficiency may be a material weakness.


Question 6.6. (TCO 10) Which of the following is not a benefit of using IT-based controls? (Points : 3)

Ability to process large volumes of transactions
Ability to replace manual controls with computer-based controls
Reduction in misstatements due to consistent processing of transactions
Over-reliance on computer-generated reports


Question 7.7. (TCO 10) Which of the following IT duties should be separated from the others? (Points : 3)

Systems development
Data control
All of the above


Question 8.8. (TCO 10) Which of the following is least likely to be used in obtaining an understanding of client general controls? (Points : 3)

Examination of system documentation
Inquiry of client personnel (e.g. key users)
Observation of transaction processing
Reviews of questionnaires completed by client IT personnel


Question 9.9. (TCO 10) A control that relates to all parts of the IT system is called a(n) (Points : 3)

general control.
systems control.
universal control.
applications control.


Question 10.10. (TCO 10) Which of the following is not an example of an application control? (Points : 3)

An equipment failure causes system downtime.
There is a preprocessing authorization of the sales transactions.
There are reasonableness tests for the unit selling price of a sale.
After processing, all sales transactions are reviewed by the sales department



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