Audit and Assurance Services

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Quiz 8 :

Audit Risk Assessment

Quiz 8 :

Audit Risk Assessment

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Which of these is not one of the fundamental concepts in the COSO report's definition of internal control?
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A

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ASA 315.A59 (ISA 315.A59) includes all of the following as components of internal control except:
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C

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Which of the following is not generally considered one of the factors that make up the control environment?
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D

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The importance of internal control to management and auditors has been recognised for many years.Which of the following is likely to be cited as a major factor contributing to this importance?
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Which of the following is incorrect concerning the segregation of duties within an organisation?
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Which of the following is not one of the risk assessment procedures auditors do in obtaining an understanding the entity?
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Incompatible duties are those that allow an irregularity to be perpetrated:
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The true statement is:
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Which factor concerning boards of directors and audit committees would be considered least influential in its impact on the control environment?
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Which of these would be considered a limitation of internal controls?
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A characteristic of management's philosophy and operating style is:
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Which of the following factors is not an indication of a significant risk?
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Management is responsible for implementing effective controls to control risks identified in a risk assessment.Which of these would not be considered to impact on management's risk assessment?
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Which assertion relates mainly to the possible understatement of financial statement balances through the omission of items that exist or of the effects of transactions that occurred?
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Which of these is not an inherent limitation of an internal control structure?
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Which of the following is not a category of business risk?
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Restricting the use of the information system to particular authorised personnel by use of passwords is an example of:
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Which assertion is defined as: 'transactions and events that have been recorded or disclosed, have occurred and such transactions and events pertain to the entity'?
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Essential to both management and auditors is a chain of evidence in the accounting system provided by coding, cross references, and documentation connecting account balances and other summary results with original data.This chain of evidence is referred to as the:
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Which of these is not a category of application controls?
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