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ACC 401 Week 7 Quiz 5

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ACC 401 Week 7 Quiz 5 Narratives, flowcharts, and internal control questionnaires are three common methods of: When one material weakness is present at the end of the year, management of a public company must conclude that internal control over financial reporting is: When the auditor attempts to understand the operation of the accounting system by tracing a few transactions through the accounting system, the auditor is said to be: Management must disclose material weaknesses in internal control in its audit report: Which of management’s assertions with respect to implementing internal controls is the auditor primarily concerned? An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as: When determining what type of report to issue on internal control under Section 404: Proper segregation of functional responsibilities calls for separation of: When assessing whether the financial statements are auditable, the auditor must consider: Which of the following components of the control environment define the existing lines of responsibility and authority? Two key concepts that underlie management’s design and implementation of internal control are: A five-step approach can be used to identify deficiencies, significant deficiencies, and material weaknesses. The first step in this approach is: Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the: The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on: The auditors primary purpose in auditing the client’s system of internal control over financial reporting is: Which of the following questions is the auditor not required to ask company management when assessing fraud risk? Analytical procedures can be very effective in detecting inventory fraud. Which of the following analytical procedures would not be useful in detecting fraud? Which of the following is a factor that relates to incentives to misappropriate assets? Which of the following parties is responsible for implementing internal controls to minimize the likelihood of fraud? ________ is fraud that involves theft of an entity’s assets. Which of the following is a factor that relates to attitudes or rationalization to commit fraudulent financial reporting? When assessing the risk for fraud, the auditor must be cognizant of the fact that: Fictitious revenues: Which of the following is least likely to uncover fraud? Misappropriation of assets is normally perpetrated by: Auditors need to exhibit professional skepticism when auditing a client. This auditing standard is best expressed by which of the following? When analyzing accounts for fraud risk: Who is most likely to perpetrate fraudulent financial reporting? Two of the most useful warning signals that can indicate that revenue fraud is occurring are: Companies may intentionally understate earnings when income is high to create ________ that may be used in future years to increase earnings.

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