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ACC 403 Week 7 Quiz 5



ACC 403 Week 7 Quiz 5 1. An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as: 2. Which of the following is responsible for establishing a private company’s internal control? 3. Which of the following components of the control environment define the existing lines of responsibility and authority? 4. Internal controls: 5. Audit evidence regarding the separation of duties is normally best obtained by: 6. When assessing whether the financial statements are auditable, the auditor must consider: 7. To issue a report on internal control over financial reporting for a public company, an auditor must: 8. Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the: 9. 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: 10. The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on: 11. Which of management’s assertions with respect to implementing internal controls is the auditor primarily concerned? 12. When considering internal controls, an important point to consider is that: 13. The auditors primary purpose in auditing the client’s system of internal control over financial reporting is: 14. When determining what type of report to issue on internal control under Section 404: 15. Reasonable assurance allows for: 16. In the fraud triangle, fraudulent financial reporting and misappropriation of assets: 17. Companies may intentionally understate earnings when income is high to create ________ that may be used in future years to increase earnings. 18. Which of the following is least likely to uncover fraud? 19. Which of the following best defines fraud in a financial statement auditing context? 20. Auditing standards specifically require auditors to identify ________ as a fraud risk in most audits 21. Analytical procedures can be very effective in detecting inventory fraud. Which of the following analytical procedures would not be useful in detecting fraud? 22. Company management is often under pressure to increase revenue and/or net income. One approach is to use a “bill and hold” arrangement. This is an example of which of the following? 23. Which of the following is not a factor that relates to opportunities to misappropriate assets? 24. Which of the following is a factor that relates to incentives or pressures to commit fraudulent financial reporting? 25. Who is most likely to perpetrate fraudulent financial reporting? 26. Research indicates that the most effective way to prevent and deter fraud is to: 27. Which of the following parties is responsible for implementing internal controls to minimize the likelihood of fraud? 28. Financial statement manipulation risk is arguably present for all companies’ financial statements. However, the risk is elevated for companies that: 29. Which of the following is a factor that relates to attitudes or rationalization to commit fraudulent financial reporting? 30. When assessing the risk for fraud, the auditor must be cognizant of the fact that:


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