Private company’s internal control


Question 1

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3 / 3 pts

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



Management and auditors

Committee of Sponsoring Organizations

Question 2

3 / 3 pts

(TCO 5) Which section of the Sarbanes-Oxley Act requires management to issue an internal control report?





Question 3

3 / 3 pts

(TCO 5) Which of management’s concerns with respect to implementing internal controls is the auditor primarily concerned?

Efficiency of operations

Reliability of financial reporting

Effectiveness of operations

Compliance with applicable laws and regulations

Question 4

3 / 3 pts

(TCO 5) Even with the most effectively designed internal control, the auditor must obtain audit evidence, beyond testing the controls, for every


financial statement account.

material financial statement account.

financial statement account that will be relied upon by third parties.

Question 5

3 / 3 pts

(TCO 5) Which of the following is correct?

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

3 / 3 pts

(TCO 10) Which of the following is not a risk to IT systems?

Need for IT experience

Separation of IT duties

Improved audit trail

Hardware and data vulnerability

Question 7

3 / 3 pts

(TCO 10) The extent to which IT duties are separated in an organization depends on

the organization’s size.

the organization’s complexity.

both A and B.

neither A nor B.

Question 8

3 / 3 pts

(TCO 10) Which of the following is a category of general controls?

Processing controls

Output controls

Physical and online security

Input controls

Question 9

3 / 3 pts

(TCO 10) A control that relates to all parts of the IT system is called a(n)

general control.

systems control.

universal control.

applications control.

Question 10

3 / 3 pts

(TCO 10) Which of the following is not an example of an application control?

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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