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DeVry Chicago ACCT 444 Week 4 Quiz Chapter 10,12




Question;1. Question: (TCO 5) Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies? Student Answer: Management Financial statement auditors Management and the financial statement auditors Committee of Sponsoring Organizations Question 2. Question: (TCO 5) Internal control reports issued by public companies must identify the framework used to evaluate the effectiveness of internal control. Which of the following is the most common framework in the U.S.? Student Answer: Effective Internal Control Framework-AICPA Internal Control-Integrated Framework-COSO Enterprise Internal Control-COSO There is no common framework used in the U.S. Question 3. Question: (TCO 5) Management's tests of operating effectiveness might include which of the following types of procedures? Student Answer: Inspection of relevant documentation Inquiries of personnel Reperformance of the application of controls All of the above Question 4. Question: (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 Student Answer: 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. Question: (TCO 5) Which of the following is not one of the levels of an absence of internal controls? Student Answer: Major deficiency Material weakness Significant deficiency Control deficiency Question 6. Question: (TCO 10) Which of the following is not a benefit of using IT-based controls? Student Answer: 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. Question: (TCO 10) Programmers should do all but which of the following? Student Answer: Test programs for proper performance Evaluate legitimacy of transaction data input Develop flowcharts for new applications Programmers should perform each of the above Question 8. Question: (TCO 10) Which of the following is least likely to be used in obtaining an understanding of client general controls? Student Answer: 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. Question: (TCO 10) A control that relates to all parts of the IT system is called a(n) Student Answer: general control. systems control. universal control. applications control. Question 10. Question: (TCO 10) Which of the following is not a category of an application control? Student Answer: Processing controls Output controls Hardware controls Input controls


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