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strayer ACC403 Quiz 5 week 7




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


Paper#40806 | Written in 18-Jul-2015

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