Multiple Choice set of Audit Quizzes, Quizzes of Auditing

Download Multiple Choice set of Audit Quizzes and more Quizzes Auditing in PDF only on Docsity! Management must disclose material weakness in internal control: a. Only if the auditor identifies the weakness as significant b. Whenever the weakness is deemed significant to a single class or transactions c. Whenever the weakness is significant to overall financial reporting objectives d. If the weakness exists at the end of the year Which of management's concerns with respect to implementing internal controls is the auditor primarily concerned? a. Compliance with applicable laws and regulations b. Efficient of operations c. Reliability of finical reporting d. Effectiveness of operations Which of the following best describes the purpose of control activities? a. Activates that deal with the ongoing assessment of the quality of internal control by management b. The policies and procedures that help ensure that necessary actions are taken to address risk to the achievement of the entity’s objectives c. The actions, policies and procedures that reflect the overall attitudes of management The identification and analysis of risk relevant to the preparation of financial statements. Which section of the Sarbanes-Oxley Act requires management to issue an internal control report? a. 404 b. 420 c. 324 d. 202 Which of the following is not one of the subcomponents of the control environment? a. Management's philosophy and operating style b. Organizational structure c. Adequate separation of duties d. Commitment to competence