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Internal controls are designed to achieve organizational objectives in all of the following areas EXCEPT:
Which of the following is an inherent limitation with internal controls?
The attitude of the management toward maintaining integrity and ethical values is reflected in which of the following components of internal control?
Which of the following control activities helps determine the reasonableness of financial data by comparison with other financial/nonfinancial data?
Which of the following procedures is an example of a preventive control?
What types of controls are considered very effective for areas where the likelihood of fraud is low but potential impact is severe?
What is the role of ICFR?
Which of the following events or circumstances may increase the risk of preparing financial statements?
Which of the following is considered an IT application processing control?
According to the SOX Act, management’s internal control report must indicate whether internal control over financial reporting is either:
The SOX Act accomplished which of the following goals?
Who should approve the non-audit services allowed by the SOX Act or the SEC rules?
If management selects a control framework other than the COSO Framework, they should ensure that the framework exhibits all of the following characteristics EXCEPT:
Which of the following is the risk that arises when internal processes do not achieve the objectives they were designed to achieve in supporting the organization’s business model?
Which of the following statement is TRUE when establishing internal control?
Which of the following are designed to provide reasonable assurance that appropriate controls are operating throughout the organization?
Which of the following techniques provides the highest level of assurance about the operating effectiveness of controls?
Which of the following represents the correct sequence of steps in the management’s identification of a control deficiency
Identification of fraud on the part of senior management is often a sign of which of the following circumstances?
Which of the following statements regarding management documentation of the organization’s internal control is TRUE?
A company’s internal control is uniform enterprise-wide but its control reports are not very robust. What is the process maturity level of the company’s internal control over financial reporting?
An auditor is responsible for planning and performing a financial statement audit to achieve which of the following audit objectives?
What is the auditor’s primary purpose of gaining an understanding of an organization’s internal control over financial reporting during an integrated audit?
What is an auditor’s primary consideration regarding an organization’s internal controls?
Both the PCAOB and the AICPA require the auditor to assess risks of material misstatement at which of the following levels?
According to SAS 99, fraudulent financial reporting must be the result of which of the following acts?
Which of the following audit procedures requires audit teams to discuss and consider all of the potential material misstatements due to fraud?
When identifying and assessing fraud risks, judgments about risk of material misstatements caused by fraud may have an overall effect on the audit in:
In designing test procedures, the auditor should consider all of the following factors EXCEPT?
The auditor is generally precluded from communicating with non-client personnel about fraud. However, when is the auditor permitted to disclose such information?
Under AU-240, which documentation is NOT required of the auditor?
Strengthening internal controls is an effective way to eliminate which of the following elements in the fraud triangle?
When reviewing the types of fraud, which of the following is an example of falsification of corporate financial information?
According to ACFE’s 2018 Report to the Nations, which of the following schemes is the most costly form of occupational fraud?
Which of the following schemes allows perpetrators to conceal their crime without manipulation of the financial records?
According to the ACFE research, what is the top red flag in corruption cases?
What can overly aggressive and optimistic press releases regarding profitability or the unrealistic expectations of investment analysts create?
Which of the following is NOT a fraud symptoms category?
When evaluating techniques for fraud prevention, which of the following is probably the most effective fraud prevention method, according to the ACFE?
Which of the following technologies can help a company identify concealed patterns, such as numeric, time, name, and geographic patterns that may indicate fraud?