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ACC 403 Strayer Quiz 5 Latest

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ACC 403 Strayer Quiz 5 Latest

ACC 403 Strayer Quiz 5 Latest

ACC403

ACC 403 Strayer Quiz 5 Latest

ACC 403 Strayer Quiz 5 Latest

Question 1

An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no “audit” trail is:

Question 2

Management must disclose material weaknesses in internal control in its audit report:

Question 3

A five-step approach can be used to identify deficiencies, significant deficiencies, and material weaknesses. The first step in this approach is:

Question 4

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 5

In performing the audit of internal control over financial reporting the auditor emphasizes internal control over class of transactions because:

Question 6

Narratives, flowcharts, and internal control questionnaires are three common methods of:

Question 7

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

Question 8

When assessing whether the financial statements are auditable, the auditor must consider:

Question 9

Which of the following deficiency exists if a necessary control is missing or not properly formulated?

Question 10

Which of the following deal with ongoing or periodic assessment of the quality of internal control by management?

Question 11

The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on:

Question 12

When determining what type of report to issue on internal control under Section 404:

Question 13

When considering internal controls, an important point to consider is that:

Question 14

The auditors primary purpose in auditing the client’s system of internal control over financial reporting is:

Question 15

When the auditor attempts to understand the operation of the accounting system by tracing a few transactions through the accounting system, the auditor is said to be:

Question 16

A company is concerned with the theft of cash after the sale has been recorded. One way in which fraudsters conceal the theft is by a process called “lapping.” Which of the following best describes lapping?

Question 17

Research indicates that the most effective way to prevent and deter fraud is to:

Question 18

Which of the following is a factor that relates to incentives to misappropriate assets?

Question 19

In the fraud triangle, fraudulent financial reporting and misappropriation of assets:

Question 20

Fraud awareness training should be:

Question 21

Correct Fraud is more prevalent in smaller businesses and not-for-profit organizations because it is more difficult for them to maintain:

Question 22

Analytical procedures can be very effective in detecting inventory fraud. Which of the following analytical procedures would not be useful in detecting fraud?

Question 23

Which of the following questions is the auditor not required to ask company management when assessing fraud risk?

Question 24

Fictitious revenues:

Question 25

Most cases of fraudulent reporting involve:

Question 26

Which of the following best defines fraud in a financial statement auditing context?

Question 27

When analyzing accounts for fraud risk:

Question 28

Two of the most useful warning signals that can indicate that revenue fraud is occurring are:

Question 29

Auditors need to exhibit professional skepticism when auditing a client. This auditing standard is best expressed by which of the following?

Question 30

Auditing standards specifically require auditors to identify ________ as a fraud risk in most audits.

ACC 403 Strayer Quiz 5 Latest

ACC 403 Strayer Quiz 5 Latest

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