
Auditing and Internal Control
Quiz
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Other
•
University
•
Practice Problem
•
Easy
Geezele Nequinto
Used 1+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An auditor considers internal control in order to:
Determine whether assets are safeguarded.
Suggest improvements in internal control.
Plan the audit procedures.
Express an opinion.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The primary objective of the procedures to be performed in obtaining an understanding of internal control is to provide an auditor with
An evidential matter for use in reducing detection risk.
Knowledge necessary to plan the audit.
A basis for which to modify tests of controls.
Information necessary to prepare flowcharts.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A reason to establish internal control is to
Have a basis of planning the audit.
Provide reasonable assurance that the objectives of the organization are achieved.
Encourage compliance with organizational objectives.
Ensure the accuracy, reliability, and the timeliness of information.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not an element of an entity's internal control?
Control risk
Control activities
The information system
The control environment
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The auditor's review of the client's internal control is documented in order to substantiate
Conformity of the accounting records with Philippine Financial Reporting Standards
Representation as to adherence to requirements of management
Representation as to compliance with Philippine Standards on Auditing
The fairness of the financial statement presentation
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not a part of the control environment?
Management philosophy and operating style
Organization structure
Information and communication systems
Assignment of authority and responsibility
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The Philippines Standards on Auditing require the auditor to obtain an understanding of the client's internal controls
For every audit
For first time audits
Sufficient to find any frauds with may exits
Whenever it would be appropriate
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