
Week3-4 Auditing Internal control
Authored by Gatot Soepriyanto
Business
12th Grade
Used 3+ times

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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the purpose of internal controls?
To provide absolute assurance that fraud will not occur.
To provide reasonable assurance regarding the achievement of objectives.
To detect all errors in financial statements.
To ensure compliance with external auditors' guidelines.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of COSO's internal control framework?
Control Environment.
Risk Assessment.
Budget Management.
Monitoring.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a control activity under COSO's framework?
Ethical culture.
Segregation of duties.
Internal audit reports.
Compensation policies.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary role of an external auditor regarding internal control over financial reporting?
To design the company's internal controls.
To perform a daily assessment of the internal control system.
To provide an opinion on the effectiveness of the internal controls.
To train company personnel on control procedures.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a control deficiency?
Segregation of duties for cash handling.
A missing control over the authorization of vendor payments.
Daily reconciliations of financial records.
Quarterly financial reporting reviews.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In COSO's framework, which component refers to identifying, capturing, and communicating relevant information in a timely manner?
Control Environment.
Risk Assessment.
Information and Communication.
Monitoring.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes an entity-wide control?
Reconciliation of bank accounts.
Controls over the financial reporting process.
Segregation of duties over cash receipts.
Authorization procedures for purchasing.
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