
Chapter 8: INTRODUCTION TO INTERNAL CONTROL AND ICS
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20 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the main objective of internal control?
Answer explanation
Internal control aims to ensure operations are effective, reports are reliable, and compliance with laws.
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which framework is most widely used for evaluating internal controls?
Answer explanation
The COSO framework is globally recognized for internal control evaluation.
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is NOT one of the five components of the COSO Internal Control Framework?
Answer explanation
Strategic planning is not part of COSO’s five components.
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What component of COSO involves evaluating risks that may affect the achievement of objectives?
Answer explanation
Risk Assessment is dedicated to identifying and evaluating risks.
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which element sets the tone at the top and influences the control consciousness of employees?
Answer explanation
Control Environment reflects management's integrity and ethical values.
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
An internal control that prevents errors before they occur is known as:
Answer explanation
Preventive controls are proactive and reduce the likelihood of errors.
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the purpose of control activities?
Answer explanation
Control activities implement measures to manage risk.
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