ACC 403 Quiz 5

30 May ACC 403 Quiz 5

Posted at 16:48h in 2General studies by Homework Writer

1. The employee in charge of authorizing credit to the company’s customers does not fully understand the concept of credit risk. This lack of knowledge would constitute:

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

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

4. Audit evidence regarding the separation of duties is normally best obtained by:

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

6. Proper segregation of functional responsibilities calls for separation of:

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

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

9. Internal controls normally include procedures designed to provide reasonable assurance that:

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

11. 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:

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

13. Which of the following is not one of the three primary objectives of effective internal control?

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

15. Reasonable assurance allows for:

16. Misappropriation of assets is normally perpetrated by:

17. Financial statement manipulation risk is arguably present for all companies’ financial statements. However, the risk is elevated for companies that:

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

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

20. When assessing the risk for fraud, the auditor must be cognizant of the fact that:

21. Which of the following is a factor that relates to incentives or pressures to commit fraudulent financial reporting?

22. Which of the following is least likely to uncover fraud?

23. Who is most likely to perpetrate fraudulent financial reporting?

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

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

26. Companies may intentionally understate earnings when income is high to create ________ that may be used in future years to increase earnings.

27. Most cases of fraudulent reporting involve:

28. Which of the following questions is the auditor notrequired to ask company management when assessing fraud risk?

29. Which of the following parties is responsible for implementing internal controls to minimize the likelihood of fraud?

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

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.

Do you need an answer to this or any other questions?

About Writedemy

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order

Print page