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1. Which of the following would be least likely to be considered an objective of internal control?

2. An entity’s ongoing monitoring activities often include

3. A primary objective of procedures performed to obtain an understanding of internal control is to provide the auditors wit

4. An auditor may compensate for a weakness in internal control by increasing the extent of:

5. Controls over financial reporting are often classified as preventative, detective, or corrective. Which of the following is an example of a detective control?

6. When a CPA decides that the work performed by internal auditors may have an effect on the nature, timing, and extent of the CPA’s procedures, the CPA should consider the competence and objectivity of the internal auditors. Relative to objectivity, the CPA should:

7. Which of the following is not ordinarily a procedure for documenting an auditor's understanding of internal control for planning purposes?

8. You are performing an audit of Systex Corporation and evaluating various controls. Classify the following controls as being primarily preventive, detective, or corrective.

 
 

 

 

 
 
 

a.

Annual physical inventory.

 

b.

Monthly reconciliation of bank accounts.

 

c.

Segregation of duties over purchasing.

 

d.

Supervisory approval of time cards.

 

e.

Dual signatures for checks.

 

f.

Adjustment of perpetual inventory records to physical counts.

 

g.

Management review of budget/actual information.

 

h.

Internal audits of payroll.

 

 

9. Listed below are controls that have been developed by the management of Cirus Manufacturing Co.

 

  1. Management surveys customers about their satisfaction with the company’s service.
  2. The human resources department investigates the educational background of prospective employees.
  3. Invoices are reviewed for accuracy before they are mailed to customers.
  4. Management periodically evaluates the threats to preparing reliable financial statements.
  5. The internal auditors periodically evaluate the controls in the various departments of the company.
  6. Management has developed and distributed a code of conduct.
  7. Management compares actual performance with budgets and forecasts.
  8. The accounting department uses a manual of accounting policies and procedures.
  9. Entry into the warehouse is strictly controlled by security personnel.
  10. Management has prepared and distributed an organizational chart.

 

For each of the controls, identify the internal control component and, if applicable, the subcomponent or principle to which it relates. Control components may be selected more than once.

 

 

 
   

 

10. Tests of controls do not address:

  1. Which of the following is least likely to be a test of controls?
  2. Tests of controls ordinarily are designed to provide evidence of:

13. The preliminary assessments of control risk are often referred to as:

14. At the completion of the audit, the auditors are least likely to know:

15.

Types of Controls

 

Read the overview below and complete the activities that follow.

 

In all accounting systems, a variety of controls must be designed to accomplish the organization's control objectives.

 

CONCEPT REVIEW:

Internal controls vary significantly between organizations--depending on attributes like organization size, nature of operations, and objectives. In all systems, however, a variety of controls needs to be designed to accomplish the organization's objectives. Controls are classified as preventive, detective, or corrective.

      

16.

Types of Controls

 

Read the overview below and complete the activities that follow.

 

In all accounting systems, a variety of controls must be designed to accomplish the organization's control objectives.

 

CONCEPT REVIEW:

Internal controls vary significantly between organizations--depending on attributes like organization size, nature of operations, and objectives. In all systems, however, a variety of controls needs to be designed to accomplish the organization's objectives. Controls are classified as preventive, detective, or corrective.

 

 

 

 
   

 

17.

Control Environment Principles

 

Read the overview below and complete the activities that follow.

 

The control environment, often referred to as "tone at the top", sets the tone of an organization by influencing the control awareness of the people within the organization.

 

CONCEPT REVIEW:

The control environment can be viewed as the foundation for all the other facets of internal control.

 

 

 

18.

Control Environment Principles

 

Read the overview below and complete the activities that follow.

 

The control environment, often referred to as "tone at the top", sets the tone of an organization by influencing the control awareness of the people within the organization.

 

CONCEPT REVIEW:

The control environment can be viewed as the foundation for all the other facets of internal control.

 

 
 

 

 

 
   

 

19.

Service Organization Reports

 

Read the overview below and complete the activities that follow.

 

Service organizations need to have their controls reviewed by auditors. For example, service organizations that provide data processing services to various clients need to have their controls reviewed by auditors so that the client's auditors can satisfy themselves that control is being adequately maintained relative to the processing of client data by an external source.

 

CONCEPT REVIEW:

Often service organizations have their auditors, called service auditors, study their systems of internal control and issue a service auditor's report.

 

 

20.

Service Organization Reports

 

Read the overview below and complete the activities that follow.

 

Service organizations need to have their controls reviewed by auditors. For example, service organizations that provide data processing services to various clients need to have their controls reviewed by auditors so that the client's auditors can satisfy themselves that control is being adequately maintained relative to the processing of client data by an external source.

 

CONCEPT REVIEW:

Often service organizations have their auditors, called service auditors, study their systems of internal control and issue a service auditor's report.

 

 

 

 

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