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ACCT 444 Week 4 Quiz

ACCT 444 Week 4 Quiz

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ACCT 444 Week 4 Quiz

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ACCT 444 Week 4 Quiz

1. (TCO 5) Which of the following is responsible for establishing internal controls for a public company? (Points : 3)

Management

Financial statement auditors

Management and auditors

Committee of Sponsoring Organizations

1. (TCO 5) Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies? (Points : 3)

Management

Financial statement auditors

Management and the financial statement auditors

Committee of Sponsoring Organizations

1. (TCO 5) Which of the following is responsible for establishing a private company’s internal control? (Points : 3)

Management

Auditors

Management and auditors

Committee of Sponsoring Organizations

2. (TCO 5) Which section of the Sarbanes-Oxley Act requires management to issue an internal control report? (Points : 3)

202

203

404

408

 

2. (TCO 5) Sarbanes-Oxley requires management to issue an internal control report that includes two specific items. Which of the following is one of these two requirements? (Points : 3)

A statement that management is responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting

A statement that management and the board of directors are jointly responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting

A statement that management, the board of directors, and the external auditors are jointly responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting

None of the above

 

2. (TCO 5) Internal control reports issued by public companies must identify the framework used to evaluate the effectiveness of internal control. Which of the following is the most common framework in the U.S.? (Points : 3)

Effective Internal Control Framework-AICPA

Internal Control-Integrated Framework-COSO

Enterprise Internal Control-COSO

There is no common framework used in the U.S.

3. (TCO 5) Which of the following activities would be least likely to strengthen a company’s internal control? (Points : 3)

Separating accounting from other financial operations

Maintaining insurance for fire and theft

Fixing responsibility for the performance of employee duties

Carefully selecting and training employees

 


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