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8/23/2019
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Course 111002- Internal Control And Fraud Detection
  Final Exam
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111002v - Internal Control And Fraud Detection

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Auditing
9 CPE Credit Hours

8/23/2019
Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Which of the following best describes the primary purpose of audit procedures?
2. An internal audit serves to review accounting, financial, and other operations by
3. The internal auditor assures that company assets are used economically and efficiently and are
4. The Certified Internal Auditor (CIA) exam covers the following subject area(s) except:
5. An example of an audit tool can be
6. The cost of shipping cartons should have something to do with the number of units sold. This is an example of
7. The information gathered by the internal auditor from departments or operation sections is termed the
8. The internal audit report must be factual, based on hard evidence and include
9. Management audits involve and effect
10. A factor to consider in assessing control environment includes
11. _____________________________ may be relevant to the risk of preparing financial statements that are not in conformity with United States generally accepted accounting principles
12. Internal control should be monitored in order to identify deficiencies which could adversely affect the operations of an entity and
13. The internal control as a whole should provide
14. The Foreign Corrupt Practices Act contains prohibitions against
15. Under Section 404 of the Sarbanes-Oxley Act, the role of internal control over financial reporting is
16. The reporting requirements for management and the independent auditor to report on the effectiveness of internal control over financial reporting is called
17. Management’s report must indicate that internal control over financial reporting is either
Read 'Chapter 1: Internal Control and the Internal Audit Function' & answer the following question(s):
Read 'Chapter 2: Internal Audit of Financial Statement Accounts' & answer the following question(s):
18. The process whereby the auditor can obtain corroborating evidential matter from an independent party outside the organization is
19. An internal audit work program should first
20. SAS 99 makes clear that error differs from fraud. Fraud refers to acts that are
21. An auditor is responsible for planning and performing a financial statement audit in order to
22. Audit teams that discuss the potential for material misstatement due to fraud are considered to be
23. Judgments about risk of material misstatements caused by fraud may have an overall effect on the audit in
24. The auditor is generally precluded from communicating with non-client personnel about fraud. However, the auditor is permitted to disclose such information
25. Unduly aggressive or overly optimistic press releases on the level of profitability or expectations of investment analysts or key institutional investors can
26. The ineffective monitoring of management can be a result of
27. Which of the following documentation is not required of the auditor by SAS 99?
28. Error does not include
29. In attempting to secure job interviews potential employees often
30. Senior staff members in positions of trust
31. Which of the following statements is not true regarding whistleblowers?
Read 'Chapter 3: Statistical Sampling in Tests of Controls' & answer the following question(s):
32. A sampling method that is based on a binomial distribution is
33. Discovery sampling is used in a search for critical deviation such as
Read 'Chapter 4: Fraud Prevention, Fraud Detection, and Forensic Accounting' & answer the following question(s):
34. The purpose of the fraud prevention checkup is to identify major gaps in your fraud prevention system. Which of the following is a true statement?
35. Fraud accountants apply their skills to investigate areas of an alleged criminal misconduct in order to
36. Studies show that fraud currently most often results from
37. Forensic accountants are not usually used for
38. In cases of litigation support consulting, the forensic accountant is asked to provide
39. Data mining tools have the potential to significantly enhance
40. Fraud is usually detected by recognizing and pursuing
41. Which of the following is NOT a category of employee fraud symptoms?
42. In some respects the advances of technology have enabled criminals to commit crimes
43. __________________________________ videotapes every mouse click of the investigative process to make court testimony more credible.
44. Auditing differs from fraud examination. A main feature of auditing is that
45. The number one form of business frauds is:
46. Which one is probably the most effective fraud prevention method?
47. Which one of the following should be examined in order to check if the equality of the debits and credits has been maintained?
48. Lee, the authorized signer on his company's accounts, prepared and signed a check payable to the company's vendor. He gave the check to Kim, his secretary, and asked her to mail the check to the plumber. Instead, Kim took the check home, signed the vendor's name on the back and had her husband cash the check at their convenient store. Which of the following schemes did Kim commit?
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