Glossary of Quizzes from Chapters 1-9
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- Which type of flowchart is used to analyze the adequacy of internal control procedures?
- Document flowchart
- Proper flow in a flowchart is from
- left to right, top to bottom
- Every manual processing symbol must have
- a document symbol attached
- The fraud triangle consists of
- pressure, opportunity, rationalization
- What type of fraud is committed for direct personal gain?
- misappropriation of assets
- What are the three control frameworks discussed in chapter 6?
Internal Control (COSO)
Enterprise Risk Management (COSO)
- At a client engagement you learn that the financial vice president manages a staff of five internal auditors. From a control standpoint
- the financial vice president shouldn't oversee the internal auditors
- At a client engagement you learn that the audit committee consists of the corporate controller, treasurer, financial vice president, and budget director. From a control standpoint;
- the audit committee isn't independent enough to perform effectively
- At a client engagement you learn that management authority seems to reside with three brothers who serve as chief executive officer, president and financial vice president. From a control standpoint
- this would cause you to worry about internal control override.
- True or False: Re-adding the total of a batch of invoices and comparing it with your first total is an independent check?
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