AUD 3 Internal Control 18 - 1 Documentation of Internal Control Structure - ICQ Flashcards

Question 1

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 2

Q

Documenting the Internal Control Structure

An auditor is required to do_______ the understanding of a client’s internal control.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 3

Q

Documenting the Internal Control Structure

An auditor is required to document the und_______ing of a client’s internal control.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 4

Q

Documenting the Internal Control Structure

An au_____ is required to document the understanding of a client’s internal control.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 5

Q

Documenting the Internal Control Structure

An auditor is re____ed to document the understanding of a client’s internal control.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 6

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s in______ control.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 7

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal con____.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 8

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a cli___’s internal control.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

Question 9

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of docu_______ required

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required

Question 10

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is n_ specific means of documentation required

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required

Question 11

Q

Documenting the Internal Control Structure

There is no sp__ific means of documentation required

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required

Question 12

Q

Documenting the Internal Control Structure

There is no specific means of documentation re____ed and the auditor may select any method,

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method,

Question 13

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may se____ any method,

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method,

Question 14

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any me____, or combination of methods,

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

Question 15

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or com______ of methods,

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

Question 16

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of me____s, that best suits the needs of the auditor

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor

Question 17

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best s___s the needs of the auditor

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor

Question 18

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the n___s of the auditor

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor

Question 19

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that b__t suits the needs of the auditor in being able to apply the understanding

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding

Question 20

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the au_____ in being able to apply the understanding

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding

Question 21

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the und_______ing

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding

Question 22

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to a__ly the understanding to result in an audit

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit

Question 23

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to re____ in an audit

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit

Question 24

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both ef______ and effective.

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 25

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is b__h efficient and effective.

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 26

Q

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and eff______.

Answer

A

Documenting the Internal Control Structure

There is no specific means of documentation required and the auditor may select any method, or combination of methods,

that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 27

Q

Documenting the Internal Control Structure

An auditor is re____ed to do________ the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 28

Q

Documenting the Internal Control Structure

An auditor is required to document the un_______ing of a client’s internal co_____l.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 29

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select a__ met___, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 30

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that b__t s___s the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 31

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to a__ly the und________ing to result in an audit that is both efficient and effective.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 32

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both ef______ and eff______.

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Question 33

Q

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Answer

A

Documenting the Internal Control Structure

An auditor is required to document the understanding of a client’s internal control.

There is no specific means of documentation required and the auditor may select any method, or combination of methods, that best suits the needs of the auditor in being able to apply the understanding to result in an audit that is both efficient and effective.

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 34

Q

Documenting the Internal Control Structure

Internal Control Que________ (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 35

Q

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (str______) / No (weakness)
questions covering all control activities:

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 36

Q

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (we________s)
questions covering all control activities:

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 37

Q

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all con____ activities:

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 38

Q

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control ac_____es:

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 39

Q

Documenting the Internal Control Structure

Internal Control Questionnaire (I__)
Yes (strength) / No (weakness)
questions covering all control activities:

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

Question 40

Q

Internal Control Questionnaire = I__

Answer

A

Internal Control Questionnaire = ICQ

Question 41

Q

Internal Control Questionnaire =

Answer

A

Internal Control Questionnaire = ICQ

Question 42

Q

Internal Control Questionnaire = ___Q

Answer

A

Internal Control Questionnaire = ICQ

Question 43

Q

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness. This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer

A

Documenting the Internal Control Structure

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness. This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Question 44

Q

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of docu_______ is the internal control questionnaire (ICQ).

Answer

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

Question 45

Q

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One com___ form of documentation is the internal control questionnaire (ICQ).

Answer

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

Question 46

Q

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control que_______ (ICQ).

Answer

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

Question 47

Q

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (____).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 48

Q

Internal Control Questionnaire (ICQ)

One common form of documentation is the internal control questionnaire (ICQ).

A qu_________ always phrases questions in a form that requires a yes or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 49

Q

Internal Control Questionnaire (ICQ)

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire al___s phrases questions in a form that requires a yes or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 50

Q

Internal Control Questionnaire (ICQ)

A questionnaire always ph____s questions in a form that requires a yes or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 51

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases qu______s in a form that requires a yes or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 52

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that re____es a yes or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 53

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a y__ or no answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 54

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or n_ answer for each question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 55

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no an____ for each question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 56

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for e__h question,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

Question 57

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each qu______,

with a yes answer indicating the presence of a potentially useful control,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

Question 58

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a y__ answer indicating the presence of a potentially useful control,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control, on.

Question 59

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the pre______ of a potentially useful control,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

Question 60

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially use___ control,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

Question 61

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a po_______y useful control,

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

Question 62

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful con____,

and a no response indicating a weakness.

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

and a no response indicating a weakness.

Question 63

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

and a n_ response indicating a weakness.

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

and a no response indicating a weakness.

Question 64

Q

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

and a no response indicating a w___ness.

This is consistent with the emphasis of the auditor

Answer

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

and a no response indicating a weakness.

This is consistent with the emphasis of the auditor

Answer 65

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,

and a no response indicating a weakness.

This is consistent with the emphasis of the auditor

Answer 66

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control,
and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 67

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 68

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 69

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 70

A

Internal Control Questionnaire (ICQ)

A questionnaire always phrases questions in a form that requires a yes or no answer for each question,

with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 71

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness. This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 72

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness. This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 73

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness. This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 74

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness. This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 75

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 76

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

One common form of documentation is the internal control questionnaire (ICQ).

A questionnaire always phrases questions in a form that requires a yes or no answer for each question, with a yes answer indicating the presence of a potentially useful control, and a no response indicating a weakness.

This is consistent with the emphasis of the auditor on finding strengths in the system to rely on.

Answer 77

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

A well-designed questionnaire will include questions related to each of the different types of control activities (from the PRAISE mnemonic) that may be utilized in an internal control structure.

Answer 78

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions

Answer 79

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions

Answer 80

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions

Answer 81

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions

Answer 82

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities

Answer 83

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities

Answer 84

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities

Answer 85

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities

Answer 86

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities (from the PRAISE mnemonic)

Answer 87

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities (from the PRAISE mnemonic)

Answer 88

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities (from the PRAISE mnemonic)

that may be utilized in an internal control structure.

Answer 89

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities (from the PRAISE mnemonic) that may be utilized in an internal control structure.

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance 
• Segregation of duties (ARCC)

Answer 90

A

Internal Control Questionnaire (ICQ)

A well-designed questionnaire will include questions related to each of the different types of control activities (from the PRAISE mnemonic) that may be utilized in an internal control structure.

There is no perfect questionnaire that can be memorized for the exam, but the following list includes questions that can be adapted to individual TBS types of questions (these questions should be made more precise by referring to documents and personnel that are used in the specific department that is being tested).

For each of the six activities, two potential questions are provided, since recommended solutions usually have contained around 12 questions spread over all the activities (PRAISE):

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance 
• Segregation of duties (ARCC)

Answer 91

A

Internal Control Questionnaire (ICQ)

There is no perfect questionnaire that can be memorized for the exam, but the following list includes questions that can be adapted to individual TBS types of questions

Answer 92

A

Internal Control Questionnaire (ICQ)

There is no perfect questionnaire that can be memorized for the exam, but the following list includes questions that can be adapted to individual TBS types of questions

(these questions should be made more precise by referring to documents and personnel that are used in the specific department that is being tested).

Answer 93

A

Internal Control Questionnaire (ICQ)

For each of the six activities, two potential questions are provided, since recommended solutions usually have contained around 12 questions spread over all the activities (PRAISE):

Answer 94

A

Internal Control Questionnaire (ICQ)

For each of the six activities, two potential questions are provided, since recommended solutions usually have contained around 12 questions spread over all the activities (PRAISE):

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)

Answer 95

A

Internal Control Questionnaire (ICQ)

PRAISE
• Physical controls

Answer 96

A

Internal Control Questionnaire (ICQ)

PRAISE
• Physical controls
• Recording

Answer 97

A

Internal Control Questionnaire (ICQ)

PRAISE
• Physical controls
• Recording

Answer 98

A

Internal Control Questionnaire (ICQ)

PRAISE
• Physical controls
• Recording
• Authorization

Answer 99

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks

Answer 100

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks

Answer 101

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties

Answer 102

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties

Answer 103

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

Answer 104

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

Answer 105

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)

Answer 106

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)

Answer 107

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 108

A

Internal Control Questionnaire (ICQ)

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 109

A

Internal Control Questionnaire (ICQ)

• Segregation of duties (ARCC)
o Authorization

Answer 110

A

Internal Control Questionnaire (ICQ)

• Segregation of duties (ARCC)
o Authorization
o Recording

Answer 111

A

Internal Control Questionnaire (ICQ)

• Segregation of duties (ARCC)
o Authorization
o Recording
o Custody of assets

Answer 112

A

Internal Control Questionnaire (ICQ)

• Segregation of duties (ARCC)
o Authorization
o Recording
o Custody of assets

Answer 113

A

Internal Control Questionnaire (ICQ)

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 114

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 115

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 116

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 117

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 118

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 119

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 120

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 121

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 122

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 123

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 124

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 125

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

For each of the six activities, two potential questions are provided, since recommended solutions usually have contained around 12 questions spread over all the activities (PRAISE):

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

Answer 126

A

Internal Control Questionnaire (ICQ)
Yes (strength) / No (weakness)
questions covering all control activities:

For each of the six activities, two potential questions are provided, since recommended solutions usually have contained around 12 questions spread over all the activities (PRAISE):

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

• Physical controls

– Is proper security maintained over valuable department assets?
Are there adequate safeguards over unused documents?

Answer 127

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties (ARCC)
     o Authorization
     o Recording 
     o Custody of assets 
     o Comparison

• Physical controls

– Is proper security maintained over valuable department assets?
Are there adequate safeguards over unused documents?

Answer 128

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?

Answer 129

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?

Answer 130

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?

Answer 131

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?

Answer 132

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?

Answer 133

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?
Are there adequate safeguards over unused documents?

Answer 134

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?
Are there adequate safeguards over unused documents?

Answer 135

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?
Are there adequate safeguards over unused documents?

Answer 136

A

Internal Control Questionnaire (ICQ)

• Physical controls

– Is proper security maintained over valuable department assets?
Are there adequate safeguards over unused documents?

Answer 137

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Physical controls
– Is proper security maintained over valuable department assets? Are there adequate safeguards over unused documents?

• Recording
– Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 138

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Are documents prenumbered and periodically accounted for?

Answer 139

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Answer 140

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Answer 141

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Answer 142

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Answer 143

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Answer 144

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Are documents prenumbered and periodically accounted for?

Answer 145

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Are documents prenumbered and periodically accounted for?

Answer 146

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Are documents prenumbered and periodically accounted for?

Answer 147

A

Internal Control Questionnaire (ICQ)

• Recording

– Are transactions documented as to all relevant terms and descriptions?

Are documents prenumbered and periodically accounted for?

Answer 148

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Recording
– Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

• Authorization
– Are transactions authorized by personnel at least one level above the request level? Are the third parties involved in transactions approved in advance?

Answer 149

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 150

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Answer 151

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Answer 152

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Answer 153

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Answer 154

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Answer 155

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Answer 156

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 157

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 158

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 159

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 160

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 161

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 162

A

Internal Control Questionnaire (ICQ)

• Authorization

– Are transactions authorized by personnel at least one level above the request level?

Are the third parties involved in transactions approved in advance?

Answer 163

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Authorization
– Are transactions authorized by personnel at least one level above the request level? Are the third parties involved in transactions approved in advance?

• Independent checks
– Are documents compared to verify their agreement before transactions are executed? Are records periodically reconciled to related documents?

Answer 164

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 165

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 166

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 167

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 168

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 169

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 170

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 171

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Answer 172

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 173

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 174

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 175

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 176

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 177

A

Internal Control Questionnaire (ICQ)

• Independent checks

– Are documents compared to verify their agreement before transactions are executed?

Are records periodically reconciled to related documents?

Answer 178

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Independent checks
– Are documents compared to verify their agreement before transactions are executed? Are records periodically reconciled to related documents?

• Segregation of duties
– Is the principal function of the department (Authorization, Recording, or Custody) independent of each of the other two functions?

Answer 179

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 180

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 181

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department

Answer 182

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)

Answer 183

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)

Answer 184

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)

Answer 185

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)

Answer 186

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 187

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 188

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 189

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 190

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Is the principal function of the department
(Authorization, Recording, or Custody)
independent of each of the other two functions?

Answer 191

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Segregation of duties
– Is the principal function of the department (Authorization, Recording, or Custody) independent of each of the other two functions?

• Evaluate performance
– Are there written department policies and procedures? Are unusual or uncompleted transactions periodically investigated?

Answer 192

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures? Are unusual or uncompleted transactions periodically investigated?

Answer 193

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures? Are unusual or uncompleted transactions periodically investigated?

Answer 194

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Answer 195

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Answer 196

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Answer 197

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Are unusual or uncompleted transactions periodically investigated?

Answer 198

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Are unusual or uncompleted transactions periodically investigated?

Answer 199

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Are unusual or uncompleted transactions periodically investigated?

Answer 200

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Are unusual or uncompleted transactions periodically investigated?

Answer 201

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Are unusual or uncompleted transactions periodically investigated?

Answer 202

A

Internal Control Questionnaire (ICQ)

• Evaluate performance

– Are there written department policies and procedures?

Are unusual or uncompleted transactions periodically investigated?

Answer 203

A

Internal Control Questionnaire (ICQ)

PRAISE 
• Physical controls 
• Recording 
• Authorization 
• Independent checks 
• Segregation of duties 
• Evaluate performance

• Evaluate performance
– Are there written department policies and procedures? Are unusual or uncompleted transactions periodically investigated?

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 204

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 205

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 206

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process,

Answer 207

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization,

Answer 208

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, c

Answer 209

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording,

Answer 210

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody,

Answer 211

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody,

Answer 212

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC)

Answer 213

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC)

Answer 214

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

Answer 215

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

Answer 216

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

Answer 217

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

Answer 218

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

Answer 219

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

Answer 220

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

Answer 221

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

Answer 222

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

Answer 223

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

Answer 224

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 225

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions?

Answer 226

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions?

Answer 227

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions?

Answer 228

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 229

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 230

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 231

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 232

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

Answer 233

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 234

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 235

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access?

Answer 236

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access?

Answer 237

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 238

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 239

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 240

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 241

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 242

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

Answer 243

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 244

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts?

Answer 245

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts?

Answer 246

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts?

Answer 247

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts?

Answer 248

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts?

Answer 249

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities,

Answer 250

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits,

Answer 251

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits,

Answer 252

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons

Answer 253

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents,

Answer 254

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents,

Answer 255

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents,

Answer 256

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits

Answer 257

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits

Answer 258

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings

Answer 259

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings

Answer 260

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 261

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 262

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 263

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 264

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 265

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 266

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 

   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 267

A

Internal Control Questionnaire (ICQ)

• Segregation of duties
– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? 
    Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, 
   such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 268

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 269

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 270

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 271

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 272

A

Internal Control Questionnaire (ICQ)

• Segregation of duties

– Are the principal functions of each process, authorization, recording, custody, and comparison (ARCC) independent of one another?

 o Authorization 
 – Are transactions authorized by personnel at least one level above the request level?

 o Recording
  – Are transactions documented as to all relevant terms and descriptions? Are documents prenumbered and periodically accounted for?

 o Custody of assets 
 – Is custody limited to those with a need to have access? Are those with access subjected to bonding or appropriate background checks?

 o Comparison 
 – Are physical assets periodically reconciled to recorded amounts? Are normal activities, such as bank deposits, subject to comparisons of recorded amounts to support documents, such as comparing daily deposits to remittance listings or reconciling amounts in cash registers?

Answer 273

A

Internal Control Questionnaire (ICQ)

Normally, it is possible to identify at least one document, record, or asset to fit each question.

Thus, a questionnaire involving the production cycle might ask, “Is proper security maintained over work-in-process inventories?” One involving the payroll cycle might ask, “Is proper security maintained over signature plates?”

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AUD 3 Internal Control 18 - 1 Documentation of Internal Control Structure - ICQ Flashcards

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