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CPA AUD Flashcards > AUD 3 Internal Control 4 > Flashcards

AUD 3 Internal Control 4 Flashcards

1
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence

If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.

———– 2nd Category ————-

The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE).

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence

If an entity has a healthy balance sheet, it is running at good RACE.

———– 3rd Category ————-

The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon).

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification

Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence

If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.

———– 2nd Category ————-

The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE).

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence

If an entity has a healthy balance sheet, it is running at good RACE.

———– 3rd Category ————-

The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon).

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification

Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!

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2
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

A

Internal Control

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

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3
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on in____ statement

CPA-CO

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence
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4
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

  1. C___________
  2. P_____ C_____
  3. A________
  4. C__________
  5. O__________
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence
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5
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 2nd Category ————-

The next 4 assertions
presented on the ba____e sheet

RACE

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence
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6
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

  1. R______ and O_________
  2. A________ and V_________
  3. C___________
  4. E__________
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence
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7
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Dis_____es

RACOU–n (Raccoon)

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification
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8
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

  1. R______ and O_________
  2. A_______ and V________
  3. C___________
  4. O________
  5. U___________ and C___________
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification
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9
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification
A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

———– 1st Category ————-

The first 5 assertions
presented on income statement

CPA-CO

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence

———– 2nd Category ————-

The next 4 assertions
presented on the balance sheet

RACE

  1. Rights and Obligations
  2. Allocation and Valuation
  3. Completeness
  4. Existence

———– 3rd Category ————-

The final 5 assertions
Presentation of the financial statements
and the financial statement Disclosures

RACOU–n (Raccoon)

  1. Rights and Obligations
  2. Accuracy and Valuation
  3. Completeness
  4. Occurrence
  5. Understandability and Classification
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10
Q

Internal Control

The a______ is looking for the presence of useful controls: the strengths in the system.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

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11
Q

Internal Control

The auditor is looking for the presence of use___ controls: the strengths in the system.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

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12
Q

Internal Control

The auditor is looking for the presence of useful controls: the str______s in the system.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

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13
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the sys___.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

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14
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by m___________t that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

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15
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement ass_______s and which are meant to produce accurate financial records and safeguarding of assets.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

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16
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce acc_____ financial records and safeguarding of assets.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

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17
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial re_____s and safeguarding of assets.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

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18
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safe_____ing of assets.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

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19
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of as____s.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

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20
Q

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement ass_______s.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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21
Q

Internal Control

Those c_______s designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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22
Q

Internal Control

Those controls designed to enable adherence to l__s and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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23
Q

Internal Control

Those controls designed to enable adherence to laws and regulations and promote eff_______y in the organization are usually not relevant to the financial statement assertions.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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24
Q

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the f_______ statement assertions.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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25
Q

Internal Control

Those controls designed to enable adherence to laws and reg________s and promote efficiency in the organization are usually not relevant to the financial statement assertions.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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26
Q

Internal Control

Those controls designed to enable adh______e to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

A

Internal Control

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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27
Q

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is pr______ly formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

A

Internal Control

The auditor is looking for the presence of useful controls: the strengths in the system.

The system is primarily formed by those controls designed by management that relate to the financial statement assertions and which are meant to produce accurate financial records and safeguarding of assets.

Those controls designed to enable adherence to laws and regulations and promote efficiency in the organization are usually not relevant to the financial statement assertions.

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28
Q

Internal Control

To ensure that only sales that actually occ___ed are recorded in the sales journal,

the occurrence assertion,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

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29
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the s___s journal,

the occurrence assertion,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

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30
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales jou____,

the occurrence assertion,

the entity may establish a co______ requiring that
sales be recorded in the sales journal
only when there is ……….

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is …………

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31
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
s___s be recorded in the sales journal
only when there is ……….

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is ………..

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32
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be re____ed in the sales journal
only when there is ………..

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is ………….

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33
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales jo____l
only when there is ……….

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form, 
a sales order form, 
a shipping report, 
and an invoice, 
all of which agree as to the goods that were sold 
and the price to be received for them.
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34
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer or___ form,
a sales or___ form,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form, 
a sales order form, 
a shipping report, 
and an invoice, 
all of which agree as to the goods that were sold 
and the price to be received for them.
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35
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a cus_____ order form,
a sales order form,
a shipping report,
and an invoice,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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36
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a s___s order form,
a shipping report,
and an invoice,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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37
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a sh___ing report,
and an invoice,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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38
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping re___t,
and an invoice,

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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39
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an in_____,

all of which agree as to the goods that were sold
and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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40
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which ag___ as to the goods that were sold
and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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41
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the go__s that were sold
and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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42
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the pr___ to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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43
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be rec___ed for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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44
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

a__ of which agree as to the goods that were sold
and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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45
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence ass___ion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal,

the occurrence assertion,

the entity may establish a control requiring that
sales be recorded in the sales journal
only when there is

a customer order form,
a sales order form,
a shipping report,
and an invoice,

all of which agree as to the goods that were sold
and the price to be received for them.

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46
Q

Internal Control

To ensure that only sales that actually occ___ed are recorded in the sales journal, the occurrence assertion,

the entity may establish a control requiring that sales be recorded in the sales journal

only when there is a customer order form, a sales order form, a shipping report, and an invoice,

all of which agree as to the goods that were sold and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occurrence assertion,

the entity may establish a control requiring that sales be recorded in the sales journal

only when there is a customer order form, a sales order form, a shipping report, and an invoice,

all of which agree as to the goods that were sold and the price to be received for them.

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47
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occ___ence assertion,

the entity may establish a control requiring that sales be recorded in the sales journal

only when there is a customer order form, a sales order form, a shipping report, and an invoice,

all of which agree as to the goods that were sold and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occurrence assertion,

the entity may establish a control requiring that sales be recorded in the sales journal

only when there is a customer order form, a sales order form, a shipping report, and an invoice,

all of which agree as to the goods that were sold and the price to be received for them.

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48
Q

Internal Control

To ensure that only sales that actually occurred are re____ed in the sales journal, the occurrence assertion, the entity may establish a control requiring that sales be recorded in the sales journal only when there is a customer order form, a sales order form, a shipping report, and an invoice, all of which agree as to the goods that were sold and the price to be received for them.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occurrence assertion, the entity may establish a control requiring that sales be recorded in the sales journal only when there is a customer order form, a sales order form, a shipping report, and an invoice, all of which agree as to the goods that were sold and the price to be received for them.

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49
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness ass____ion,

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

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50
Q

Internal Control

To ensure that all s___s that actually occur are recorded,

the completeness assertion,

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion, .

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51
Q

Internal Control

To ensure that all sales that actually occur are re____ed,

the completeness assertion,

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of sequence.

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52
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the en___y may require the use of prenumbered sales order forms

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms

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53
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of pre______ed sales order forms

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms

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54
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered s___s order forms
and account for all forms,
including making certain that none are out of sequence.

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of sequence.

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55
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for a__ forms,
including making certain that none are out of sequence.

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of sequence.

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56
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales or___ forms

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms

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57
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of seq_____e.

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of sequence.

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58
Q

Internal Control

To ensure that all sales that actually occur are recorded,

the com_____ness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of sequence.

A

Internal Control

To ensure that all sales that actually occur are recorded,

the completeness assertion,

the entity may require the use of prenumbered sales order forms
and account for all forms,
including making certain that none are out of sequence.

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59
Q

Internal Control

To ensure that all sales that ac______y occur are recorded, the completeness assertion,

the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

A

Internal Control

To ensure that all sales that actually occur are recorded, the completeness assertion,

the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

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60
Q

Internal Control

To ensure that all sales that actually occur are recorded, the completeness assertion,

the entity may require the use of pre_____red sales order forms and account for all forms, including making certain that none are out of sequence.

A

Internal Control

To ensure that all sales that actually occur are recorded, the completeness assertion,

the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

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61
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occur___ce assertion, the entity may establish a control requiring that sales be recorded in the sales journal only when there is a customer order form, a sales order form, a shipping report, and an invoice, all of which agree as to the goods that were sold and the price to be received for them.

To ensure that all sales that actually occur are recorded, the comp_____ess assertion, the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occurrence assertion, the entity may establish a control requiring that sales be recorded in the sales journal only when there is a customer order form, a sales order form, a shipping report, and an invoice, all of which agree as to the goods that were sold and the price to be received for them.

To ensure that all sales that actually occur are recorded, the completeness assertion, the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

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62
Q

Internal Control

Only s___s that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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63
Q

Internal Control

Only sales that actually Occurred are Recorded in the s___s journal

= Occurrence Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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64
Q

Internal Control

Only sales that actually O______ed are Recorded in the sales journal

= Occurrence Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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65
Q

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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66
Q

Internal Control

Only sales that actually Occurred are R_____ed in the sales journal

= Occurrence Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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67
Q

Internal Control

Only sales that actually Occurred are Recorded in the sales jo_____

= Occurrence Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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68
Q

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= O_________ Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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69
Q

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= O_________ Assertion

A

Internal Control

Only sales that actually Occurred are Recorded in the sales journal

= Occurrence Assertion

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70
Q

Internal Control

O_________ Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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71
Q

Internal Control

Occurrence Assertion

To ensure that only s___s that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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72
Q

Internal Control

___________ Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer or___ form,
a sales order form,
a shipping report, and
an invoice,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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73
Q

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales or___ form,
a shipping report, and
an invoice,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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74
Q

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an inv____,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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75
Q

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a sh___ing report, and
an invoice,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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76
Q

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal o___y when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

A

Internal Control

Occurrence Assertion

To ensure that only sales that actually occurred are recorded in the sales journal

example of control

recorded in the sales journal only when there is

a customer order form,
a sales order form,
a shipping report, and
an invoice,

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77
Q

Internal Control

All s___s that actually occur are Recorded

= Completeness Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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78
Q

Internal Control

All sales that actually occur are Re____ed

= Completeness Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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79
Q

Internal Control

A__ sales that actually occur are Recorded

= Completeness Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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80
Q

Internal Control

All sales that actually occ__ are Recorded

= Completeness Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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81
Q

Internal Control

All sales that actually occur are Recorded

= Comp________ Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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82
Q

Internal Control

All sales that actually occur are Recorded

= C__________ Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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83
Q

Internal Control

___ sales that actually occur are Recorded

= Completeness Assertion

A

Internal Control

All sales that actually occur are Recorded

= Completeness Assertion

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84
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are rec___ed,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

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85
Q

Internal Control

Completeness Assertion

To ensure that all s___s that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

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86
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occ__ are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

87
Q

Internal Control

Completeness Assertion

To ensure that a__ sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

88
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Re____e the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

89
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of pren_____ed sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

90
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order f___s
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

91
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of pre______red sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

92
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that n___ are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

93
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of se____ce

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

94
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are o__ of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

95
Q

Internal Control

Com________ss Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

96
Q

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

A

Internal Control

Completeness Assertion

To ensure that all sales that actually occur are recorded,

Example of control

Require the use of prenumbered sales order forms
making certain that none are out of sequence

97
Q

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the o_________ assertion,

the entity may establish a control requiring that sales be recorded in the sales journal only when there is a customer order form, a sales order form, a shipping report, and an invoice, all of which agree as to the goods that were sold and the price to be received for them.

To ensure that all sales that actually occur are recorded, the c_________ assertion,

the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

A

Internal Control

To ensure that only sales that actually occurred are recorded in the sales journal, the occurrence assertion,

the entity may establish a control requiring that sales be recorded in the sales journal only when there is a customer order form, a sales order form, a shipping report, and an invoice, all of which agree as to the goods that were sold and the price to be received for them.

To ensure that all sales that actually occur are recorded, the completeness assertion,

the entity may require the use of prenumbered sales order forms and account for all forms, including making certain that none are out of sequence.

98
Q

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by C___.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

99
Q

The most commonly used fr_______k to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

100
Q

The most commonly used framework to be_______k internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

101
Q

The most com___ly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

102
Q

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Int______ed Framework developed by COSO.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

103
Q

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Fr______rk developed by COSO.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

104
Q

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework dev____ed by COSO.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

105
Q

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by _____.

A

The most commonly used framework to benchmark internal controls in the US is

Internal Control – Integrated Framework developed by COSO.

106
Q

Internal Control

The most commonly used framework to benchmark internal controls in the US is Internal Control – Integrated Framework developed by COSO.

COSO des____es internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

A

Internal Control

The most commonly used framework to benchmark internal controls in the US is Internal Control – Integrated Framework developed by COSO.

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

107
Q

Internal Control

COSO describes i_______ control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

A

Internal Control

The most commonly used framework to benchmark internal controls in the US is Internal Control – Integrated Framework developed by COSO.

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

108
Q

Internal Control

COSO describes internal c______l as:

A process,

effected by the entity’s board of directors, management, and other personnel

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

109
Q

Internal Control

COSO describes internal control as:

A pr___ss,

effected by the entity’s board of directors, management, and other personnel

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

110
Q

Internal Control

COSO describes internal control as:

A process,

effected by the e____y’s board of directors, management, and other personnel

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

111
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of di______s, management, and other personnel

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

112
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, m_________t, and other personnel

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

113
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other per______l

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

114
Q

Internal Control

COSO describes internal control as:

A process,

ef___ted by the entity’s board of directors, management, and other personnel

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

115
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide re________e assurance

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

116
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to pro____ reasonable assurance

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

117
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable ass_____e

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

118
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

de____ed to provide reasonable assurance

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

119
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of ob_______es
in the categories of

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

120
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the ach________t of objectives
in the categories of

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

121
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the ca______ies of

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

122
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial re____ing,

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,

123
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and re_____e financial reporting,

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,

124
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Acc_____ and reliable financial reporting,

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,

125
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable f_______ reporting,

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,

126
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

127
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable l__s and regulations, and

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

128
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with app_______e laws and regulations, and

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

129
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and reg_______s, and

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

130
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Com_______e with applicable laws and regulations, and

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

131
Q

Internal Control

COSO describes internal control as:

A pr___ss,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and

132
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Eff_______ess and efficiency of operations

(ACE).

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

133
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and eff______y of operations

(ACE).

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

134
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of ope_____ns

(ACE).

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

135
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness a__ efficiency of operations

(ACE).

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

136
Q

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(A__).

A

Internal Control

COSO describes internal control as:

A process,

effected by the entity’s board of directors, management, and other personnel

designed to provide reasonable assurance

regarding the achievement of objectives
in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

(ACE).

137
Q

Internal Control

COSO describes internal control as:

A process, effected by the entity’s board of directors, management, and other personnel de____ed to provide reasonable assurance regarding the achievement of objectives in the categories of

(1) A = Accurate and reliable financial reporting,
(2) C = Compliance with applicable laws and regulations, and
(3) E = Effectiveness and efficiency of operations

(ACE).

A

Internal Control

COSO describes internal control as:

A process, effected by the entity’s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the categories of

(1) A = Accurate and reliable financial reporting,
(2) C = Compliance with applicable laws and regulations, and
(3) E = Effectiveness and efficiency of operations

(ACE).

138
Q

Internal Control

COSO describes internal control as:

A process, effected by the entity’s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the cat_____es of

(1) A = Accurate and reliable financial reporting,
(2) C = Compliance with applicable laws and regulations, and
(3) E = Effectiveness and efficiency of operations

(ACE).

A

Internal Control

COSO describes internal control as:

A process, effected by the entity’s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the categories of

(1) A = Accurate and reliable financial reporting,
(2) C = Compliance with applicable laws and regulations, and
(3) E = Effectiveness and efficiency of operations

(ACE).

139
Q

Internal Control

C___ describes internal control as:

A PROCESS, effected by the entity’s board of directors, management, and other personnel DESIGNED to provide REASONABLE assurance regarding the achievement of objectives in the categories of

(1) A = Accurate and reliable financial reporting,
(2) C = Compliance with applicable laws and regulations, and
(3) E = Effectiveness and efficiency of operations

(ACE).

A

Internal Control

COSO describes internal control as:

A PROCESS, effected by the entity’s board of directors, management, and other personnel DESIGNED to provide REASONABLE assurance regarding the achievement of objectives in the categories of

(1) A = Accurate and reliable financial reporting,
(2) C = Compliance with applicable laws and regulations, and
(3) E = Effectiveness and efficiency of operations

(ACE).

140
Q

COSO describes internal control

ACE =

(1) A______ and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

141
Q

COSO describes internal control

ACE =

(1) Accurate and re______ financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

142
Q

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) C________ with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

143
Q

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable l__s and regulations, and
(3) Effectiveness and efficiency of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

144
Q

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and r________s, and
(3) Effectiveness and efficiency of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

145
Q

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Eff_________ and efficiency of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

146
Q

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and eff_______ of operations

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

147
Q

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of o_________

A

COSO describes internal control

ACE =

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and
(3) Effectiveness and efficiency of operations

148
Q

Internal Control

The most commonly used fr_______k to benchmark internal controls in the US is Internal Control – Integrated Framework developed by COSO.

COSO describes internal control as:

A PROCESS, effected by the entity’s board of directors, management, and other personnel DESIGNED to provide REASONABLE assurance regarding the achievement of objectives in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and (3) Effectiveness and efficiency of operations

(ACE).

A

Internal Control

The most commonly used framework to benchmark internal controls in the US is Internal Control – Integrated Framework developed by COSO.

COSO describes internal control as:

A PROCESS, effected by the entity’s board of directors, management, and other personnel DESIGNED to provide REASONABLE assurance regarding the achievement of objectives in the categories of

(1) Accurate and reliable financial reporting,
(2) Compliance with applicable laws and regulations, and (3) Effectiveness and efficiency of operations

(ACE).

149
Q

Internal Control

• M_________t is responsible for the development, implementation and maintenance (DIM) of Internal controls.

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

150
Q

Internal Control

• Management is responsible for the d_________, implementation and maintenance (DIM) of Internal controls.

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

151
Q

Internal Control

• Management is responsible for the development, i___________ and maintenance (DIM) of Internal controls.

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

152
Q

Internal Control

• Management is responsible for the development, implementation and m__________ (DIM) of Internal controls.

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

153
Q

Internal Control

• Management is re_________ for the development, implementation and maintenance (DIM) of Internal controls.

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

154
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (D__) of Internal controls.

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

155
Q

DIM = D_________, Implementation and Maintenance

A

DIM = Development, Implementation and Maintenance

156
Q

DIM = Development, I___________ and Maintenance

A

DIM = Development, Implementation and Maintenance

157
Q

DIM = Development, Implementation and M_____________

A

DIM = Development, Implementation and Maintenance

158
Q

DIM = D___________, I___________ and Maintenance

A

DIM = Development, Implementation and Maintenance

159
Q

DIM = D___________, I___________ and M_____________

A

DIM = Development, Implementation and Maintenance

160
Q

DIM =

A

DIM = Development, Implementation and Maintenance

161
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The a______ seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

162
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable ass_______ that Internal controls are achieving certain Objectives (ACE):

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

163
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are ac____ing certain Objectives (ACE):

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

164
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o A_________ and Reliable financial reporting

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting

165
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and R______ financial reporting

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting

166
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial re____ing
o Compliance with laws and regulations

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations

167
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o C________ with laws and regulations

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations

168
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with l__s and reg_______s

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations

169
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and eff______y of operations

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

170
Q

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and eff______y of operations

A

Internal Control

• Management is responsible for the development, implementation and maintenance (DIM) of Internal controls.

The auditor seeks reasonable assurance that Internal controls are achieving certain Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

171
Q

Internal Control

The mnemonic ACE will remind management that

it should try to establish a strong i______ control structure so as to have an ACE in the hole.

A

Internal Control

The mnemonic ACE will remind management that

it should try to establish a strong internal control structure so as to have an ACE in the hole.

172
Q

Internal Control

The mnemonic ACE will remind management that

it should try to establish a strong internal control stru______ so as to have an ACE in the hole.

A

Internal Control

The mnemonic ACE will remind management that

it should try to establish a strong internal control structure so as to have an ACE in the hole.

173
Q

Internal Control

The mnemonic ACE will remind m_________ that

it should try to establish a strong internal control structure so as to have an A___ in the hole.

A

Internal Control

The mnemonic ACE will remind management that

it should try to establish a strong internal control structure so as to have an ACE in the hole.

174
Q

Internal Control

Obj______s (ACE):
o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

The mnemonic ACE will remind management that it should try to establish a strong internal control structure so as to have an ACE in the hole.

A

Internal Control

Objectives (ACE):
o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

The mnemonic ACE will remind management that it should try to establish a strong internal control structure so as to have an ACE in the hole.

175
Q

Internal Control

Obj______s (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

The mnemonic ACE will remind management that it should try to establish a strong internal control structure so as to have an ACE in the hole.

A

Internal Control

Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

The mnemonic ACE will remind management that it should try to establish a strong internal control structure so as to have an ACE in the hole.

176
Q

Internal Control

Objectives (___):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

The mnemonic ACE will remind management that it should try to establish a strong internal control structure so as to have an ACE in the hole.

A

Internal Control

Objectives (ACE):

o Accurate and Reliable financial reporting
o Compliance with laws and regulations
o Effectiveness and efficiency of operations

The mnemonic ACE will remind management that it should try to establish a strong internal control structure so as to have an ACE in the hole.

177
Q

Internal Control

The primary interest of the outside a_____ is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

A

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

178
Q

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the f___ presentation of the financial statements being audited.

A

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

179
Q

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair pre_______ of the financial statements being audited.

A

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

180
Q

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being au___ed.

A

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

181
Q

Internal Control

The pri___y interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

A

Internal Control

The primary interest of the outside auditor is in the first objective,

accurate and reliable financial reporting,

which relate to the fair presentation of the financial statements being audited.

182
Q

Internal Control

The second goal,

compliance with l__s and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under government auditing standards.

A

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under government auditing standards.

183
Q

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to com_______ auditing,

which may occur in connection with audits under government auditing standards.

A

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under government auditing standards.

184
Q

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under gov_______t auditing standards.

A

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under government auditing standards.

185
Q

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under government au___ing standards.

A

Internal Control

The second goal,

compliance with laws and regulations,

is primarily relevant to compliance auditing,

which may occur in connection with audits under government auditing standards.

186
Q

Internal Control

The primary interest of the outside auditor is in the first objective, accurate and reliable financial reporting, which relate to the fair presentation of the financial statements being audited.

The se____ goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

A

Internal Control

The primary interest of the outside auditor is in the first objective, accurate and reliable financial reporting, which relate to the fair presentation of the financial statements being audited.

The second goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

187
Q

Internal Control

The primary in______ of the outside auditor is in the first objective, accurate and reliable financial reporting, which relate to the fair presentation of the financial statements being audited.

The second g___, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

A

Internal Control

The primary interest of the outside auditor is in the first objective, accurate and reliable financial reporting, which relate to the fair presentation of the financial statements being audited.

The second goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

188
Q

Internal Control

The financial statement a_____ would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

A

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

189
Q

Internal Control

The financial statement auditor would, however, be concerned about com______ with those laws and regulations that could have a material direct or indirect effect on the financial statements.

A

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

190
Q

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a m_______ direct or indirect effect on the financial statements.

A

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

191
Q

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material di_____ or indirect effect on the financial statements.

A

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

192
Q

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or ind_____ effect on the financial statements.

A

Internal Control

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

193
Q

Internal Control

The second goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

The financial statement auditor would, however, be con____ed about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

A

Internal Control

The second goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

194
Q

Internal Control

The second goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial st_________ts.

A

Internal Control

The second goal, compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

195
Q

Internal Control

The third g___,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

196
Q

Internal Control

The third goal,

promoting eff_______ss and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

197
Q

Internal Control

The third goal,

promoting effectiveness and eff_____y of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

198
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of ope______s,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

199
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement a______,

but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

200
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the f_______ statement auditor,

but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

201
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in con____ing engagements and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

202
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting en________s and operational audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

203
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and op_____nal audits.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

204
Q

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational a____s.

A

Internal Control

The third goal,

promoting effectiveness and efficiency of operations,

is generally not addressed by the financial statement auditor,

but is addressed in consulting engagements and operational audits.

205
Q

Internal Control

The third goal, pro___ing effectiveness and efficiency of operations, is generally not addressed by the financial statement auditor, but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal, promoting effectiveness and efficiency of operations, is generally not addressed by the financial statement auditor, but is addressed in consulting engagements and operational audits.

206
Q

Internal Control

The third goal, promoting effectiveness and efficiency of operations, is generally n__ addressed by the financial statement auditor, but is addressed in consulting engagements and operational audits.

A

Internal Control

The third goal, promoting effectiveness and efficiency of operations, is generally not addressed by the financial statement auditor, but is addressed in consulting engagements and operational audits.

207
Q

Internal Control

The primary interest of the outside auditor is in the first objective, (A) Accurate and Reliable financial reporting, which relate to the fair presentation of the financial statements being audited.

The second goal, (C) Compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

The third goal, promoting (E) Effectiveness and efficiency of operations, is generally not addressed by the financial statement auditor, but is addressed in consulting engagements and operational audits.

A

Internal Control

The primary interest of the outside auditor is in the first objective, (A) Accurate and Reliable financial reporting, which relate to the fair presentation of the financial statements being audited.

The second goal, (C) Compliance with laws and regulations, is primarily relevant to compliance auditing, which may occur in connection with audits under government auditing standards.

The financial statement auditor would, however, be concerned about compliance with those laws and regulations that could have a material direct or indirect effect on the financial statements.

The third goal, promoting (E) Effectiveness and efficiency of operations, is generally not addressed by the financial statement auditor, but is addressed in consulting engagements and operational audits.

208
Q

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

A

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

209
Q

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the F___ presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

A

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

210
Q

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to C__________ auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

A

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

211
Q

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OP_________ audits

A

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

212
Q

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in C_________ engagements and OPERATIONAL audits

A

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

213
Q

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(gov________ auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

A

Internal Control

(A) Accurate and Reliable financial reporting
– > relate to the FAIR presentation of the financial statements being audited

(C) Compliance with laws and regulations
–> relevant to COMPLIANCE auditing
(government auditing standards)

(E) Effectiveness and efficiency of operations
–> addressed in CONSULTING engagements and OPERATIONAL audits

CPA AUD Flashcards (62 decks)

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