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ACC 576 Week 6 Quiz (All Possible Questions)
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ACC 576 Week 6 Quiz (All Possible Questions)

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ACC 576 Study Week 6

1.      Which of the following did SOX NOT do to protect whistleblowers?

2.      Dan provided original information to authorities regarding a securities fraud in his company. It led the SEC to impose penalties of $2 million. Which of the following is most likely to be Dan's award under Dodd-Frank?

3.      Which of the following is necessary to be an audit committee financial expert, according to the criteria specified in the Sarbanes-Oxley Act of 2002?

4.      Which of the following did Dodd-Frank do regarding a whistleblower's right to sue for retaliation accorded by SOX?

5.      A public company audit committee's "financial expert" must have all of the following except:

6.      Fang provided original information to authorities regarding a securities fraud in his company. The information led to an imposition of penalties of $500,000. It also led to Fang being fired in retaliation by his public company employer. Which of the following is true?

7.      Public company audit committees must contain which of the following?

8.      Under SOX, it is a crime to punish a public company whistleblower who provides truthful information relating to which of the following:

9.      Mar has been complicit in her public company's accounting fraud. She consults a lawyer as the time comes to file her firm's 10-K with the SEC. She is a little uncomfortable with what she might have to do. The lawyer will likely tell her that she will have to certify (and be potentially criminally liable for lying about) these matters:

10.  Milo Corp. maintains daily backups of its accounting system in a fireproof vault in the file library. Weekly, monthly, and annual backups are stored in a secure, fireproof vault at an off-site location.

11.  Maintenance of the backup files is an example of

12.  Review of the audit (also called transaction) log is an example of which of the following types of security control?

13.  Which of the following statements presents an example of a general control for a computerized system?

14.  Controls in the information technology area are classified into the categories of preventive, detective, and corrective. Which of the following is a preventive control?

15.  A company's new time clock process requires hourly employees to select an identification number and then choose the clock-in or clock-out button. A video camera captures an image of the employee using the system. Which of the following exposures can the new system be expected to change the least?

16.  Which of the following is an example of a detective control?

17.  In the COSO "cube" model, each of the following is a control objective except

18.  In the COSO "cube" model, this component of internal control enables an organization's people to identify, process, and exchange the information needed to manage and control operations.

19.  This component of internal control concerns the policies and procedures that ensure that actions are taken to address the risks related to the achievement of management's objectives.

20.  This fundamental component of internal control is the core or foundation of any system of internal control.

21.  This component of internal control concerns testing the system and its data.

22.  According to COSO, which of the following is a compliance objective?

23.  This is the process of identifying, analyzing, and managing the risks involved in achieving the organization's objectives.

24.  In the COSO (2011) "cube" model, each of the following are components of internal control except

25.  According to the 17 COSO control principles, risk reduction primarily relates to which fundamental component of internal control:

26.  According to the 17 COSO control principles, establishing a whistle-blower hot line contributes to:

27.  According to the 17 COSO control principles, information quality primarily relates to which fundamental component of internal control:

28.  According to the 17 COSO control principles, organizational objectives primarily relate to which fundamental component of internal control:

29.  According to the 17 COSO control principles, addressing control deficiencies primarily relates to which fundamental component of internal control:

30.  According to the 17 COSO control principles, change management primarily relates to which fundamental component of internal control:

31.  According to the 17 COSO control principles, fraud primarily relates to which fundamental component of internal control:

32.  The original COSO model has _____ control components, while the COSO ERM model has _____ control components.

33.  Strategic, operations, reporting, and compliance objectives are a part of which of the following models of internal control?

34.  Which of the following items is one of the eight components of COSO's enterprise risk management framework?

35.  Which component of the COSO ERM framework is concerned with management's decision to avoid, accept, reduce, or share risk and to develop a set of actions to align risk with the entity's risk preferences?

36.  Activities that can be useful in monitoring control system effectiveness include all of the following except

37.  The goals of risk management include:

38.  According to COSO, which of the following is the most effective method to transmit a message of ethical behavior throughout an organization?

39.  Each of the following is a limitation of enterprise risk management (ERM) except

40.  Which of the following control activities should be taken to reduce the risk of incorrect processing in a newly installed computerized accounting system?

41.  Recognizing potential impediments to communication between system user and system designer can be useful in

42.  A senior executive of an international organization who wishes to demonstrate the importance of the security of company information to all team members should

43.  In which of the following organizations might segregation of duties be easiest to achieve?

44.  A manufacturing firm noted that it would have difficulty sourcing raw materials locally, so it decided to relocate its production facilities. According to COSO, this decision represents which of the following responses to the risk?

45.  Which of the following is most useful when risk is being prioritized?

46.  According to COSO, the two primary attributes of effective evaluators are

47.  Which of the following are reasons that internal controls need to be monitored?

48.  Which of the following is the best definition of a compensating control?

49.  Within the COSO Internal Control-Integrated Framework, which of the following components is designed to ensure that internal controls continue to operate effectively?

50.  According to COSO, an effective approach to monitoring internal control involves each of the following steps,except

51.  According to COSO, the use of ongoing and separate evaluations to identify and address changes in internal control effectiveness can best be accomplished in which of the following stages of the monitoring-for-change continuum?

52.  Internal control monitoring is considered

53.  Which of the following is not a major step in the COSO model of control monitoring?

54.  In a large public corporation, evaluating internal control procedures should be the responsibility of

55.  The system of internal control begins with

56.  The IIA's International Professional Practices Framework includes among its "mandatory" guidance each of the following elements except

57.  One of the Rules of Conduct in the IIA's Code of Ethics states, "Internal auditors shall perform internal audit services in accordance with the International Standards for the Professional Practice of Internal Auditing." To which Principle of the Code of Ethics does this Rule of Conduct relate?

58.  The IIA's Code of Ethics identifies four "Principles" around which the 12 Rules of Conduct are organized. Each of the following key words or phrases is associated with these Principles except

59.  What term identifies the type of internal auditing standards used to measure the quality of the internal auditor's conduct in delivering internal audit services?

60.  What term identifies the type of internal auditing standards used to describe the characteristics associated with organizations and individuals who provide internal audit services?

61.  The IIA's Definition of Internal Auditing specifically mentions each of the following terms among the organizational objectives to be improved by internal auditing except

62.  What term is used in the IIA's International Standards to identify the person responsible for managing an organization's internal audit activity?

63.  The Attribute Standards related to an internal audit activity's Quality Assurance and Improvement Program must include periodic external assessments. How often is an external assessment required?

64.  The Attribute Standards focus on four primary themes around which the remaining Attribute Standards are organized. Each of the following key words or phrases is associated with those four primary themes except

65.  Standard 1300, "Quality Assurance and Improvement Program," states, "The chief audit executive must develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity." Six additional Attribute Standards provide further requirements on that topic. Which of the following is an accurate statement regarding the standards applicable to the required Quality Assurance Improvement Program?

66.  The Performance Standards focus on seven primary themes around which the remaining Performance Standards are organized. Each of the following key words or phrases is associated with these seven primary themes except

67.  The Performance Standards focus on seven primary themes around which the remaining Performance Standards are organized. Each of the following key words or phrases is associated with these seven primary themes except

68.  What term identifies the guidance in the International Standards for the Professional Practice of Internal Auditing that distinguishes between requirements for "assurance" services and "consulting" services?

69.  There are seven additional Performance Standards that relate to Standard 2000, "Managing the Internal Audit Activity." The general theme of these standards associated with Managing the Internal Audit Activity is best characterized by which of the following statements?

Quiz 6

Question 1 (IFTC-0112)

Controls in the information technology area are classified into the preventive, detective, and corrective categories.  Which of the following is a preventive control?

Question 2 (IFTC-0082)

An organization relied heavily on e-commerce for its transactions.  Evidence of the organization's security awareness manual would be an example of which of the following types of controls?

Question 3 (IFTC-0067)

Which of the following types of control plans is particular to a specific process or subsystem, rather than related to the timing of its occurrence?

Question 4 (CGIC-0032)

Which of the following is true about the Sarbanes-Oxley requirements regarding the audit committee financial expert?

Question 5 (CGIC-0026)

Which of the following is not a component of COSO's enterprise risk management framework?

Question 6 (CGIC-0010)

Which of the following is not required by the Sarbanes-Oxley Act of 2002?

Question 7 (CGIC-0025)

Which of the following is not an advantage of the employment of an enterprise risk management (ERM) system?

Question 8 (CGIC-0008)

A financial statement audit performed under the requirements of the Sarbanes-Oxley Act of 2002 must include an examination and report upon

Question 9 (CGIC-0024)

An important benefit of an enterprise risk management system is

Question 10 (CGIC-0023)

Which of the following bodies has developed a framework for enterprise risk management?

Question 11 (CGIC-0005)

Which of the following executives of an issuer corporation must certify to the accuracy and truthfulness of financial reports filed with the SEC?

Question 12 (CGIC-0004)

Which of the following is not a responsibility that should be assigned to the audit committee of the board of directors?

Question 13 (CGIC-0018)

Which of the following components of internal control are characterized by ongoing activities and separate evaluations?

Question 14 (CGIC-0003)

Which of the following can be the most effective monitoring device for effective corporate governance?

Question 15 (CGIC-0002)

From a corporate governance standpoint which of the following best describes the main goal of a form of executive compensation?

Question 16 (CGIC-0019)

Which of the following components of internal control encompass policies and procedures that ensure that management's directives are carried out?

Question 17 (CGIC-0001)

Which of the following forms of compensation is more likely to result in shirking by management?

Question 18 (CGIC-0036)

In the COSO framework, individuals within the company that monitor internal controls are referred to as

Question 19 (CGIC-0016)

The COSO definition of internal control considers control activities a(n):

Question 20 (CGIC-0021)

If internal control is properly designed, the same employee should not be permitted to

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