1.A cash disbursement clerk issues a cheque that has been approved by the accounting manager and records all cheques issued in a cheque register. At the end of the month accounting manager reconciles cheque register to bank statement. This is an example of:

Select one:a.

separating record-keeping from asset custody.

b.

separating transaction authorisation from reconciliation.

c.

separating asset custody from transaction authorisation.

d.

all options are correct.

2.

Which of the following is NOT a type of control activities classified in the Australian Auditing Standard ASA 315?

Select one:a.

Information Processing Controls.

b.

Segregation of duties.

c.

Risk Assessment.

d.

None of the options are correct.

3.

The principles of corporate governance set out by the OECD specifically outlines the relationships between:

Select one:a.

a company and various government agencies.

b.

a companys management, its board, its shareholders and other stakeholders.

c.

a company, its customers and its suppliers.

d.

a companys management, its board, its employees and its suppliers.

4.

Why do organisations use COSO and COBIT in tandem?

Select one:a.

Organisations use COSO and COBIT in tandem COSO for financial reporting control framework and COBIT for IT enterprise control framework.

b.

Organisations use COSO and COBIT in tandem COSO for corporate governance framework and COBIT for management of controls framework.

c.

Organisations should only use COSO for financial reporting control framework because it already covers both manual and computerised environment.

d.

Organisations do not use COSO and COBIT in tandem.