21. What states the purpose of a control (or multiple controls) relative to risks of what might go wrong in the financial statements?

	A.	Control objectives.
	B.	Indirect controls.
	C.	Key controls.
	D.	Relevant assertions.

22. How does this course recommend auditors approach their understanding of entity-level and activity-level controls?

	A.	They should focus on entity-level controls first.
	B.	They should focus on activity-level controls first.
	C.	They should focus on all controls equally.
	D.	Choosing which type of controls to focus on is different for each engagement.

23. What element of internal control serves as the foundation for all the others, providing structure and discipline for an entity's system of internal control?

	A.	Control activities.
	B.	Control environment.
	C.	Risk assessment.
	D.	Monitoring.

24. What is the term for the process used to provide individuals within the organization an understanding of their roles and responsibilities related to internal control over financial reporting?

	A.	Control environment.
	B.	Communication.
	C.	Financial reporting system.
	D.	Information.

25. Which of the following statements best describes the monitoring element of internal control?

	A.	It is used to take a snapshot of an organization's internal control as of a single point in time.
	B.	It can be accomplished using ongoing activities, separate evaluations, or a combination of both.
	C.	Procedures performed by an internal audit function are separate and not considered part of an organization's monitoring efforts.
	D.	The smaller an organization is, the more important it is for the auditor to spend a lot of time understanding its monitoring process.