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Select the BEST answer 1.A cost-benefit analysis is performed in which stage of the systems development A.Systems Planning B.Conceptual design C.System evaluation and selection D.Systems Maintenance 2.To satisfy the existence/occurrence assertion in the revenue cycle, which of the following audit procedures would be performed? A.Confirm accounts receivable B.Agree a sample of sales invoices to shipping documentation C.Independently assess the allowance for uncollectible accounts D.Examine contracts for evidence of factoring E.All of the above F.A and B only G.A,B, and C 3.A program flowchart A.Provides support for a system flowchart B.Includes a series of yeso decisions C.Details the physical relationship among entities D.All of the above E.Both A and B F.Both B and C 4.ABC wishes to add a potential customer to its database, but is unable to do so because of the selection of primary key. This is often referred to as the A.Insertion anomaly B.Deletion anomaly C.Update anomaly D.None of the above 5.Which audit method has the greatest threats to reliability in regards to the collection of audit evidence? A.Integrated test facility B.Test data method C.Both A and B 6.In a financial statement audit of a publicly-traded company, the auditor A.Provides an opinion on the fairness of the presentation of the financial statements in accordance with GAAP B.Provides an opinion on the effectiveness of internal controls over financial reporting in accordance with the COSO framework C.Provides a discussion and analysis section detailing the significant issues encountered during the audit engagement D.Both A and B E.A, B, and C 7.An employee at ABC Corp. decides to record fictitious sales in the accounting system by duplicating a few sales orders within the system. Which type of feature would be the most likely to detect this issue? A.Hash totals B.Check digits C.Record count D.Control totals E.None of the above 8.Which of the following would be the best example of a general IT control? A.Database security controls B.Check digit procedure C.Limit check D.Batch reconciliation E.None of the above 9.Which of the following is not part of the expenditure cycle? A.Cash disbursements B.Purchases C.Payroll D.Production 10.A data flow diagram is typically created during which phase of systems development A.Systems analysis B.Conceptual design C.Detailed design D.System evaluation and selection E.Both B and C 11.In a centralized IT environment, database administration should be kept separate from which of the following functions? A.Systems development B.Computer operations C.Maintenance D.All of the above 12.In which of the following data models can a child record have multiple parent records? A.Hierarchical model B.Network model C.Relational model D.Both A and B E.A, B, and C 13.Which of the following is likely the most serious issue with database table design? A.Insertion anomaly B.Deletion anomaly C.Update anomaly D.All of the above are equally serious regarding table design 14.Which of the following is not a control activity? A.Separation of duties B.Access controls C.Supervision D.Management integrity 15.The balance for the Allowance for Uncollectible Accounts will likely be found in which part of the accounting system? A.General journal B.General ledger C.Subsidiary ledger D.Either A or B 16.At year-end, ABC management deemed it necessary to record a major restructuring charge on its financial statements. This is the first time such a charge has been made at ABC. Where would this restructuring charge likely be made? A.A special journal B.A register C.A general journal D.Both A and B 17.The search for unrecorded liabilities is performed to test which assertion(s)? A.Completeness B.Valuation C.Presentation and disclosure D.All of the above 18.An auditor ran a test to determine whether system flowcharts were included in the documentation for computer operations. Why was this test likely performed? A.The client has a centralized IT function B.The client has a distributed IT function C.The auditor determined that control risk was effectively low for the client D.The auditor was attempting to re-perform the established audit trail 19.Which of the following methods allow for ongoing monitoring of client controls? A.Integrated test facility B.Test data method C.Both A and B 20.Compensating controls, such as supervision and management monitoring, would be most applicable for auditors to examine in a A.Distributed IT function B.Situation where the relationship between computer operations and systems development is highly formal C.Centralized IT function D.None of the above 21.Information about specific individual customer balances could be found in which part of an accounting system? A.General journal B.General ledger C.Subsidiary ledger D.Either A or B 22.Which of the following are associated with the hierarchical and relational data models? A. B. C. D. E. Hierarchical Parent-child Parent-child Attribute-tuple Tree structure None of the above Relational Attribute-tuple Tree structure Tree structure Parent-child 23.Which of the following is performed as part of an attestation engagement? A.Examination B.Review C.Agree-Upon Procedures D.Only B and C E.A, B, and C 24.A high-level company manager believes that a company should perform functions that are considered core competencies, but also retain certain assets that are not considered core competencies. The manager's belief is most likely based upon A.Core competency theory B.Transaction cost economics C.Sustainable business theory D.Theory of discretionary outsourcing 25.When the auditor determines that a client has poor internal controls, A.The auditor will lower the acceptable level of control risk, in turn raising the detection risk B.The auditor will assess control risk at a high level, in turn reducing the acceptable level of detection risk C.The auditor will likely perform a greater extent of substantive tests D.The auditor must resign from the audit engagement E.Both A and D F.Both B and C 26.In performing a cost-benefit analysis systems development, which of the following is not a tangible benefit A.Increased sales B.Reduced inventories C.Expansion into other markets D.Improved control environment E.All of the above are tangible benefits F.Both C and D are not tangible benefits 27.Which of the following is the best way to deter fraud in the IT environment A.Deny original programmers access to the maintenance function of a program B.Deny computer operators involvement in the design of systems C.Deny the systems development group access to program implementation D.Both A and B E.Both B and C F.A, B, and C 28.Which of the following is true regarding audit committees for public companies? A.They serve as the internal audit function of the organization B.All members serving on the committee must be \"financial experts\" as defined by SOX C.They are responsible for hiring/retention of the external auditor D.One member must be designated as an \"outsider\" as defined by SOX E.Both B and C F.B, C, and D G.A, B, C, and D 29.An auditor performs a lower-of-cost-or-market analysis on a client's inventory. Which assertion is the auditor primarily testing? A.Existence B.Completeness C.Valuation D.Presentation 30.Which of the following is not a risk associated with distributed data processing? A.The loss of a paper audit trail B.Inadequate segregation of duties C.Decreased accountability D.Both A and B are not associated risks with distributed data processing E.A, B, and C are all not associated risks with distributed data processing 31.In evaluating controls over an entity's computer center, which of the following should an IT auditor do? A.Review official records of fire marshal tests of the fire detection system B.Obtain architectural plans to review the types of building materials used in the construction of the computer center C.Establish that access to the center is restricted to authorized employees D.Review insurance policies of the facility and its contents for evidence of adequate coverage E.All of the above F.C and D only 32.In a hierarchical model, in order to link a sales invoice to the appropriate parents, which of the following likely occurs? A.Data redundancy B.Denial of service C.The creation of a sibling record D.The creation of an additional tuple 33.An auditor observes the physical count of inventory. Which assertion is the auditor primarily testing? A.Existence B.Completeness C.Valuation D.Presentation 34.The key elements of physical relationships in a system will be represented in a A.System flowchart B.Program flowchart C.Data flow diagram D.None of the above 35.Which of the following controls are relevant in the revenue cycle? A.Limiting access to blank sales orders B.Daily cash deposits in the bank C.Denying warehouse employees access to inventory records D.Separation between the credit department and sales personnel E.All of the above F.A and D only 36.A financial statement audit client, a non-public company, uses a third-party service provider (i.e vendor) to process its payroll. With respect to the controls over the payroll process, the auditor A.Has no responsibility to understand the internal controls of the service provider B.Is required to directly test the controls of the service provider C.Can rely on a report prepared by the vendor's auditor which details the adequacy of the vendor's controls D.Must also be the auditor of the vendor in order to obtain evidence as to the adequacy of the vendor's controls 37.Which of the following is not an attribute that internal auditors are expected to explicitly uphold? A.Objectivity B.Integrity C.Competence D.Independence 38.To ensure the validity, accuracy, and completeness of transactions as they are entered, which of the following would be an appropriate application control? A.Check digits B.Run-to-run controls C.Transaction logs D.Output spooling E.All of the above F.None of the above 39.Which of the following is not an audit procedure for testing the access controls for DBMS? A.Ensure that related computers are physically anchored to reduce opportunity for theft B.Ensure that a protocol exists for the storage of external hard drives C.Ensure that sensitive data are encrypted D.Examine a sample of users and verify database access privileges are consistent with organizational level E.All of the above F.C and D only G.A and B only 40.Which of the following techniques aids in the preservation of audit trails in a computer-based system? A.Transaction logs B.Unique transaction identifiers C.Error listings D.All of the above E.A and C only 41.IT units placed under the control of end users occurs under A.Centralized data processing B.Distributed data processing C.Either A or B D.Neither A nor B 42.Generalized audit software, such as ACL, is used for which of the following purposes: A.Footing balances B.Filtering transactions C.Sample selection D.Researching accounting principles E.All of the above F.A and B only G.A,B, and C 43.An auditor suspects that accounts payable from inventory vendors is overstated. In using CAATTs for this test, which file would be primary and which would be secondary? Primary A.Receiving report file B.Disbursement voucher file C.Purchase order file D.Receiving report file Secondary Disbursement voucher file Receiving report file Disbursement report file Inventory file 44.Which of the following laws first required SEC registrants to maintain a system of internal control that provides reasonable assurance that the organization's objectives are met? A.Securities and Exchange Act of 1933 B.Foreign Corrupt Practices Act of 1977 C.Private Litigation Securities Reform Act of 1995 D.Sarbanes-Oxley Act of 2002 45.In order for the internal auditor to properly perform his/her duties without compromise, which individual/entity should oversee the internal auditor? A.The external auditor B.The controller C.The audit committee D.Either B or C 46.Which component of audit risk is based upon the actions of the client? A.Inherent risk B.Control risk C.Detection risk D.Both A and B E.A, B, and C 47.Improper access to physical merchandise inventory is a risk specific to which of the following cycles? A.Expenditures Cycle B.Revenue Cycle C.Both A and B D.Neither A nor B 48.An organization has several computers that are used by multiple employees. What is the best way to prevent individuals from gaining access to certain files and directories that would result in them performing incompatible tasks? A.One-time passwords B.Reusable passwords C.Multilevel password control D.Multiple hard drives 49.In the revenue cycle, companies sell finished goods. As such, the revenue cycle includes A.Sales order processing B.Cash receipts C.Raw materials purchases D.Production E.All of the above F.A and B only G.A,B, and D only 50.In what ways are accountants involved with systems development? A.As users B.As development team members C.As auditors D.All of the above E.A and C only