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can someone help me with a fifteen question quiz. The quiz is attached Question 1 1. Houston Helpers, a faith-based group that offers help to
can someone help me with a fifteen question quiz. The quiz is attached
Question 1 1. Houston Helpers, a faith-based group that offers help to people in need, has hired Janet Wells, a local CPA, to train its professional staff in the basics of internal control. As Wells begins her presentation, a participant interrupts by saying, \"We are not like other organizations. How can we talk about common elements of internal control when we are a faith-based service provider?\" 1. The participant is correct; there are no generally accepted frameworks for internal control. 2. The participant is incorrect; there are generally accepted frameworks for internal control, regardless of industry. 10 points Question 2 1. Internal control is a process designed to provide reasonable assurance regarding the achievement of which objective? 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations 4. All of the above 10 points Question 3 1. The directors of Evans Corp. are reevaluating their \"tone at the top.\" They realize the phrase \"tone at the top\" is used to describe the example set by directors, officers and executives through their statements and daily actions. The board members also realize written policies need to reinforce the tone, but are unsure how to integrate written policies into the \"tone at the top.\" If you were advising the board, what would you tell them is the cornerstone of these policies? 1. A comprehensive code of conduct 2. A conflict-of-interest policy 3. Organization communications 4. Protection of the organization's assets 10 points Question 4 1. If you purchase property insurance, which of the following internal control objectives are you trying to meet? 1. Safeguard assets 2. Check the accuracy and reliability of accounting data 3. Promote operational efficiency 4. Enforce prescribed managerial policies 10 points Question 5 1. This term describes the policies, plans, and procedures implemented by a firm to protect the assets of the organization. 1. Internal control 2. SAS No. 94 3. Risk assessment 4. Monitoring 10 points Question 6 1. Which of the following is not one of the four objectives of an internal control system? 1. Safeguard assets 2. Promote the achievement of a target EPS 3. Promote operational efficiency 4. Encourage employees to follow managerial policies 5 points Question 7 1. Which of the following best describes the Foreign Corrupt Practices Act? 1. Defines internal control and components 2. First federal law requiring public companies to establish internal controls 3. Provided guidance for public reporting on internal controls 4. Offered materials to evaluate an internal control system 5 points Question 8 1. Which of the following was not in the COSO 1992 report? 1. It defined internal control and components 2. Presented criteria to evaluate internal control systems 3. Provided guidance for public reporting on internal controls 4. It required CEOs to attest to a strong internal control system in their firms. 5 points Question 9 1. Which of the following is not part of the Control Environment? 1. Management's oversight , integrity, and ethical principles 2. Attention and direction by board of directors 3. Risk assessment 4. Method of assigning authority and responsibility and a method of organizing and developing employees. 5 points Question 10 1. Control Activities include policies and Blank 1 that can be both manual and automated. (Hint: the answer is plural - please be careful of your spelling.) 5 points Question 11 1. Monitoring of internal controls involves both evaluation of internal controls and initiating corrective Blank 1 when necessary. 5 points Question 12 1. With an audit trail, you should be able to follow the _____ of data recorded in transaction from the initial source documents to final disposition of data and from the data on reports back to source documents. 1. path 2. file 3. folder 4. document 5 points Question 13 1. The Internal Audit function should reports to Audit Committee of Board of Directors. True False 5 points Question 14 1. Separation of duties is an important control activity. If possible, managers should assign which of the following three functions to different employees? 1. Analysis, authorizing, transactions 2. Custody, monitoring, detecting 3. Recording, authorizing, custody 4. Analysis, recording, transactions 5 points Question 15 1. Which type of control alerts managers when preventive controls fail? 1. Preventive 2. Detective 3. Corrective 4. SustantiveStep by Step Solution
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