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Queens College

ACC 322- Prof. Zohaib Qamar

FALL 2020

Risk Assessment and Control Testing (Chap 3-5)

Exercise #1-

IV. Controls Testing:

STUDENT 4 (Name):______________________________

Using Illustration: Example of an Extent of testing table, (below).

1. Determine if controls 9, 10a, 10b, & 11 are performed: (a) >5,000 instance; (b) Daily/Multiple times a day; (c) Weekly; (d) Monthly; (e)Quarterly; or (f) Annually? [Check only 1 box for each control, use your best judgement to answer the question based on the information above.]

Control 9	Control 10a	Control 10b	Control 10c	Control 11
(a) >5,000 instance;	(a) >5,000 instance;	(a) >5,000 instance;	(a) >5,000 instance;	(a) >5,000 instance;
(b) Daily/ Multiple times a day;	(b) Daily/ Multiple times a day;	(b) Daily/ Multiple times a day;	(b) Daily/ Multiple times a day;	(b) Daily/ Multiple times a day;
(c) Weekly;	(c) Weekly;	(c) Weekly;	(c) Weekly;	(c) Weekly;
(d) Monthly;	(d) Monthly;	(d) Monthly;	(d) Monthly;	(d) Monthly;
(e)Quarterly;	(e)Quarterly;	(e)Quarterly;	(e)Quarterly;	(e)Quarterly;
(f) Annually.	(f) Annually.	(f) Annually.	(f) Annually.	(f) Annually.

2. Use your answer to Q1 above to determine if you will seek: (a)Reasonable Assurance from tests of controls; (b) More than limited Assurance from Tests of Controls; or (c)Limited Assurance from Tests of Controls. Look at facts above to determine the frequency of controls 9, 10a, 10b, & 11? [To answer this question think about how many controls exist over the cash area (1 or multiple) also think about what you selected for control risk above, and if controls appear to be working and if you answered you would test controls.] [Check only 1 box for each control, use your best judgment to answer the question based on the information above.]

Control 9	Control 10a	Control 10b	Control 10c	Control 11
A) Reasonable Assurance from tests of controls	A) Reasonable Assurance from tests of controls	A) Reasonable Assurance from tests of controls	A) Reasonable Assurance from tests of controls	A) Reasonable Assurance from tests of controls
B) More than limited Assurance from Tests of Controls	B) More than limited Assurance from Tests of Controls	B) More than limited Assurance from Tests of Controls	B) More than limited Assurance from Tests of Controls	B) More than limited Assurance from Tests of Controls
C) Limited Assurance from Tests of Controls	C) Limited Assurance from Tests of Controls	C) Limited Assurance from Tests of Controls	C) Limited Assurance from Tests of Controls	C) Limited Assurance from Tests of Controls