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Question 25

All of the following requirements about internal controls were enacted under the Sarbanes- Oxley Act except;

		independent outside auditors must attest to the level of internal control.
		independent outside auditors must eliminate redundant internal controls.
		companies must develop sound internal controls over financial reporting.
		companies must continually assess the functionality of internal controls.

3 points

Question 26

Checks received through the mail should

		immediately be endorsed "For Deposit Only."
		be sent to the accounts receivable subsidiary ledger clerk for immediate posting to the customer's account.
		be cashed at the bank as soon as possible.
		be "rung up" on a cash register immediately.

3 points

Question 27

The use of remittance advices for mail receipts is an example of

		documentation procedures.
		other controls.
		physical controls.
		independent internal verification.