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Principles of auditing ch 8 Internal Controls QUESTION 6 A material weakness in internal control is a significant deficiency that is more than remotely likely

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Principles of auditing ch 8 Internal Controls

QUESTION 6 A material weakness in internal control is a significant deficiency that is more than remotely likely to cause a material misstatement that will not be prevented or detected. True False QUESTION 7 The auditor is examining copies of sales invoices for the initials of the person checking the extensions. This is an example of A. Test of controls. B. Substantive test. C. Test of balances. D. Dual-purpose test. QUESTION 8 The purpose of tests of controls in the examination of the financial statements of an SEC client is to provide reasonable assurance that the A. Accounting for transactions is accurate. B. Client has complied with GAAP. C. Controls can be relied upon. D. CPA firm has complied with the quality control standards. QUESTION 9 Control risk and the reliance planned for the auditor's substantive procedures have which of the following types of relationship? A. Unknown. B. Inverse. C. Parallel. D. Direct

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