Internal Control and Professional Ethics Quiz

Internal Control and Professional Ethics Quiz

12th Grade

15 Qs

quiz-placeholder

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Internal Control and Professional Ethics Quiz

Internal Control and Professional Ethics Quiz

Assessment

Quiz

Other

12th Grade

Hard

Created by

lam ngoc

FREE Resource

15 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which two of the following are reasons why segregation of duties is important in an internal control system?

It improves efficiency

It improves the rate of detection of errors.

It is a way of assigning roles within a large organisation

It helps to prevent fraud.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The following are examples of computer controls which operate in the payroll system at Hana Ltd. Which TWO of the following examples are the types of computer control which illustrate for application control?

Manual checks to ensure that timesheets are authorised before details are processed.

Approval of new applications by a sample of users and by magagement

Range checks on payroll processing.

Password protection limiting access to data

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

ISA 315 Identifying and assessing the risks of material misstatement through understanding the entity and its environment sets out the five components of internal control. Which THREE of the following are set out as a component of internal control within ISA 315?

Monitoring of controls

Control activities

The information system relevant to financial reporting

Human resource policies and practices.

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

An effective system of internal control requires segregation of basic functions. Which TWO of the following functions should ideally be segregated?

Budgetary control

Preparation of financial statements

Custody or handling of assets

Recording of transactions

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which THREE of the following are true in respect of the limitations of any system of internal control?

Standard controls may not be designed to deal with unusual transactions

The effectiveness of many controls rely on the integrity of those applying them

Internal controls are only applied to material items

The cost of implementing controls may be more expensive than the cost of any potential risk arising

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which TWO of the following statements are true regarding the controls in a small company?

The external auditor will assess the attitudes, awareness and actions of management.

The external auditor can rely on the controls in a small company.

Segregation of duties is often adequate in a small company

Evidence of the operation of controls is more likely to be available in documentary form

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

ICAEW qualified auditors acting in the UK are subject to which two of the following?

ICAEW Code of Ethics

IESBA Code of Ethics

FRC's Ethical Standard

The Code of Ethics set by the Government

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