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

Internal Control and Professional Ethics Quiz

Quiz
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Other
•
12th Grade
•
Hard
lam ngoc
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15 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
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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