U3 Practice Quiz Total points 6/10

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CEO & CFO are part of .....  Untitled Question * 1/1

Governnace

Management

Operations

Both

Audit Committee is part of  * 1/1

Management

Governnace

Audit Team

Independent of both
Objective of the auditor is to appropriately communicate with *1/1
Management includes

Developments in Financial Reporting

Audit Observations

Deficiencies in Internal Control

Reliance on expert's view

A ........... exists when a properly designed control does not operate as *1/1
designed or when the person performing the control does not possess
the necessary authority or competence to perform the control effectively.

Significant Deficiency

Defiency in operation.

Serious Deficiency

Material Weakness
 A deficiency or a combination of deficiencies, in internal control, such *0/1
that there is a reasonable possibility that a material misstatement of the
entity's financial statements will not be prevented, or detected and
corrected, on a timely basis is called...........

Material Weakness

Significant Deficiency

Defiency in operation.

Material Misstatement

Correct answer

Material Misstatement

A deficiency, or a combination of deficiencies, in internal control that is *1/1

less severe than a material weakness yet important enough to merit
attention by those charged with governance is called......

Defiency in operation.

Significant Deficiency

Material Misstatement

Material Weakness
 .............and .......... may be combined together when the term reportable *1/1
condition is used.

Material Misstatement & Deficiency

Material Weakness & Significant Deficiencies

Audit Observations & Material Misstatement

Deficiencies in Internal Control & Material Misstatements

Absence of a control to physically verify the assets is a ........

* 0/1

Material Misstatement

Material Weakness

Significant Deficiency

Deficiency

Correct answer

Material Weakness
 Can absence of a skilled accounting executive and absence of a CFO be *0/1
termed as a Significant Deficiency?

YES

NOT RELEVENT

Auditor''s Judgement

NO

Correct answer

YES

Management override of contols could lead to....

* 0/1

Material Weakness

Material Misstatement

Significant Deficiency

Deficiency

Correct answer

Material Misstatement

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