BÀI TẬP CHƯƠNG III

Họ và tên MSSV Hoàn thành

Lê Ngọc Vân Nhi (Nhóm trưởng) 220H0089 100%
Hà Thi Diễm 220H0330 100%
Huỳnh Kim Phụng 220H0428 100%
Nguyễn Thị Kim Nhung 220H0419 100%
Ngô Thanh Thảo 220H0445 100%

TRUE-FALSE QUESTIONS:
1. True
2. False.
Internal control is intended to provide reasonable assurance, not absolute
assurance, that an organization will achieve its objective of reliable reporting. This
is because there is always some inherent risk that a material misstatement could
occur, even with strong internal controls.
3. True
4. True
5. False.
There is not one set of control activities that all organizations should implement.
The specific controls needed will vary depending on the organization's size,
industry, and risk profile.
6. True
7. True
8. False
Because internal control responsibilities need only information from internal
sources.
9. True
Monitoring helps ensure that internal controls continue to operate effectively.
When monitoring is designed and implemented appropriately, organizations benefit
because they are more likely to identify and correct internal control problems on a
timely basis.
10. True
 If management identifies a material weakness in their controls, they are precluded
from reporting that the controls are effective and must disclose the identified
material weakness (SEC, 2002, SEC, 2004).
MULTIPLE CHOICE QUESTIONS:
1. E. All of the above
Effective internal controls are critical for the success and sustainability of any
organization. They help assure stakeholders that the company operates responsibly and
ethically and that its financial statements are reliable and accurate in accordance with
accounting regulations.
2. Which of the following creates opportunity for committing fraudulent financial
reporting in an organization?
 B. Poor internal control
An effective internal control system should be able to provide managers with increased
accountability for their plans and reasonably ensure that the plans they guide reach the set
goals. However, effective systems are not limited to digital systems but also systems that
can prevent and detect fraudulent activities, without control, it leading to committing
financial fraudulent.
3. Which of the following statements regarding internal control is false?
 B. internal control is primarily about policy manuals forms, and procedures
While policy manuals, forms, and procedures are aspects of internal control systems, they
are not the primary focus.
Internal control is a broader process that includes these tools but also encompasses the
actions and activities of people to provide reasonable assurance that the organization’s
objectives are being achieved.
4. B. Control environment.
The control environment sets the tone for the organization regarding internal control over
financial reporting. It encompasses the overall attitude, awareness, and actions of
management and employees regarding the importance of internal control and its role in
achieving the organization's objectives.