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10 Cards in this Set

  • Front
  • Back
Which type of flowchart is used to analyze the adequacy of internal control procedures?
Document flowchart
Proper flow in a flowchart is from
left to right, top to bottom
Every manual processing symbol must have
a document symbol attached
The fraud triangle consists of
pressure, opportunity, rationalization
What type of fraud is committed for direct personal gain?
misappropriation of assets
What are the three control frameworks discussed in chapter 6?

Internal Control (COSO)

Enterprise Risk Management (COSO)
At a client engagement you learn that the financial vice president manages a staff of five internal auditors. From a control standpoint
the financial vice president shouldn't oversee the internal auditors
At a client engagement you learn that the audit committee consists of the corporate controller, treasurer, financial vice president, and budget director. From a control standpoint;
the audit committee isn't independent enough to perform effectively
At a client engagement you learn that management authority seems to reside with three brothers who serve as chief executive officer, president and financial vice president. From a control standpoint
this would cause you to worry about internal control override.
True or False: Re-adding the total of a batch of invoices and comparing it with your first total is an independent check?