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10 Cards in this Set
- Front
- Back
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Which type of flowchart is used to analyze the adequacy of internal control procedures?
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Document flowchart
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Proper flow in a flowchart is from
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left to right, top to bottom
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Every manual processing symbol must have
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a document symbol attached
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The fraud triangle consists of
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pressure, opportunity, rationalization
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What type of fraud is committed for direct personal gain?
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misappropriation of assets
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What are the three control frameworks discussed in chapter 6?
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COBIT
Internal Control (COSO) Enterprise Risk Management (COSO) |
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At a client engagement you learn that the financial vice president manages a staff of five internal auditors. From a control standpoint
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the financial vice president shouldn't oversee the internal auditors
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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;
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the audit committee isn't independent enough to perform effectively
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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
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this would cause you to worry about internal control override.
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True or False: Re-adding the total of a batch of invoices and comparing it with your first total is an independent check?
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false
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