True / False Questions
1.The Sarbanes-Oxley Act of 2002 (SOX) 2002 requires the management of all companies and their auditors to assess and report on the design and effectiveness of internal control over financial reporting annually.
2.According to the Sarbanes-Oxley Act of 2002, it is the responsibility of the Board of Directors to establish and maintain the effectiveness of internal control.
3.In a computerized environment, internal controls can be categorized as general controls and application controls.
4.Internal controls guarantee the accuracy and reliability of accounting records.
5.Segregation of duties reduces the risk of errors and irregularities in accounting records.
6.The chief executive officer is ultimately responsible for enterprise risk management.
7.The risk of a company’s internal auditing processes failing to catch the misstated dollar amount of revenue on the company’s income statement is classified as inherent risk.
8.Processing controls are IT general controls.
9.COBIT (Control Objectives for Information and related Technology) is a generally accepted framework for IT governance in the U.S.
10.The main objective of the ISO 27000 series is to provide a model for establishing, implementing, operating, monitoring, maintaining, and improving information security.
11.Given the requirement of the Sarbanes-Oxley Act of 2002 (SOX), the Public Company Accounting Oversight Board (PCAOB) established the Securities and Exchange Commission (SEC) to provide independent oversight of public accounting firms.
12.Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5 (AS 5) encourages auditors to start from the basic/bottom of financial records to identify the key controls.
13.Corporate governance is a set of processes and policies in managing an organization with sound ethics to safeguard the interests of its stakeholders.
14.Internal control is a process consisting of ongoing tasks and activities. It is a means to an end, not an end in itself.
15.A firm must establish control policies, procedures, and practices that ensure the firm’s business objectives are achieved and its risk mitigation strategies are carried out.
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