Reference no: EM132914108

Problem 1: Which of the following is not one of the components of internal control according to COSO?

A Communication process related to stakeholders
B. Monitoring of controls
C. Control Procedures
D. Risk assessment process

Problem 2: The preliminary assessment of control risk includes all the following procedures except

A) identify possible liabilities which may arise
B) Discuss the possibility of audit risk with audit firm personnel
C) Interview entity personnel to find evidence of management's commitment to the design implementation and maintenance of sound internal control
D) Consider the results of previous audits that involved evaluating the operating effectiveness of internal

Problem 3: Obtaining audit evidence about the design and implementation of relevant controls may involve all of the following except

A) Performing analytical procedures.
B) Observing and reperforming the application of a specific control.
C) Tracing transactions through the information system relevant to financial reporting.
D) Inspecting documents and reports