Reference no: EM132704183

Problem 1: Publicly listed firms must report on the of internal control over

a. Effectiveness and efficiency/operations

b.Efficiency/financial reporting

c. Effectiveness/compliance with applicable laws and regulations

d. Efficiency/fraudulent acts by employees or others

e. None of the above

Problem 2: Which of the following is not one of the five elements of the COSO framework

a. Control Environment

b. Control Assessment

c. Information and Communication

d. Control Activities

e. All are elements of the COSO framework

Problem 3: In risk assessment, the potential dollar loss that could result if an unwanted event occurs is called a(n):

a. Threat

b. Exposure

c. Risk

d. Extraordinary loss

e. None of the above

Problem 2: The audit assertions relate to:

a. The numbers presented in the annual financial statements

b. The financial reporting processes that generate financial statements

c. Database normalization

d. All of the above

e. a and b