Card 0 of 6
The Committee on Sponsoring Organizations prepared the Internal Control-Integrated Framework:
This was the primary focus of the Internal Control-Integrated Framework established in 1992.
Compare your answer with the correct one above
An entity that maintains a strong internal audit function that reports directly to the Board of Directors is applying the ideas from which principle of effective internal control over financial reporting?
The principle of organizational structure states that reporting relationships should not undermine the commitment to effective financial reporting and internal control.
Compare your answer with the correct one above
According to COSO, an executive's deliberate misrepresentation to a banker who is considering whether to make a loan to an enterprise is an example of which of the following internal control limitations?
In this example, the internal control put in place was overridden by the executive's deliberate behavior.
Compare your answer with the correct one above
Which of the following is a violation of segregation of duties in internal control? An employee:
Regarding segregation of duties, authority needs to be separated from control. Entering and approving need to be separated for effective internal control.
Compare your answer with the correct one above
Which of the following roles would not be performed by a single individual in a company with the best segregation of duties in place?
One individual in charge of approving sales returns and depositing customer checks would create significant risk.
Compare your answer with the correct one above
Issuers are generally prohibited from making personal loans to directors or executive officers:
The only time an issuer can issue a personal loan to a director or key officer is when it is part of the ordinary course of business.
Compare your answer with the correct one above