Finance And Accounting

Question: What makes for a "material weakness"?
A
When an officer does not know of a process

B
More than a remote likelihood that a misstatement will not be prevented or detected

C
When a firm introduces a new procedure

D
When a firm hasn't documented its processes

Note: Answer not sure
1. Report
Question: How does an auditor gain confidence about a company's operating effectiveness?
A
Read press releases

B
Review the financial reports

C
Interview company personnel

Note: Answer not sure
1. Report
Question: What is one of the purposes of extensive documentation of accounting records and policies?
A
To create work for employees

B
To make management accountable for the company's actions

C
To make companies serious about their processes

D
To give something for the auditors to look at

Note: Answer not sure
1. Report
Question: What is meant by the "internet bubble"?
A
Companies which provide internet services

B
Companies which provide services over the internet

C
Stocks of internet based companies which are sound investments

D
When stocks of internet based companies rise rapidly, then quickly fall in value

Note: Answer not sure
1. Report
Question: What is a question an auditor may ask himself regarding a client's balance sheet?
A
Has the company done its best to stay profitable?

B
Has the company hired any new employees?

C
Has the company sold any divisions?

D
Has the company included all loans in the loans payable account?

Note: Answer not sure
1. Report
Question: What are management's responsibilities with respect to a 404 audit?
A
It must design all processes

B
It must be involved in all documentation

C
It must try to avoid 404 audit at all costs

D
Learn about the system of internal controls in place, evaluate their effectiveness, prepare a written report annually regarding their effectiveness

Note: Answer not sure
1. Report
Question: What is one of the purposes of section 404 of the Sarbanes Oxley act?
A
Requires that management and auditors should officially certify that controls are in place

B
Requires that firms become compliant by a specific date

C
Requires specific forms of documentation

D
Increase awareness company wide

Note: Answer not sure
1. Report
Question: What is the most commonly used software for SOX flow chart documentation?
A
Visio

B
Word

C
Power Point

D
Excel

Note: Answer not sure
1. Report
Question: What is meant by "404"?
A
It is the number of subsections in the act

B
It is the "assessment of internal control" section of the act

C
It is the executive sign off section of the act

D
The portion of the act that names the fraudulent companies of the past

Note: Answer not sure
1. Report
Question: What are mitigating factors in documentation?
A
Listing how risks can be increased

B
Listing how risks are avoided

C
Listing how revenues can be decreased

D
Listing how revenues can be increased

Note: Answer not sure
1. Report

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Question: What makes for a "material weakness"?

Question: How does an auditor gain confidence about a company's operating effectiveness?

Question: What is one of the purposes of extensive documentation of accounting records and policies?

Question: What is meant by the "internet bubble"?

Question: What is a question an auditor may ask himself regarding a client's balance sheet?

Question: What are management's responsibilities with respect to a 404 audit?

Question: What is one of the purposes of section 404 of the Sarbanes Oxley act?

Question: What is the most commonly used software for SOX flow chart documentation?

Question: What is meant by "404"?

Question: What are mitigating factors in documentation?