Professional Documents
Culture Documents
U3 Practice Quiz
U3 Practice Quiz
Governnace
Management
Operations
Both
Management
Governnace
Audit Team
Independent of both
Objective of the auditor is to appropriately communicate with *1/1
Management includes
Audit Observations
A ........... exists when a properly designed control does not operate as *1/1
designed or when the person performing the control does not possess
the necessary authority or competence to perform the control effectively.
Significant Deficiency
Defiency in operation.
Serious Deficiency
Material Weakness
A deficiency or a combination of deficiencies, in internal control, such *0/1
that there is a reasonable possibility that a material misstatement of the
entity's financial statements will not be prevented, or detected and
corrected, on a timely basis is called...........
Material Weakness
Significant Deficiency
Defiency in operation.
Material Misstatement
Correct answer
Material Misstatement
Defiency in operation.
Significant Deficiency
Material Misstatement
Material Weakness
.............and .......... may be combined together when the term reportable *1/1
condition is used.
Material Misstatement
Material Weakness
Significant Deficiency
Deficiency
Correct answer
Material Weakness
Can absence of a skilled accounting executive and absence of a CFO be *0/1
termed as a Significant Deficiency?
YES
NOT RELEVENT
Auditor''s Judgement
NO
Correct answer
YES
Material Weakness
Material Misstatement
Significant Deficiency
Deficiency
Correct answer
Material Misstatement
Forms