Submitted by: Submitted by adarabseh
Views: 317
Words: 6829
Pages: 28
Category: Business and Industry
Date Submitted: 10/11/2012 04:58 AM
CHAPTER 10
Multiple-Choice Questions
|1. |Which of the following parties is responsible for establishing an entity’s internal controls? |
|easy |a. Management. |
|a |c. Auditors. |
| |b. Management and auditors. |
| |d. Committee of Sponsoring Organizations. |
| | |
|2. |For an internal audit function to be effective, it is essential that the internal audit staff |
|easy |a. be independent of the operating departments. |
|d |b. be independent of the accounting department. |
| |c. report directly to a high level of authority within the organization such as the audit committee. |
| |d. achieve all of the above. |
| | |
|3. |Management is often unwilling to implement an ideal system of internal controls because |
|easy |a. control failures are infrequent....