Risk and Procedures for Control Paper 14

1

Section 201 of the Sarbanes-Oxley Act of 2002 prohibits audit firms from performing certain engagements for audit clients. Which of the following services is permitted under Section 201?






2

Which of the following statements is false with respect to the auditor rotation provisions of Section 203 of the Sarbanes-Oxley Act of 2002?






3

Which of the following statements is false with respect to the auditor rotation provisions of Section 203 of the Sarbanes-Oxley Act of 2002?






4

Which of the following provisions are covered in the U.S Foreign Corrupt Practices Act?
I. Illegal payments to foreign officials to assist in obtaining business.
II. Transparency of accounting records reflecting all transactions.
III. Payments to agents for the purpose of influencing foreign officials.
IV. Maintenance of an adequate system of internal controls.






5

Which one of the following is not a requirement of Section 404 of the Sarbanes-Oxley Act?






6

The Foreign Corrupt Practices Act imposes which of the following requirements on companies whose securities are publicly traded in the U.S.?






7

The top-down approach to the audit of internal control over financial reporting can best be described as beginning






8

Organizations face several types of risk in pursuit of their strategic objectives. The risk that the treasury function will fail to adequately reconcile the organization’s bank statements is an example of






9

The risk associated with a project will increase in direct proportion to all of the following except the:






10

One technique for quantitatively assessing the risks faced by an organization is to weight the monetary consequences of a potential event by its probability. The amount by which the maximum potential loss associated with the event exceeds this weighted amount is called the






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