1- In a computerized environment, internal controls can be categorized as general controls and application controls.

Select one:

True

False

2-

Internal controls guarantee the accuracy and reliability of accounting records.

Select one:

True

False

3-

Segregation of duties reduces the risk of errors and irregularities in accounting records.

Select one:

True

False

4-

The chief executive officer is ultimately responsible for enterprise risk management.

Select one:

True

False

5-

The risk of a company's internal auditing processes failing to catch the misstated dollar amount of revenue on the company's income statement is classified as inherent risk.

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True

False

6-

Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5 (AS 5) encourages auditors to start from the basic/bottom of financial records to identify the key controls.

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True

False

7-

Corporate governance is a set of processes and policies in managing an organization with sound ethics to safeguard the interests of its stakeholders.

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True

False

8-

Internal control is a process consisting of ongoing tasks and activities. It is a means to an end, not an end in itself

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True

False

9-

A firm must establish control policies, procedures, and practices that ensure the firms business objectives are achieved and its risk mitigation strategies are carried out

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True

False

10-

The main objective of the ISO 27000 series is to provide a model for establishing, implementing, operating, monitoring, maintaining, and improving information security.

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True

False