Question: 1. The main difference between fraud and negligence is: a) The amount of the loss. b) The degree of audit failure. c) The state of

1. The main difference between fraud and negligence is: a) The amount of the loss. b) The degree of audit failure. c) The state of whether the auditor knew what (s)he was doing was wrong. d) All of the above.

2. Who is responsible for the design and operation of ICFR? a) The auditor. b) The companys management. c) Both a and b. d) None of the above.

3. Which of the following relates to what an auditor does? a) Relies on all information provided by the client. b) Performs a service and announces its opinion. c) Prepares the financial statements for a company. d) Advocates for the client.

4. Comparing the current year balance to the prior years balance is an example of: a) a substantive analytical procedure. b) a fluctuation analysis. c) change analysis. d) Both a and b.

5. Situations for which, even for a single individual using their own personal beliefs, there is no clear cut right or wrong ethical answer are referred to as: a) ethical decisions. b) moral dilemmas. c) moral intensity. d) ethical standards.

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