Question 1 (Mandatory) (2.5 points)

Internal controls serve to ___________ and ___________ misstatements and fraud in financial statements.

Question 1 options:

	increase and detect
	increase and hide
	prevent and hide
	prevent and detect

Question 2 (Mandatory) (2.5 points)

The Sarbanes Oxley Act (SOX)....

Question 2 options:

	applies to all public companies
	was passed in the wake of accounting scandals, to maintain public confidence and trust in corporate financial reporting
	all of these options are true
	Emphasizes the importance of internal controls by requiring companies maintain effective internal controls and requiring companies and auditors to report on the internal controls in 10-Ks
	was passed in 2002

Question 3 (2.5 points)

There are three objectives of internal controls, which provide assurance that...

(Select all THREE which apply)

Question 3 options:

	management eats sushi for lunch every day
	employees and managers comply with laws and regulations
	corporate vending machines always offer Diet Coke
	business information is accurate
	gummy bears are provided free to all employees
	assets are safeguarded and used for business purposes

Question 4 (Mandatory) (2.5 points)

Please check all five of the elements of internal controls.

Question 4 options:

	Required Espresso Machines
	Control Procedures
	Monitoring
	Risk Assessment
	Corporate Jet Necessity
	Mandatory 3-hour Lunches
	Information and Communication
	Control Environment
	Playing Frisbee
	Shredding All Expense Reports