DeVry ACCT 444 Week 1-5 Complete Quizzes
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203<br />
404<br />
408<br />
2. (TCO 5) Sarbanes-Oxley requires management to issue an internal control report that<br />
includes two specific items. Which of the following is one of these two requirements? (Points : 3)<br />
A statement that management is responsible for establishing and maintaining an adequate internal<br />
control structure and procedures for financial reporting<br />
A statement that management and the board of directors are jointly responsible for establishing and<br />
maintaining an adequate internal control structure and procedures for financial reporting<br />
A statement that management, the board of directors, and the external auditors are jointly responsible for<br />
establishing and maintaining an adequate internal control structure and procedures for financial reporting<br />
None of the above<br />
2. (TCO 5) Internal control reports issued by public companies must identify the framework used<br />
to evaluate the effectiveness of internal control. Which of the following is the most common framework<br />
in the U.S.? (Points : 3)<br />
Effective Internal Control Framework-AICPA<br />
Internal Control-Integrated Framework-COSO<br />
Enterprise Internal Control-COSO<br />
There is no common framework used in the U.S.<br />
3. (TCO 5) Which of the following activities would be least likely to strengthen a company’s<br />
internal control? (Points : 3)<br />
Separating accounting from other financial operations<br />
Maintaining insurance for fire and theft<br />
Fixing responsibility for the performance of employee duties
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