ACCT 444 DeVry Week 4 Complete Work Latest
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<strong>ACCT</strong> <strong>444</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Complete</strong> <strong>Work</strong> <strong>Latest</strong><br />
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<strong>ACCT</strong> <strong>444</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Complete</strong> <strong>Work</strong> <strong>Latest</strong><br />
<strong>ACCT</strong> <strong>444</strong> <strong>DeVry</strong> <strong>Week</strong> 4 Discussion 1<br />
Evaluating Internal Controls (graded)<br />
Please review Case 10-42 (Lady’s Fashion Fair) in your textbook. What are the sales-related audit objectives relative<br />
to this client?<br />
<strong>ACCT</strong> <strong>444</strong> <strong>DeVry</strong> <strong>Week</strong> 4 Discussion 2<br />
Controls in an Automated Environment (graded)<br />
Please review Case 12-30 (Jacobsons Inc.) in your textbook. How effective are the environmental controls currently in<br />
place at Jacobson's, the client described in the case?<br />
<strong>ACCT</strong> <strong>444</strong> <strong>DeVry</strong> <strong>Week</strong> 4 Homework <strong>Latest</strong><br />
Solve the following questions<br />
Chapter 10: 10-33, 10-41<br />
Chapter 12: 12-19, 12-26<br />
Name your document, and include your first and last initials of your name. For example, if your name is Jane Smith,<br />
the file name will be <strong>ACCT</strong><strong>444</strong>_W1_HW.<br />
Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox,<br />
read these step-by-step instructions.<br />
See the Syllabus section "Due Dates for Assignments & Exams" for due date information.<br />
<strong>ACCT</strong> <strong>444</strong> <strong>DeVry</strong> <strong>Week</strong> 4 Quiz <strong>Latest</strong><br />
Question 1. Question : (TCO 5) Which of the following is responsible for establishing internal controls for a public<br />
company?<br />
Management<br />
Financial statement auditors<br />
Management and auditors<br />
Committee of Sponsoring Organizations<br />
Question 2. Question : (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?
A statement that management is responsible for establishing and maintaining an adequate internal control structure<br />
and procedures for financial reporting<br />
A statement that management and the board of directors are jointly responsible for establishing and maintaining an<br />
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 establishing<br />
and maintaining an adequate internal control structure and procedures for financial reporting<br />
None of the above<br />
Question 3. Question : (TCO 5) Which of the following activities would be least likely to strengthen a company's<br />
internal control?<br />
Separating accounting from other financial operations<br />
Maintaining insurance for fire and theft<br />
Fixing responsibility for the performance of employee duties<br />
Carefully selecting and training employees<br />
Question 4. Question : (TCO 5) Internal controls can never be regarded as completely effective. Even if company<br />
personnel could design an ideal system, its effectiveness depends on the<br />
adequacy of the computer system.<br />
proper implementation by management.<br />
ability of the internal audit staff to maintain it.<br />
competency and dependability of the people using it.<br />
Question 5. Question : (TCO 5) Which of the following is not one of the levels of an absence of internal controls?<br />
Major deficiency<br />
Material weakness<br />
Significant deficiency<br />
Control deficiency<br />
Question 6. Question : (TCO 10) Which of the following is not a benefit of using IT-based controls?<br />
Ability to process large volumes of transactions<br />
Ability to replace manual controls with computer-based controls<br />
Reduction in misstatements due to consistent processing of transactions<br />
Over-reliance on computer-generated reports<br />
Question 7. Question : (TCO 10) Programmers should do all but which of the following?<br />
Test programs for proper performance<br />
Evaluate legitimacy of transaction data input<br />
Develop flowcharts for new applications<br />
Programmers should perform each of the above<br />
Question 8. Question : (TCO 10) Which of the following is least likely to be used in obtaining an understanding<br />
of client general controls?<br />
Examination of system documentation<br />
Inquiry of client personnel (e.g. key users)
Observation of transaction processing<br />
Reviews of questionnaires completed by client IT personnel<br />
Question 9. Question : (TCO 10) Auditors should evaluate the _____ before evaluating application controls<br />
because of the potential for pervasive effects.<br />
input controls<br />
control environment<br />
processing controls<br />
general controls<br />
Question 10. Question : (TCO 10) Which of the following is not a category of an application control?<br />
Processing controls<br />
Output controls<br />
Hardware controls<br />
Input controls