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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

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