10/31/23,
9:20
PM
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
Lesson
11
Quiz
Due
Oct
31
at
11:59pm
Points
10
Questions
10
Available
until
Oct
31
at
11:59pm
Time
Limit
None
Allowed
Attempts
Unlimited
Instructions
Some,
but
not
all,
of
the
responses
have
explanations
for
why
they
are
correct
or
incorrect.
Click
Take
the
Quiz
to
begin.
Take
the
Quiz
Again
Attempt
History
Attempt
Time
Score
KEPT
Attempt
2
less
than
1
minute
10
out
of
10
LATEST
Attempt
2
less
than
1
minute
10
out
of
10
Attempt
1
11
minutes
9
out
of
10
Score
for
this
attempt:
10
out
of
10
Submitted
Oct
31
at
9:20pm
This
attempt
took
less
than
1
minute.
Question
1
1/1
pts
In
which
of
the
following
situations
are
auditors
not
required
to
test
operating
effectiveness
of
ICFR?
https://canvas.asu.edu/courses/159839/quizzes/1199888
1/8
10/31/23,
9:20
PM
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
a.
When
auditing
a
private
company
and
setting
the
control
risk
below
maximum
Correct!
®
b.
When
auditing
a
private
company
and
setting
the
control
risk
at
maximum
——
"
Nice
job!
Review
page
179
of
the
text
for
information
on
when
i
auditors
do
not
need
to
test
operating
effectiveness
of
ICFR.
Now
get
~
back
to
work.
c.
When
auditing
a
public
company
d.A&B
Question
2
1/1
pts
Which
of
the
following
reports
are
the
auditors
of
a
public
company
typically
not
required
to
issue?
a.
An
audit
opinion
on
the
company’s
financial
statements
b.
An
audit
opinion
on
the
effectiveness
of
the
company’s
ICFR
Correct!
"t
c.
An
audit
opinion
on
the
company’s
compliance
with
applicable
laws
and
regulations
i'
Nice
job!
Auditors
are
required
to
check
only
financial
statements
and
'
ICFR
operating
effectiveness.
Review
pages
180-181
of
the
text
for
~
information
on
evaluating
ICFR
deficiencies
and
the
proper
report
to
!
iIssue
based
on
evaluation
results.
Now
get
back
to
work.
https://canvas.asu.edu/courses/159839/quizzes/1199888
2/8
10/31/23,
9:20
PM
Correct!
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
d.
Auditors
of
a
public
company
are
typically
required
to
issue
all
of
the
above
reports
Question
3
1/1
pts
Which
of
the
following
statements
is
not
correct
about
the
operating
effectiveness
of
controls?
a.
Key
control
is
a
control
that
is
designed
to
prevent,
detect,
or
correct
a
material
misstatement
b.
Auditors
of
public
companies
can use
the
work
to
provide
an
opinion
on
ICFR
in
determining
control
risk
c.
An
ICFR
deficiency
in
operating
effectiveness
of
controls
is
essentially
one
or
more
detected
instances
where
the
control
does
not
operate
as
designed
'
d.
All
of
the
above
statements
are
correct
!’
Nice
job!
Review
pages
179-181
of
the
text
for
information
on
key
!
controls,
providing
an
opinion
on
ICFR,
and
deficiencies
in
operating
-
effectiveness.
Now
get
back
to
work.
Question
4
1/1
pts
Which
of
the
following
statements
is
not
true
about
auditor
communications
related
to
ICFR?
https://canvas.asu.edu/courses/159839/quizzes/1199888
3/8
10/31/23,
9:20
PM
Correct!
Correctl
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
a.
Auditors
are
required
to
communicate
all
control
deficiencies
that
they
identify
to
the
company’s
management.
b.
Auditors
are
required
to
communicate
all
significant
deficiencies
that
they
identify
in
ICFR
to
the
public.
——
i
Nice
job!
Auditors
are
required
to
communicate
significant
i
deficiencies
that
they
identify
in
ICFR
to
management
and
the
audit
i
committee,
not
the
public.
Review
pages
180-181
of
the
text
for
|
information
on
communicating
ICFR
deficiencies.
Now
get
back
to
-
work.
c.
Auditors
are
required
to
communicate
all
material
weaknesses
that
they
identify
in
ICFR
to
the
company’s
management
and
audit
committee.
d.
Both
the
auditors
and
the
company’s
management
are
required
to
communicate
all
material
weaknesses
to
the
pubilic.
Question
5
1/1
pts
Which
opinion
on
ICFR
is
appropriate
when
auditors
experienced
a
pervasive
limitation
of
scope
in
their
ICFR
work?
a.
Unqualified
opinion
b.
Qualified
opinion
'
¢.
Disclaimer
of
opinion
https://canvas.asu.edu/courses/159839/quizzes/1199888
4/8
10/31/23,
9:20
PM
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
——
(
"
Nice
job!
If
the
scope
limitation
cannot
be
limited
to
a
specific
area
-
then
a
pervasive
limitation
in
scope
exists
and
an
auditor
should
issue
a
disclaimer
of
opinion
on
ICFR
effectiveness.
Review
page
-
181
of
the
text
for
information
on
the
types
of
audit
opinions
that
-~
auditors
can
issue
on
ICFR.
Now
get
back
to
work.
d.
Adverse
opinion
Question
6
171
pts
Which
of
the
following
principles
in
the
COSO
framework
characterize
a
strong
control
environment
in
an
organization”?
a.
The
organization
demonstrates
a
commitment
to
integrity
and
ethical
values
b.
The
organization
demonstrates
a
commitment
to
attract,
develop,
and
retain
competent
individuals
in
alignment
with
objectives
Correct!
)
c.A&B
Nice
job!
The
control
environment
comprises
the
standards,
~
structure,
and
policies
that
maintain
an
environment
of
integrity
and
ethical
values.
Review
pages
181-183
of
the
text
for
information
on
the
COSO
framework
and
the
principles
of
the
Control
Environment
component.
Now
get
back
to
work.
d.
None
of
the
above
Question
7
1/1
pts
https://canvas.asu.edu/courses/159839/quizzes/1199888
5/8
10/31/23,
9:20
PM
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
How
can
an
organization
demonstrate
its
consideration
of
the
potential
for
fraud
in
assessing
risks
to
the
achievement
of
objectives?
Correct!
a.
Have
an
appropriate
level
of
management
brainstorming
to
identify
various
fraud
risks
and
developing
ways
to
address
them
——
Nice
job!
This
is
a
part
of
Principle
8
in
Component
2:
Risk
Assessment.
Review
page
183
of
the
text
for
information
on
the
COSO
framework
and
the
principles
of
the
Risk
Assessment
component.
Now
get
back
to
work.
s
b.
Have
all
employees
sign
the
organization’s
code
of
conduct
c.A&B
d.
None
of
the
above
Question
8
1/1pts
Which
of
the
following
sources
of
information
can
be
used
by
company
management
to
meet
its
financial
reporting
objectives?
a.
Email
communications
b.
Their
auditors
c.
Feedback
from
whistleblower
hotlines
Correctl
)
d.
All
of
the
above
Nice
job!
Review
pages
184-185
of
the
text
for
information
on
the
COSO
framework
and
the
principles
of
the
Information
and
Communication
component.
Now
get
back
to
work.
e
————
https://canvas.asu.edu/courses/159839/quizzes/1199888
6/8
10/31/23,
9:20
PM
Correctl
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
Question
9
1/1
pts
Which
of
the
following
best
describes
COSO
framework’s
component
Monitoring
Activities?
a.
Ongoing
and
periodic
separate
evaluations
by
management
to
assess
how
well
each
of
the
components
of
ICFR
framework,
excluding
the
Monitoring
Activities,
is
functioning
®
b.
Ongoing
and
periodic
separate
evaluations
by
management
to
assess
how
well
each
of
the
components
of
ICFR
framework,
including
the
Monitoring
Activities,
is
functioning
(
)
|
Nice
job!
Review
page
186
of
the
text
for
information
on
the
COSO
-
framework
and
the
principles
of
the
Monitoring
Activities
component.
-
Now
get
back
to
work.
c.
Ongoing
and
periodic
separate
evaluations
by
auditors
to
assess
how
well
each
of
the
components
of
ICFR
framework,
excluding
the
Monitoring
Activities,
is
functioning
d.
Ongoing
and
periodic
separate
evaluations
by
auditors
to
assess
how
well
each
of
the
components
of
ICFR
framework,
including
the
Monitoring
Activities,
is
functioning
Question
10
11/1
pts
Which
of
the
following
best
describes
the
primary
characteristic
of
ICFR
flowcharts?
https://canvas.asu.edu/courses/159839/quizzes/1199888
7/8
10/31/23,
9:20
PM
Lesson
11
Quiz:
ACC
450:
Principles
of
Auditing
(2023
Fall
-
B)
|
Correctl
\
g
a.
Provide
a
very
quick
way
to
understand
how
the
control
is
supposed
to
be
performed
and
allows
auditors
to
more
effectively
spot
potential
issues
i
Nice
job!
Review
flowcharts
and
other
documentation
methods
for
-
ICFR
on
pages
187-189
of
the
text.
Now
get
back
to
work.
b.
Comprehensive
and contain
a
lot
of
information
c.
Probably
the
least
effective
ways
to
document
an
internal
control
d.
All
of
the
above
Quiz
Score:
10
out
of
10
https://canvas.asu.edu/courses/159839/quizzes/1199888
8/8
