Which of the following best describes the Foreign Corrupt Practices Act? Provide
ID: 2579799 • Letter: W
Question
Which of the following best describes the Foreign Corrupt Practices Act?
Provided guidance for public reporting on internal control
Offered materials to evaluate an internal control system
Which of the following was not in the COSO 1992 report?
It defined internal control and components
Presented criteria to evaluate internal control systems
Provided guidance for public reporting on internal controls
It required CEOs to attest to a strong internal control system in their firms.
Which of the following is not part of the Control Environment?
Management’s oversight , integrity, and ethical principles
Attention and direction by board of directors
Risk assessment
Method of assigning authority and responsibility and a method of organizing and developing employees.
Control Activities include policies and __________ that can be both manual and automated
The Internal Audit function should reports to Audit Committee of Board of Directors.
True
or
False
Separation of duties is an important control activity. If possible, managers should assign which of the following three functions to different employees?
Analysis, authorizing, transactions
Custody, monitoring, detecting
Recording, authorizing, custody
Analysis, recording, transaction
Which type of control alerts managers when preventive controls fail?
Preventive
Detective
Corrective
Sustantive
Provided guidance for public reporting on internal control
Offered materials to evaluate an internal control system
Which of the following was not in the COSO 1992 report?
It defined internal control and components
Presented criteria to evaluate internal control systems
Provided guidance for public reporting on internal controls
It required CEOs to attest to a strong internal control system in their firms.
Explanation / Answer
1. Provided guidance for public reporting on internal control
2. It required CEOs to attest to a strong internal control system in their firms
3. Risk Assessment
4. Procedures
5. True
6. Recording, authorising, custody
7. Detective
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