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1. A significant deficiency in the design or functioning of internal control that could adversely...

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Accounting

1. A significant deficiency in the design or functioning of internal control that could adversely affect the organization's ability to record, process, summarize, and

a. material weakness in internal control.

b. inherent limitation of internal control.

c. management override.

d. reportable condition.

2. An increase in the tolerable deviation rate is most likely to be accompanied by an increase in the:

a. planned assessed level of control risk.

b. required sample size for a test of controls.

c. risk of assessing control risk too high

d. population size.

3. Sampling from the bills of lading to the sales journal addresses which assertion most directly?

a. Completeness

b. Existence or occurrence

c. Rights and obligations

d. Presentation and disclosure

e.Option 1

4. Which of the following is most likely to provide an auditor with the most assurance about the effectiveness of the operation of internal control?

a. Inquiry of client personnel.

b. Recomputation of account balance amounts.

c. Observation of client personnel applying the control.

d. Confirmation with outside parties.

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