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2.. Which law had the effect of making managers legally responsible for implementing and ntaining internal control systems? a. Omnibus Trade and Competitiveness Act of 1988 b. Foreign Corrupt Practices Act of 1977 c. FDIC Improvement Act of 1991 d. Securities Exchange Act of 1933 After auditing which of the following accounts, can the auditor feel most confident that the balance reflected in the financial statements is exactly right? a. Inventory b. Allowance for doubtful accounts c. Cash 3. d. Sales 4. Listed below are four inter-bank cash transfers, indicated by the letters a,b,c,d, of a client for late December 2014 and early January 2015. Which of the cash transfers does not indicate an error in cash cutoff at December 31 2013? Citibank Account Chase Bank Account Receiving Date Disbursing Date Per Bank Per Books Per Bank 12/31 12/31 12/30 12/31 Per Books 1/2 12/31 1/2 1/3 1/3 1 /2 1/2 12/31 12/31 A. B. 12/31 Which procedure is an auditor most likely to use to detect a check written at year-end that was intentionally not recorded in the December cash disbursements journal? A) Prepare a bank transfer schedule using the client's cash receipts and cash B) C) D) disbursements journal. Review the cutoff statement bank statement received directly from the client's bank. Review the client's year-end bank reconciliation Verify this with the cash disbursements journal

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