Question 1

______________________________ is a process by which organizations select objectives, establish processes to achieve objectives, and monitor performance.

Accepted Answer

The answer of ______________________________ is a process by which organizations...

Question 2

The section of Sarbanes Oxley that has received the most press as companies and their auditors have struggled to comply with its requirements is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that has...

Question 3

______________________________ provides guidance on how an organization's IT might affect any of COSO's five components of internal control. This standard guides auditors in understanding the impact of IT on internal control and assessing IT-related control risks.

Accepted Answer

The answer of ______________________________ provides guidance on how an organization's...

Question 4

______________________________ is the possibility that an event will occur.

Accepted Answer

The answer of ______________________________ is the possibility that an event...

Question 5

The ______________________________ states that "a fundamental aspect of management's stewardship responsibility is to provide shareholders with reasonable assurance that the business is adequately controlled."

Accepted Answer

The answer of The ______________________________ states that "a fundamental aspect...

Question 6

The section of Sarbanes Oxley that requires each annual report filed with the SEC to include an internal control report is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that requires...

Question 7

The section of Sarbanes Oxley that requires financial analysts to properly disclose in research reports any conflicts of interest they might hold with the companies they recommend is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that requires...

Question 8

COSO's ______________________________ is the entity's identification and analysis of relevant risks to the achievement of its objectives, forming a basis for determining how the risks should be managed.

Accepted Answer

The answer of COSO's ______________________________ is the entity's identification and...

Question 9

The section of Sarbanes Oxley that establishes an independent board to oversee public company audits is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that establishes...

Question 10

The section of Sarbanes Oxley that sets forth criminal penalties applicable to CEOs and CFOs of up to $5 million and up to 20 years imprisonment if they knowingly or willfully certify false or misleading periodic reports is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that sets...

Question 11

The section of Sarbanes Oxley that requires a company's CEO and CFO to certify quarterly and annual reports is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that requires...

Question 12

PCAOB Auditing Standard No. 5 uses ______________________________ in its description of the conduct of an integrated audit under SOX 404.

Accepted Answer

The answer of PCAOB Auditing Standard No. 5 uses ______________________________...

Question 13

______________________________ are those events that would have a negative impact on organization objectives.

Accepted Answer

The answer of ______________________________ are those events that would have...

Question 14

The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of appearing or practicing before the SEC if that person is deemed to be unqualified, have acted in an unethical manner, or have aided and abetted in the violation of federal securities laws is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that authorizes...

Question 15

The section of Sarbanes Oxley that provides for fines and imprisonment of up to 20 years for individuals who corruptly alter, destroy, mutilate, or conceal documents with the intent to impair the document's integrity or availability for use in an official proceeding, or to otherwise obstruct, influence or impede any official proceeding is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that provides...

Question 16

______________________________ are events that would have a positive impact on objectives.

Accepted Answer

The answer of ______________________________ are events that would have a...

Question 17

The section of Sarbanes Oxley that makes it a felony to knowingly destroy, alter, or create records and or documents with the intent to impede, obstruct, or influence an ongoing or contemplated federal investigation and offers legal protection to whistle-blowers is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that makes...

Question 18

______________________________ is a deliberate act or untruth intended to obtain unfair or unlawful gain.

Accepted Answer

The answer of ______________________________ is a deliberate act or untruth...

Question 19

The section of Sarbanes Oxley that prohibits audit firms from providing a wide array of nonaudit services to audit clients is ______________________________.

Accepted Answer

The answer of The section of Sarbanes Oxley that prohibits...

Question 20

The ______________________________ framework suggests that organizations and auditors should continue to use COSO as a basis for internal control.

Accepted Answer

The answer of The ______________________________ framework suggests that organizations and...

Quiz 7: Controlling Information Systems: Introduction to Enterprise Risk Management and Internal Control

______________________________ is a process by which organizations select objectives, establish processes to achieve objectives, and monitor performance.

The section of Sarbanes Oxley that has received the most press as companies and their auditors have struggled to comply with its requirements is ______________________________.

______________________________ provides guidance on how an organization's IT might affect any of COSO's five components of internal control. This standard guides auditors in understanding the impact of IT on internal control and assessing IT-related control risks.

______________________________ is the possibility that an event will occur.

The ______________________________ states that "a fundamental aspect of management's stewardship responsibility is to provide shareholders with reasonable assurance that the business is adequately controlled."

The section of Sarbanes Oxley that requires each annual report filed with the SEC to include an internal control report is ______________________________.

The section of Sarbanes Oxley that requires financial analysts to properly disclose in research reports any conflicts of interest they might hold with the companies they recommend is ______________________________.

COSO's ______________________________ is the entity's identification and analysis of relevant risks to the achievement of its objectives, forming a basis for determining how the risks should be managed.

The section of Sarbanes Oxley that establishes an independent board to oversee public company audits is ______________________________.

The section of Sarbanes Oxley that sets forth criminal penalties applicable to CEOs and CFOs of up to $5 million and up to 20 years imprisonment if they knowingly or willfully certify false or misleading periodic reports is ______________________________.

The section of Sarbanes Oxley that requires a company's CEO and CFO to certify quarterly and annual reports is ______________________________.

PCAOB Auditing Standard No. 5 uses ______________________________ in its description of the conduct of an integrated audit under SOX 404.

______________________________ are those events that would have a negative impact on organization objectives.

______________________________ are events that would have a positive impact on objectives.

The section of Sarbanes Oxley that makes it a felony to knowingly destroy, alter, or create records and or documents with the intent to impede, obstruct, or influence an ongoing or contemplated federal investigation and offers legal protection to whistle-blowers is ______________________________.

______________________________ is a deliberate act or untruth intended to obtain unfair or unlawful gain.

The section of Sarbanes Oxley that prohibits audit firms from providing a wide array of nonaudit services to audit clients is ______________________________.

The ______________________________ framework suggests that organizations and auditors should continue to use COSO as a basis for internal control.