Question 1

COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:

Options :

A : Internal controls are monitored and evaluated

B : Staff work in self-directed teams

C : Information is distributed in a timely way

D : People know their responsibilities and limits of authority

Answer: B

Question 2

What is blockchain?

Options :

A : A distributed ledger system

B : A random password generator

C : An internal audit methodology

D : An accounts payable collaborative

Answer: A

Question 3

Ways in which an organization could suffer from check fraud include which of the following: I. Check alteration; II. Invalid payments; III. Stolen issued checks.

Options :

A : I, II, and III

B : II and III only

C : I and III only

D : I and II only

Answer: A

Question 4

Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III. States.

Options :

A : II and III only

B : III only

C : I and III only

D : I, II, and III

Answer: C

Question 5

Evaluated Receipt Settlement (ERS) requires which of the following?

Options :

A : Receipt and Invoice

B : PO and Receipt

C : PO and Invoice

D : PO, Receipt, and Invoice

Answer: B