Question 1

To protect your organization from employee fraud, which of the following controls should be employed?

Options :

A : Require that all potential employees sign an NDA prior to hire

B : Ensure all staff members have accounting degrees from accredited universities

C : Hire only temporary employees and rotate them out every six to eight months

D : Conduct detailed background checks on all new AP employees

Answer: D

Question 2

Which of the following are data security concerns?

Options :

A : I and II only (What data is being accessed; Who is accessing the data)

B : I and III only (What data is being accessed; For what purpose the data is being used)

C : II and III only (Who is accessing the data; For what purpose the data is being used)

D :

I, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)

Answer: D

Question 3

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 4

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

Question 5

What is the current thinking on the practice of maintaining a petty cash fund?

Options :

A : It’s practically obsolete and should be eliminated, if possible

B : Three separate individuals should sign off on disbursements

C : It’s considered a best practice within service organizations and consulting businesses

D : It should be maintained by an executive in the treasury department

Answer: A