POST TEST: INTERNAL CONTROL 101: CORE PRINCIPLES AND PARACTICES

What is the primary purpose of internal control?

A) To maximize profits

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B) To ensure legal compliance

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C) To provide reasonable assurance regarding achieving objectives

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D) To reduce employee workload

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According to COSO, which of the following is NOT one of the five components of internal control?

A) Control Environment

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B) Financial Reporting

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C) Risk Assessment

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D) Monitoring Activities

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What does the ‘Control Environment’ primarily focus on?

A) Monitoring employee performance

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B) Establishing ethical values and organizational culture

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C) Managing financial risks

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D) Preparing financial statements

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In the Fraud Triangle, what does ‘Opportunity’ represent?

A) The pressure to commit fraud

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B) Weaknesses in internal control that allow fraud

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C) Employee justifications for wrongdoing

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D) The legal consequences of fraud

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Which of the following is an example of a detective control?

A) Password protection

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B) Internal audits

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C) Employee training

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D) Authorization processes

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What is the primary focus of risk assessment in internal control?

A) To detect past errors

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B) To identify potential threats to achieving objectives

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C) To assess employee satisfaction

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D) To reduce operational costs

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Why is segregation of duties considered a core principle in internal control?

A) It simplifies accounting processes

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B) It prevents one person from having control over all aspects of a transaction

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C) It increases operational speed

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D) It reduces tax liabilities

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Which component of internal control ensures accurate and timely flow of information?

A) Control Activities

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B) Risk Assessment

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C) Information and Communication

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D) Monitoring Activities

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Which internal control component involves regular audits and evaluations?

A) Control Activities

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B) Monitoring Activities

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C) Risk Assessment

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D) Information and Communication

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Why is it said that internal controls provide reasonable, not absolute, assurance?

A) Because risks can never be entirely eliminated

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B) To guarantee profit growth

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C) To meet shareholder expectations

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D) To eliminate operational inefficiencies

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We are working to achieve the SDGs and realize a sustainable society.

POST TEST: INTERNAL CONTROL 101: CORE PRINCIPLES AND PARACTICES

POST TEST: INTERNAL CONTROL 101: CORE PRINCIPLES AND PARACTICES

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