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About The Profession
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Chapter 07 - Internal Control
Chapter 07
Internal Control
True / False Questions
1. Internal control is concerned with the reliability of financial information.
True False
2. The Foreign Corrupt Practices Act prohibits bribes to foreign corporate officials to obtain
business.
True False
3. Incompatible duties exist when an employee is in a position to perpetrate and conceal errors
or fraud.
True False
4. Internal auditors should preferably report to the chief accounting officer of the company.
True False
5. Well-designed internal control will prevent all fraud by top management.
True False
6. CPA firms may use written narratives to describe internal control in their audit working
papers.
True False
7. The auditors' communication of internal control significant deficiencies should be
addressed only to senior management of the company.
True False
7-1
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