Question : 1. The main objective of corporate governance to: A. make sure employees working : 1295523

1. The main objective of corporate governance is to: 
A. make sure employees are working as efficiently as possible.
B. make management more accountable to employees, stockholders, and others interested in the company.
C. make sure the a company’s stock price is not overvalued.
D. reduce the use of internal controls throughout the organization.

2. Individuals who serve on a company’s audit committee should be: 
A. internal auditors of the company.
B. external auditors of the company.
C. either employees, managers, or stockholders of the company.
D. individuals who have no significant business relationship with the company.

3. Which of the following statements is true regarding internal control? 
A. Some companies may eliminate internal control policies if their costs outweigh their benefits.
B. Effective internal control policies guarantee that a company’s goals and objectives will be achieved.
C. Internal control is comprised of two elements – risk assessment and monitoring.
D. All companies are required to following the same set of internal control procedures.

4. The most widely used internal control framework in the United States was developed in 1992 by: 
A. the Securities and Exchange Commission (SEC).
B. the Internal Revenue Service (IRS).
C. the New York Stock Exchange (NYSE).
D. the Committee of Sponsoring Organizations (COSO).

5. Which of the following factors is least likely to contribute to the internal control environment within a company? 
A. Attitude and general philosophy of the board of directors towards internal control.
B. Attitude and general philosophy of stockholders towards internal control.
C. Attitude and general philosophy of management towards internal control.
D. Attitude and general philosophy of customers towards internal control.

6. What occurred in 2002 to significantly increase the oversight role of a company’s board of directors with respect to internal controls? 
A. The creation of the Securities and Exchange Commission (SEC).
B. The passage of the Sarbanes-Oxley Act.
C. The creation of an internal control framework by the Committee of Sponsoring Organizations (COSO).
D. The creation of the Financial Accounting Standards Board (FASB).

7. Which of the following items is not required by the Sarbanes-Oxley Act of 2002? 
A. A company’s external financial statement auditor is responsible for determining the internal control procedures the company must have in place.
B. Management must provide certifications about internal controls over financial reporting.
C. Management must make an assessment regarding the effectiveness of their internal controls.
D. Companies must allow employees to make complaints about accounting and auditing matters directly to members of the audit committee.

8. Which of the following statements is true regarding the Sarbanes-Oxley Act of 2002? 
A. Due to the lack of possible criminal penalties, companies have little incentive to follow the requirements of the act.
B. Only employees classified as upper-level management may take complaints to the company’s audit committee.
C. The external financial statement auditor bears all responsibility for creating the internal control policies the company should follow.
D. It requires management to make an assessment regarding the effectiveness of their internal controls.

9. Which of the following statements is false regarding board of directors for public companies? 
A. Board of directors should ascertain whether management is looking out for the best interests of the company as a whole rather than their own best interests.
B. Board of directors serve as a liaison between a company’s management and its stockholders.
C. Board of director members should be employees of the company.
D. Board of directors have seen their role become more important since the passage of the Sarbanes-Oxley Act.

10. Which of the following statements is true regarding risk assessment? 
A. Risk assessment is not normally part of internal control.
B. Management should focus primarily on assessing risks that might occur by lower-level employees.
C. Management is required to only assess risk every three years.
D. Management is required to evaluate the potential impact and likelihood of risks that affect the company.

 

 

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