What are entity-level controls?
The PCAOB's AS 2201, An Audit of Internal Control Over Financial Reporting That is Integrated with an Audit of Financial Statements, describes the auditor's responsibility to use a "top-down approach" and describes the auditor's responsibility for testing "entity level controls." Refer to PCAOB AS 2201 to answer the following questions:
Entity-level controls include controls related to the control environment, controls over management
override, the company's risk assessment process, centralized processing and controls, controls to
monitor the results of operations, controls to monitor other controls, controls over the period end
financial reporting process, and policies that address significant business control and risk management
practices.
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What were the total sales of the Deluxe model? Sales of Toaster Ovens 2011 2012 2013 2014 2015 Super Deluxe$131,700 $128,300 $134,200 $119,400 $45,800 Deluxe56,100 123,500 83,100 115,500 51,400 Standard104,400 49,400 61,700 53,500 88,200
A. $557,400 B. $429,600 C. $357,200 D. $470,300
To record wages earned but not paid under the modified cash accounting method,
a. debit Wages Payable and credit Wages Expense. b. debit Cash and credit Wages Expense. c. debit Wages Expense and credit Wages Payable. d. no entry is required.
Which of the following elements of the Committee of Sponsoring Organizations provides assessment capabilities and uncovers vulnerabilities?
A. Ongoing monitoring B. Control activities C. Information and communications D. Risk assessment
There are times when marketers forget that marketing is not just a department, and they fail to market the dashboard to ________.
A. suppliers B. the accounting group C. customers D. the finance group E. key stakeholders