25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

COMPREHENSIVE EXAMINATION - GOVERNANCE,

RISK MANAGEMENT, CONTROLS
Started:
25 Aug at 14:28

Quiz instructions

Question 1 1 pts

Which of the following control models is fully incorporated into the broader integrated
framework of enterprise risk management (ERM)?

Electronic Systems Assurance and Control.

COBIT

COSO

CoCo

Question 2 1 pts

Controls provide assurance to management that desired actions will be accomplished

when objectives are established in writing and

Policies and procedures for activities are set out in manuals for use by properly trained
personnel.

Standards are adopted, results are compared with the standards, and corrective actions are
undertaken.

Internal reviews as to the propriety and effectiveness of the objectives are undertaken on a
periodic basis by the internal audit activity.

Are communicated to employees in writing and are updated by operating personnel as

conditions change.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 1/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Question 3 1 pts

Which of the following is a factor affecting risk?

Rapid growth.

New personnel.

New or revamped information systems.

All of the answers are correct.

Question 4 1 pts

Leader who explains decisions and provides opportunity for clarification is described
as having which leadership style?

Participating.

Selling.

Delegating.

Telling.

Question 5 1 pts

Which of the following operating controls relate to the organizing function?

Formal procedures for selecting potential suppliers.

Timely materials reporting to buyers.

Written objectives and goals for the department.

Procedures providing for clear levels of purchase order approvals based on the value of the
https://feuph.instructure.com/courses/13179/quizzes/61878/take 2/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

requisition.

Question 6 1 pts

Limitations of enterprise risk management (ERM) may arise from

All of the answers are correct.

Collusion.

Cost-benefit considerations.

Faulty human judgment.

Question 7 1 pts

A production team has been together for several years and has worked well together.
However, severe arguments have recently occurred between two members of the
group, and other members have begun to take sides.
This problem has had a
negative effect on production performance. The best leadership style for the manager
in this situation is

Supportive.

Participative.

Directive.

Achievement-oriented.

Question 8 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 3/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

The policies and procedures helping to ensure that management directives are
executed and actions are taken to address risks to achievement of objectives
describes

Risk assessments.

Control environments.

Control activities.

Monitoring.

Question 9 1 pts

When a copy of the sale invoice is not received by an organization’s shipping

department, an employee requests the document from the proper authority. This
process is a(n)

Detective, preventive control.

Active, detective control.

Passive, mitigating control.

Directive, detective control.

Question 10 1 pts

When an organization has strong internal control, management can expect various
benefits. The benefit least likely to occur is

Improvement in the reliability and integrity of information for decision-making purposes.

Elimination of employee fraud.

Some assurance of compliance with governmental regulations.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 4/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Reduced cost of an external audit.

Question 11 1 pts

If a supervisor uses a supportive management approach, evidenced by positive

feelings and concern for subordinates, a problem might result because

This approach depends on material rewards for the worker.

The manager must believe in the teamwork approach.

This approach depends on people who want to work, grow, and achieve.

An approach based on pure power makes it difficult to motivate staff.

Question 12 1 pts

Management considers risk appetite for all of the following reasons except

Evaluating strategic options.

Developing risk management techniques.

Increasing the net present value of investments.

Setting objectives.

Question 13 1 pts

An adequate system of internal controls is most likely to detect a fraud perpetrated by

a

https://feuph.instructure.com/courses/13179/quizzes/61878/take 5/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Group of employees in collusion.

Single manager.

Group of managers in collusion.

Single employee

Question 14 1 pts

Which of the following is closely related to traditional risk management instead of

enterprise risk management (ERM)?

Organization-level view of risk.

Emphasis on specific functions.

Rapid response to opportunities.

Achieving financial goals.

Question 15 1 pts

The function of the chief risk officer (CRO) is most effective when the CRO

Shares the management of risk with the chief audit executive.

Monitors risk as part of the enterprise risk management team.

Shares the management of risk with line management.

Manages risk as a member of senior management.

Question 16 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 6/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

The manager of a team of actuaries has been asked to develop the basic pricing
structure for a new health insurance product. The team has successfully designed
other pricing structures in recent years. The manager was
assigned to the team 6
months ago. What is the best leadership style for the manager of this team?

Directive.

Achievement-oriented.

Supportive.

Participative.

Question 17 1 pts

An organization’s directors, management, external auditors, and internal auditors all

play important roles in creating a proper control environment. Senior management is
primarily responsible for

Designing and operating a control system that provides reasonable assurance that
established objectives and goals will be achieved

Implementing and monitoring controls designed by the board of directors.

Establishing a proper organizational culture and specifying a system of internal control.

https://feu.instructure.com/courses/46889/quizzes/147298?preview=1 10/23 Ensuring that

external and internal auditors adequately monitor the control environment.

Question 18 1 pts

Components of enterprise risk management (ERM) are integrated with the

management process. Which of the following correctly states four of the eight
components of ERM according to the COSO’s framework?

Objective setting, response to opportunities, risk assessment, and control activities

https://feuph.instructure.com/courses/13179/quizzes/61878/take 7/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

External environment, information and communication, monitoring, and event identification.

Event identification, risk assessment, control activities, and objective setting.

Internal environment, risk responses, monitoring, and risk minimization.

Question 19 1 pts

Which of the following is a category of objectives of enterprise risk management

(ERM)?

Planning

Control expenses

Information and communication

Compliance

Question 20 1 pts

The procedure requiring preparation of a prelisting of incoming cash receipts, with

copies of the prelist going to the cashier and to accounting, is an example of which
type of control?

Directive

Detective

Preventive

Corrective

Question 21 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 8/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

The primary goal of the CPA in performing the attest function is to

Detect fraud.

Examine individual transactions so that the auditor may certify as to their validity.

Determine whether the client's assertions are fairly stated.

Assure the consistent application of correct accounting procedures.

Question 22 1 pts

Internal auditing often extends beyond examinations leading to the expression of an

opinion on the fairness of financial presentation and includes audits of efficiency,
effectiveness, and

Internal control

Evaluation

Accuracy

Compliance

Question 23 1 pts

To maximize independence, the director of internal auditing should report to the

Audit committee

Controller

Chief financial officer

Director of information systems

https://feuph.instructure.com/courses/13179/quizzes/61878/take 9/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Question 24 1 pts

Of the following control environment characteristics, identify the one that contributes
most to effective internal control

Of the following control environment characteristics, identify the one that contributes most to
effective internal control

The company does not have a centralized human resources function.

The company has an effective internal audit staff that monitors controls on a continuous
basis.

The company routinely transacts business with related parties.

Question 25 1 pts

Which of the following, if material, would be considered fraud?

Mistakes in the application of accounting principles.

Clerical mistakes in the accounting data underlying the financial statements.

Misappropriation of an asset or groups of assets

Misinterpretations of facts that existed when the financial statements were prepared.

Question 26 1 pts

Competence of personnel is necessary to proper recording of transactions and

supports financial statements that are fairly presented. In reviewing the organization
for necessary competence, which of the following job types would be of least interest
to the auditor?

Corporate controller.
https://feuph.instructure.com/courses/13179/quizzes/61878/take 10/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Vice-president for marketing.

Manager of electronic data processing.

Chief accountant.

Question 27 1 pts

Which of management's assertions with respect to implementing internal controls is

the external auditor primarily concerned?

efficiency of operations

reliability of financial reporting

effectiveness of operations

compliance with applicable laws and regulations

Question 28 1 pts

Which of the following is responsible for establishing a private company's internal

control?

Senior Management

Internal Auditors

Senior Management and auditors

Audit committee

Question 29 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 11/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Which of the following components of the control environment define the existing
lines of responsibility and authority?

Organizational Structure

Management philosophy and operating style

Human resource policies and practices

Management integrity and ethical values

Question 30 1 pts

Which of the following is not one of the subcomponents of the control environment?

management's philosophy and operating style

organizational structure

adequate separation of duties

commitment to competence

Question 31 1 pts

It is important to consider the competence of the clients' personnel because their

competence bears directly and importantly upon the:

cost/benefit relationship of the system of internal control.

achievement of the objectives of internal control.

comparison of recorded accountability with assets.

timing of the tests to be performed.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 12/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Question 32 1 pts

Which of the following groups establishes and maintains the company's internal
controls?

Internal auditors

Board of Directors

Management

Audit committee

Question 33 1 pts

To obtain an understanding of an entity's control environment, an auditor should

concentrate on the substance of management's policies and procedures rather than
their form because:

management may establish appropriate policies and procedures but not act on them.

the board of directors may not be aware of management's attitude toward the control
environment.

the auditor may believe that the policies and procedures are inappropriate for that particular
entity.

the policies and procedures may be so weak that no reliance is contemplated by the auditor.

Question 34 1 pts

Which of the following is the correct order of steps in the risk management process?
1. Identify risks
2. Monitor risk responses
3. Formulate risk responses
4. Assess and
prioritize risks
5. Identify context

https://feuph.instructure.com/courses/13179/quizzes/61878/take 13/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

5, 1, 4, 3, 2.

1, 4, 3, 2, 5.

1, 3, 5, 4, 2.

1, 5, 4, 3, 2.

Question 35 1 pts

Which risk response reflects a change from acceptance to sharing?

Management purchased insurance on previously uninsured property.

An insurance policy on a manufacturing plant was not renewed.

Management sold a manufacturing plant.

After employees stole numerous inventory items, management implemented mandatory

background checks on all employees.

Question 36 1 pts

Many organizations use electronic funds transfer to pay their supplier instead of
issuing checks. Regarding the risk associated with issuing checks, which of the
following risk management techniques does this represent?

Avoiding

Transferring

Controlling

Accepting

https://feuph.instructure.com/courses/13179/quizzes/61878/take 14/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Question 37 1 pts

Inherent risk

The risk when management has not taken action to reduce the impact or likelihood of an
adverse event

The risk after management takes action to reduce the impact or likelihood of an adverse
event

A potential event that will adversely affect the organization

Risk response

Question 38 1 pts

Bill is responsible for custody of the finished goods in the warehouse. If his company
wishes to maintain strong internal control, which of the following responsibilities are
incompatible with his primary job?

He is responsible for the accounting records for all the receipts and shipment of goods from
the warehouse

He is responsible for the company's fix asset control ledger

He is responsible for receiving of goods into the warehouse

He is responsible for issuing goods for shipments

Question 39 1 pts

Within the COSO Internal Control - Integrated Framework, which of the following
components is designed to ensure that internal controls continue to operate
effectively?

https://feuph.instructure.com/courses/13179/quizzes/61878/take 15/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Control environment

Monitoring

Risk Assessment

Information and Communication

Question 40 1 pts

Which risk response reflects a change from acceptance to sharing?

An insurance policy on a manufacturing plant was not renewed.

Management sold a manufacturing plant.

Management purchased insurance on previously uninsured property.

After employees stole numerous inventory items, management implemented mandatory

background checks on all employees.

Question 41 1 pts

Standards must

Not be reviewed periodically for adjustment or elimination because of changed

circumstances

Not be applied at those points that significantly influence subsequent progress.

Fail to assist in implementing plans.

Be accepted by those who carry them out if they are to have maximum effectiveness.

Question 42 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 16/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Enterprise risk management (ERM) allows management greater capabilities. Which

of the following is not a capability of ERM according to the COSO’s framework?

Multiple and cross-enterprise risks.

Increased productivity.

Reduced operational surprises and losses.

Consideration of risk appetite and strategy.

Question 43 1 pts

Internal control can provide only reasonable assurance that the organization’s
objectives will be met efficiently and effectively. One factor limiting the likelihood of
achieving those objectives is that

The internal auditor’s primary responsibility is the detection of fraud.

The cost of internal control should not exceed its benefits.

The board is active and independent.

Management monitors performance.

Question 44 1 pts

Appropriate internal control for a multinational corporation’s branch office that has a
monetary transfer unit requires that

The individual who initiates wire transfers not reconcile A. the bank statement.

The branch manager receive all wire transfers.

Corporate management approve the hiring of monetary transfer unit employees.

Foreign currency rates be computed separately by two different employees.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 17/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Question 45 1 pts

The COSO framework treats internal control as a process designed to provide

reasonable assurance regarding the achievement of objectives related to

Compliance with applicable laws and regulations.

Reliability of financial reporting.

Effectiveness and efficiency of operations.

All of the answers are correct.

Question 46 1 pts

Which of the following aspects of the administration of a compensation program is the

most important control in the long run?

A plan of job classifications based on predefined evaluation A. criteria.

A wage and salary review plan for individual employee compensation.

A level of general compensation that is reasonably competitive.

An informal wage and salary policy to be competitive with the industry average.

Question 47 1 pts

Controls may be classified according to the function they are intended to perform, for
example, as detective, preventive, or directive. Which of the following is a directive
control?

https://feuph.instructure.com/courses/13179/quizzes/61878/take 18/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Requiring all members of the internal audit activity A. to be CIAs.

Dual signatures on all disbursements over a specific amount.

Monthly bank statement reconciliations.

Recording every transaction on the day it occurs.

Question 48 1 pts

One of two office clerks in a small organization prepares a sales invoice; however,
the invoice is incorrectly entered by the bookkeeper in the general ledger and the
accounts receivable subsidiary ledger for a smaller amount resulting from a
transposition of digits. The customer subsequently remits the amount on the monthly
statement. Assuming only three employees are in the department, the most effective
control to prevent this type of error is

Requiring that monthly statements be prepared by the bookkeeper and verified by one of the
other office clerks prior to mailing.

Requiring the bookkeeper to perform periodic reconciliations of the accounts receivable

subsidiary ledger and the general ledger.

Using predetermined totals to control posting routines.

Assigning the second office clerk to make an independent check of prices, discounts,
extensions, footings, and invoice serial numbers.

Question 49 1 pts

Which one of the following situations represents a strength of internal control for
purchasing and accounts payable?

Unmatched receiving reports are reviewed A. on an annual basis.

Invoices are approved for payment by the purchasing department.

Vendors’ invoices are matched against purchase orders and receiving reports before a
https://feuph.instructure.com/courses/13179/quizzes/61878/take 19/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

liability is recorded.

Prenumbered receiving reports are issued randomly.

Question 50 1 pts

The chief audit executive’s responsibility for assessing and reporting on control
processes includes

Communicating to senior management and the board an annual judgment about internal
control.

Overseeing the establishment of internal control processes.

Maintaining the organization’s governance processes.

Arriving at a single assessment based solely on the work of the internal audit activity.

Question 51 1 pts

Controls that are designed to provide management with assurance of the realization
of specified minimum gross margins on sales are

Detective controls.

Output controls.

Directive controls.

Preventive controls.

Question 52 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 20/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

If internal control is well designed, two tasks that should be performed by different
persons are

Recording of cash receipts and preparation of bank reconciliations.

Posting of amounts from both the cash receipts journal and cash payments journal to the
general ledger.

Approval of bad debt write-offs, and reconciliation of the accounts payable subsidiary ledger
and controlling account.

Distribution of payroll checks and approval of sales returns for credit.

Question 53 1 pts

An internal auditor’s role with respect to operating objectives and goals includes

Determining that they conform with those of the organization.

Approving the operating objectives or goals to be met.

Accomplishing desired operating program results.

Developing and implementing control procedures.

Question 54 1 pts

Which term best reflects the attitude and actions of the board and management
regarding the significance of control within the organization?

Control activities.

Risk assessment.

Monitoring.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 21/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Control environment.

Question 55 1 pts

Which of the following policies and procedures is consistent with effective

administration of the insurance function?

Policies are always placed with the carrier that offers the lowest rate for a specified level of
coverage.

Policy coverages are adjusted each year by applying a price index to previous year
coverages.

Final settlements are negotiated after claims are developed and submitted.

Billings for insurance coverage are received and payments disbursed by the insurance
manager.

Question 56 1 pts

Enterprise risk management (ERM) is not expected to provide reasonable assurance

of achieving which pair of objectives?

Operations and reporting.

Strategic and reporting.

Compliance and strategic.

Strategic and operations.

Question 57 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 22/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

An organization’s policies and procedures are part of its overall system of internal
controls. The control function performed by policies and procedures is

Application control.

Implementation control.

Feedforward control.

Feedback control.

Question 58 1 pts

Which of the following controls could be used to detect bank deposits that are
recorded but never made?

Linking receipts to other internal accountabilities, for example, collections to either accounts
receivable A. or sales.

Establishing accountability for receipts at the earliest possible time.

Consolidating cash receiving points.

Having bank reconciliations performed by a third party.

Question 59 1 pts

The most appropriate method to prevent fraud or theft during the frequent movement
of trailers loaded with valuable metal scrap from the manufacturing plant to the
organization’s scrap yard about 10 miles away would
be to

Require existing security guards to log the time of plant departure and scrap yard arrival. The
elapsed time should be reviewed by a supervisor for fraud.

Use armed guards to escort the movement of the trailers from the plant to the scrap yard.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 23/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Perform complete physical inventory of the scrap trailers before leaving the plant and upon
arrival at the scrap yard.

Contract with an independent hauler for the removal of scrap.

Question 60 1 pts

Enterprise risk management (ERM) helps management address all of the following
except

Deployment A. of capital.

Timely financial reporting.

Responses to opportunities.

Risk response decisions.

Question 61 1 pts

Checks from customers are received in the organization’s mail room each day. What
controls should be in place to safeguard them?

Requiring a specific mail clerk to list and restrictively endorse each check.

Establishing a separate post office box for customer payments.

Forwarding all checks to the cashier upon receipt.

Providing bonding protection for mail clerks.

Question 62 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 24/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Which of the following activities represents both an appropriate human resources

department function and a deterrent to payroll fraud?

Distribution of paychecks.

Authorization of additions and deletions from the payroll.

Authorization of overtime.

Collection and retention of unclaimed paychecks.

Question 63 1 pts

Which of the following activities performed by a payroll clerk is a control weakness

rather than a control strength?

Forwards the payroll register to the chief accountant for approval.

Has custody of the check signature stamp machine.

Draws the paychecks on a separate payroll checking account

Prepares the payroll register.

Question 64 1 pts

Which of the following ensures that all inventory shipments are billed to customers?

Duties for recording sales transactions and maintaining customer account balances are
separated.

Sales invoices are prenumbered and are independently accounted for and traced to the
sales journal.

Shipping documents are prenumbered and are independently accounted for and matched
with sales invoices.

https://feuph.instructure.com/courses/13179/quizzes/61878/take 25/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

Customer billing complaints are investigated by the controller’s office.

Question 65 1 pts

Management can best strengthen internal control over the custody of inventory stored
in an off-site warehouse by implementing

Reconciliations of transfer slips to/from the warehouse with A. inventory records.

Regular reconciliation of physical inventories to accounting records.

Regular confirmation of the amount on hand with the custodian of the warehouse.

Increases in insurance coverage.

Question 66 1 pts

The operations manager of a company notified the treasurer of that organization 60

days in advance that a new, expensive piece of machinery was going to be
purchased. This notification allowed the treasurer to make
an orderly liquidation of
some of the company’s investment portfolio on favorable terms. What type of control
was involved?

Feedback.

Strategic.

Feedforward.

Concurrent.

Question 67 1 pts

https://feuph.instructure.com/courses/13179/quizzes/61878/take 26/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

The initiation of the purchase of materials and supplies would be the responsibility of
the

Production Department.

Purchasing Department.

Stores Control Department.

Inventory Control Department.

Question 68 1 pts

A control likely to prevent purchasing agents from favoring specific suppliers is

Requiring buyers to adhere to detailed material specifications.

Requiring management’s review of a monthly report of the totals spent by each buyer.

Rotating buyer assignments periodically.

Monitoring the number of orders placed by each buyer.

Question 69 1 pts

Which of the following is a consulting standard for control?

Incorporation of knowledge of controls gained from engagements into evaluation of control

processes.

Ascertain the extent to which operating a program goals and objectives have been
established.

Evaluation of adequacy and effectiveness of controls in responding to risks.

Review of operations to ascertain the extent to which results are consistent with established

https://feuph.instructure.com/courses/13179/quizzes/61878/take 27/28
25/08/2022, 16:17 Quiz: COMPREHENSIVE EXAMINATION - GOVERNANCE, RISK MANAGEMENT, CONTROLS

goals.

Question 70 1 pts

The use of financial statement analysis, quality control procedures, and employee
performance evaluations are all examples of

Concurrent controls.

Feedback controls.

Preliminary controls.

Feedforward controls.

Saved at 16:17
Submit quiz

https://feuph.instructure.com/courses/13179/quizzes/61878/take 28/28