CRISC TEST BANK 1 QUESTIONS
WITH ANSWERS LATEST
UPDATE ALREADY GRADED A+
Q1
Which section of the Sarbanes-Oxley Act specifies "Periodic
financial reports must be certified by CEO and CFO"?
A. Section 302
B. Section 404
C. Section 203
D. Section 409 - Correct Answer: A
Section: Volume A
Explanation
,Section 302 of the Sarbanes-Oxley Act requires corporate
responsibility for financial reports to be certified by CEO, CFO, or
designated representative.
Incorrect Answers:
B: Section 404 of the Sarbanes-Oxley Act states that annual
assessments of internal controls are the responsibility of
management.
C: Section 203 of the Sarbanes-Oxley Act requires audit partners
and review partners to rotate off an assignment every five years.
D: Section 409 of the Sarbanes-Oxley Act states that the financial
reports must be distributed quickly and currently.
Q2
What is the PRIMARY need for effectively assessing controls?
A. Control's alignment with operating environment
B. Control's design effectiveness
C. Control's objective achievement
D. Control's operating effectiveness - Correct Answer: C
Section: Volume A
Explanation
,Controls can be effectively assessed only by determining how
accurately the control objective is achieved within the
environment in which they are operating. No conclusion can be
reached as to the strength of the control until the control has
been adequately tested.
Incorrect Answers:
A: Alignment of control with the operating environment is
essential but after the control's accuracy in achieving objective.
In other words, achieving objective is the top most priority in
assessing controls.
B: Control's design effectiveness is also considered but is latter
considered after achieving objectives.
D: Control's operating effectiveness is considered but after its
accuracy in objective achievement.
Q3
You work as the project manager for Bluewell Inc. There has
been a delay in your project work that is adversely affecting the
project schedule. You decide, with your stakeholders' approval,
to fast track the project work to get the project done faster.
When you fast track the project, what is likely to increase?
, A. Human resource needs
B. Quality control concerns
C. Costs
D. Risks - Correct Answer: D
Section: Volume A
Explanation
Fast tracking allows entire phases of the project to overlap and
generally increases risks within the project.
Fast tracking is a technique for compressing project schedule. In
fast tracking, phases are overlapped that would normally be
done in sequence. It is shortening the project schedule without
reducing the project scope.
Incorrect Answers:
A: Human resources are not affected by fast tracking in most
scenarios.
B: Quality control concerns usually are not affected by fast
tracking decisions.
C: Costs do not generally increase based on fast tracking
decisions.
WITH ANSWERS LATEST
UPDATE ALREADY GRADED A+
Q1
Which section of the Sarbanes-Oxley Act specifies "Periodic
financial reports must be certified by CEO and CFO"?
A. Section 302
B. Section 404
C. Section 203
D. Section 409 - Correct Answer: A
Section: Volume A
Explanation
,Section 302 of the Sarbanes-Oxley Act requires corporate
responsibility for financial reports to be certified by CEO, CFO, or
designated representative.
Incorrect Answers:
B: Section 404 of the Sarbanes-Oxley Act states that annual
assessments of internal controls are the responsibility of
management.
C: Section 203 of the Sarbanes-Oxley Act requires audit partners
and review partners to rotate off an assignment every five years.
D: Section 409 of the Sarbanes-Oxley Act states that the financial
reports must be distributed quickly and currently.
Q2
What is the PRIMARY need for effectively assessing controls?
A. Control's alignment with operating environment
B. Control's design effectiveness
C. Control's objective achievement
D. Control's operating effectiveness - Correct Answer: C
Section: Volume A
Explanation
,Controls can be effectively assessed only by determining how
accurately the control objective is achieved within the
environment in which they are operating. No conclusion can be
reached as to the strength of the control until the control has
been adequately tested.
Incorrect Answers:
A: Alignment of control with the operating environment is
essential but after the control's accuracy in achieving objective.
In other words, achieving objective is the top most priority in
assessing controls.
B: Control's design effectiveness is also considered but is latter
considered after achieving objectives.
D: Control's operating effectiveness is considered but after its
accuracy in objective achievement.
Q3
You work as the project manager for Bluewell Inc. There has
been a delay in your project work that is adversely affecting the
project schedule. You decide, with your stakeholders' approval,
to fast track the project work to get the project done faster.
When you fast track the project, what is likely to increase?
, A. Human resource needs
B. Quality control concerns
C. Costs
D. Risks - Correct Answer: D
Section: Volume A
Explanation
Fast tracking allows entire phases of the project to overlap and
generally increases risks within the project.
Fast tracking is a technique for compressing project schedule. In
fast tracking, phases are overlapped that would normally be
done in sequence. It is shortening the project schedule without
reducing the project scope.
Incorrect Answers:
A: Human resources are not affected by fast tracking in most
scenarios.
B: Quality control concerns usually are not affected by fast
tracking decisions.
C: Costs do not generally increase based on fast tracking
decisions.
