Final check — Finance team supervision: controls, close and fraud prevention

Answer the 10 questions. You need 80% or more to pass. You can retry as many times as you like.

Question 1How many components does COSO’s 2013 internal control framework have?TenThreeFiveSeventeen

Question 2In the Three Lines Model, where does a finance supervisor sit?First line: running operations and the controls inside themThe governing bodyThird line, like internal auditOutside the model

Question 3Which pair of tasks should not sit with the same person in purchase-to-pay?Changing supplier bank details and releasing paymentsFiling invoices and answering the phoneReading the procedure and attending trainingScanning and printing

Question 4Full segregation is impossible in a small team. What should you do?Stop making paymentsAccept the risk without actionAdd compensating controls such as an independent review of changes or dual payment releaseAsk audit to run the controls

Question 5What does a reconciliation do?It posts all entries automaticallyIt compares a ledger balance with independent evidence and explains every differenceIt sets the budgetIt replaces the bank statement

Question 6A reconciling item has been carried forward for three months. What is the right response?Leave it — it balancesWrite it off without checkingMove it to another accountInvestigate and escalate it past the age limit

Question 7What are the three elements of the fraud triangle?Plan, do, checkRisk, control, auditPressure, opportunity, rationalisationCash, credit, debit

Question 8A supplier emails new bank details. How do you verify them?Call the number in the email signatureCall the supplier on the number already held in your supplier file, and record the call-backPay first, then checkReply to the email to confirm

Question 9Which COSO component does a supervisor’s sample review of the team’s work support most directly?External reportingMonitoringRisk assessment onlyNone — reviews are optional

Question 10A director asks you to hold an invoice so the quarter looks better, although the service was delivered. What fits the IMA principles?Delete the invoiceSplit it into small invoicesHold it quietlyPost or accrue the cost in the right period, record the request and inform your manager

Final check — Finance team supervision: controls, close and fraud prevention

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