Accounting · Auditing and Internal Control
Which of the following statements is correct regarding Internal Control Questionnaires (ICQs) and Internal Control Evaluation Questionnaires (ICEQs)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1ICEQs determine whether controls exist to meet specific objectives, while ICQs determine whether controls prevent specified errors.
- 2ICEQs are generally much easier to apply to a variety of different systems than ICQs.
- 3ICQs are likely to overlook how internal controls deal with unusual transactions.
- 4ICQs can give the impression that all controls are of equal weight; this issue is resolved by using ICEQs.✓
Correct answer
ICQs can give the impression that all controls are of equal weight; this issue is resolved by using ICEQs.
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