SOFE Accredited Financial Examiner Set 5

The combined ratio is the sum of it:

The operating ratio is the combined ratio less than the ratio of investment income, to earned premiums.

The auditor should obtain a sufficient understanding by performing risk assessment procedures to:

A process designed to provide reasonable assurance about the achievement of the entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations is called:

Which of the following is NOT the interrelated component of internal control?

Which control includes the procedures for system design, including the acquisition of software packages, should encourage active participation by the accounting department and internal auditors?

Final approval should be obtained prior to placing a new system into operation is the activity that can be fall into which control?

An attitude that includes a questioning mind and a critical assessment of audit evidence is called:

Which are the types of misstatements relevant to the auditor's consideration of fraud in a financial statement audit?

Which of the following may NOT involve a high degree of management judgment and subjectivity and may present risks of material misstatement due to fraud?