Homework Answers
16) Option D) I, II, and III.
An audit procedure can be done prior to the balance sheet date, on the balance sheet date (eg. physical cash verification on closing date) and even after the balance sheet date( all transactions).
17) Option A) Directional testing for existence.
In this testing, a sample is selected and it will be traced till the starting of the transaction to find its existence.
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c. Inspection d. Observation ANSWER: 16. When may audit procedures be performed? I - on the...
16. When may audit procedures be performed? I - on the balance sheet date. II -...
16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them back to the supporting documentation. This is an example of which of the following? a. Directional testing for existence. b. Directional...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of the following assen observing the client's count of inventory? a. Rights b Valuation c. Completeness. d. Existence. ANSWER: 20. When the auditor used the audit procedure vouching she is primarily concerned of the following assertions? a. Completeness b. Existence. c. Authorization d. Classification. ANSWER: 21. Observation suffers from which of the following limitations? a. Observation of processing is rarely unobtrusive. b. Observation of processing...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and traces its reported book balance to the trial balance and its bank balance to the standard confirmation. Which of the following assertions is being tested with these procedures? a. Rights. b. Valuation. c. Existence. d. All of the above.
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi,...
22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. (Use letters a. – f. below.) Assertion Statement i. Completeness ii. Cutoff iii. Existence and occurrence iv. Presentation and disclosure v. Rights and obligations vi. Valuation a.The company legally owns the assets, and are legally on the line for paying liabilities. b. Accounts receivable and...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial statements are true and fair ii)External auditors are responsible for the identification of all fraud iii)Internal auditors report their audit opinions to shareholders a)i and ii only b)i and iii only c)ii and iii d)None of the above 2.Ruby, an external auditor, has been asked by the Finance Director of Aberdeen Ltd. if she will be the company’s external auditor. Before agreeing to the...
1. Consider the following statements: I. Per auditing standards, the successor [new] audit firm is...
1. Consider the following statements: I. Per auditing standards, the successor [new] audit firm is required to initiate communication with the predecessor [old] audit firm. II. The predecessor auditor might communicate, to the successor auditor, information related to client management’s integrity. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. “A letter...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Management's attitude toward aggressive financial reporting and its...
1. You have performed a review engagement for XYZ Limited. The level of assurance to be...
1. You have performed a review engagement for XYZ Limited. The level of assurance to be expressed in your report is: a) Reasonable b) Low c) Limited d) None 2. Consider the following characteristics of business: i. Inadequate segregation of duties ii. General lack of mitigating (compensating) controls iii. More reliance on test of controls iv. More reliance on substantive procedures From an audit perspective, a small business would generally exhibit: a) I and iv only b) i and ii...
16. When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date. a. I only. b. I and III only c. II only. d. I, II, and III. ANSWER: 17. An auditor selects a sample of items recorded and traces them back to the supporting documentation. This is an example of which of the following? a. Directional testing for existence. b. Directional...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of the following assen observing the client's count of inventory? a. Rights b Valuation c. Completeness. d. Existence. ANSWER: 20. When the auditor used the audit procedure vouching she is primarily concerned of the following assertions? a. Completeness b. Existence. c. Authorization d. Classification. ANSWER: 21. Observation suffers from which of the following limitations? a. Observation of processing is rarely unobtrusive. b. Observation of processing...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
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