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ch. 5- audit

front 1

Which of the following is NOT a financial statement assertion made by management?

back 1

Effectiveness of Internal Control

front 2

Which of the following business characteristics is NOT indicative of high inherent risk?

back 2

A large amount of assets

front 3

As part of their audit, auditors obtain a representation letter from their client. Which of the following is NOT a valid purpose of such a letter?

back 3

To increase the efficiency of the audit by eliminating the need for other audit procedures.

front 4

Which of the following statements best describes why auditors investigate related party transactions?

back 4

The substance of related party transactions may differ from their form.

front 5

Of the following, which is the LEAST reliable type of audit evidence?

back 5

Copies of sales invoices inspected by the auditors.

front 6

Analytical procedures are most likely to detect:

back 6

Unusual transactions

front 7

Which of the following is not a primary approach to auditing an accounting estimate?

back 7

Confirm the accounts

front 8

A primary purpose of the audit working papers is to:

back 8

Support the auditors opinion

front 9

In what section of the audit working papers would a long-term lease agreement be filed?

back 9

Permanent working paper file

front 10

Which of the following is NOT a function of audit working papers?

back 10

Assist management in illustrating that the financial statements are in accordance with generally accepted accounting principles.

front 11

In using the work of a specialists, the auditors referred to the specialist's findings in their report. This would be an appropriate reporting practice if the:

back 11

Auditors, as a result of the specialists findings, give a qualified opinion on this financial statements.

front 12

A difference of opinion concerning accounting and auditing matters relative to a particular phase of the audit arises between an assistant auditor and the auditor responsible for the engagement. After appropriate consultation, the assistant auditor asks to be disassociated from the resolution of the matter. The working papers would probably?

back 12

Document the assistant auditor's position and how the difference of opinion was resolved.

front 13

To be effective, analytical procedures performed near the end of the audit should be performed by?

back 13

A manager or partner who has a comprehensive knowledge of the clients business and industry.

front 14

Which of the following is not an assertion relating to classes of transactions?

back 14

Sufficiency

front 15

Assertions relating to classes of transactions?

back 15

Occurrence

Completeness

Accuracy

Cutoff

Classification

front 16

The inspection of a vendors invoice by the auditors is:

back 16

Documentary evidence about occurrence of a transaction.

front 17

Which of the following is not a financial statement assertion relating to account balances?

back 17

Recorded value and discounts

front 18

Assertions relating to account balances?

back 18

Existence

Rights and obligations

Completeness

Valuation and allocation

front 19

Which of the following is generally true about the sufficiency of audit evidence?

back 19

The amount of evidence that is sufficient varies directly with the acceptable risk of material misstatement.

front 20

The auditors use analytical procedures during the course of an audit. The most important phase of performing these procedures is the:

back 20

Investigation of significant variations and unusual relationships.

front 21

Which of the following ultimately determines the specific audit procedures necessary to provide independent auditors with a reasonable basis for the expression of an opinion?

back 21

The auditors judgement

front 22

Failure to detect material dollar errors in financial statements is a risk which the auditors primarily mitigate by:

back 22

Performing substantive procedures

front 23

Which of the following expressions is least likely to be included in a clients representation letter?

back 23

Management acknowledges responsibility for illegal actions committed by employees.

front 24

Which of the following statements is generally correct about audit evidence?

back 24

The auditors direct personal knowledge, obtained through observation and inspection, is more persuasive than information obtained indirectly from independent outside sources.

front 25

During an audit engagement pertinent data are prepared and included in the audit working papers. The working papers primarily are considered to be?

back 25

Support for the auditors representations as to compliance with generally accepted auditing standards.