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Quiz von clara.azurmendi, aktualisiert more than 1 year ago
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Frage 1
Frage
Which of the following is not one of the major categories of auditor's services?
Antworten
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Assurance engagements dealing with subject matters other than historical financial information
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Related service engagements
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Compilation engagement
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The audit or review of historical financial information
Frage 2
Frage
Planning means developing a general strategy and a detailed approach for the expected:
Antworten
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Audit opinion and reports to regulators
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Report to the audit committee
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Audit working papers' documentation
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Nature, timing and extent of the audit
Frage 3
Frage
Materiality and risk are_________ related.
Antworten
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Inversely
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Directly
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Equally
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None of the above
Frage 4
Frage
Financial involvement with a client will affect independence and may lead a reasonable observer to conclude that independence has been impaired. Which of the following is not a form of financial involvement with a client?
Antworten
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Loans to or from the client
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Financial interest resulting from being an administrator of any trust with a financial interest in the client
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Financial interest in a joint venture with a client
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Fees paid for audit engagement
Frage 5
Frage
If an auditor believes the financial statements of a client are not fairly presented then the auditor should:
Antworten
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Notify users through an auditor report
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Report the findings to the government
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Notify the external users by advertising its findings
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All of the above
Frage 6
Frage
_____________ uses comparison and relationship to assess whether account balances or other data appear reasonable.
Antworten
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Test of details
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Internal details
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Analytical procedures
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Walk through tests
Frage 7
Frage
In evaluating engagement risks, the auditor should be aware of items such as:
Antworten
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The client's previous year's profits
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The client's method of financing growth
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The client's liquidity position
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All of the above
Frage 8
Frage
___________ smoothing is a form of earning management in which revenues and expenses are shifted between periods to reduce fluctuations in earnings.
Antworten
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Expense
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Equity
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Revenue
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Income
Frage 9
Frage
Fraudulent financial reporting may contribute to:
Antworten
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External Performance Pressures
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Lack of Segregation of Duties
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Internal Performance Pressures
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All of the above
Frage 10
Frage
If an auditor discovers fraud, an auditor should:
Antworten
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Conduct further investigations
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Approach the appropriate level of management
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Consider withdrawing from the audit if the fraud is significant
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All of the above
Frage 11
Frage
The following stages comprise a typical money laundering process. What is the right sequence of the process ?
Creating layers of financial transactions
Breaking up large amounts of cash into smaller sums and placing them into the financial system
Integrating the money into the economic system as if it is "clean" and comes from legitimate sources
Antworten
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1,2 and 3
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1, 3 and 2
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2, 1 and 3
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3, 1 and 2
Frage 12
Frage
Financial involvement with a client will affect independence and may lead a reasonable observer to conclude that independence has been impaired. Which of the following is not a form of financial involvement with a client?
Antworten
-
Loans to or from the client
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Fees paid for audit engagement
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Financial interest resulting from being an administrator of any trust with a financial interest in the client
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Financial interest in a joint venture with a client
Frage 13
Frage
An auditor makes inquiries of inventory control and sales personnel concerning possible obsolete or slow moving inventory to verify:
Antworten
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Rights and obligations
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Valuation
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Occurrence
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Existence
Frage 14
Frage
Which of the following is not correct about independence of mind?
Antworten
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It allows an individual to act with integrity
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It is the exercise of objectivity and professional scepticism
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It permits the provision of an opinion without being affected by influences that compromise professional judgment
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It is the state of mind that creates confidence in the auditor
Frage 15
Frage
The auditor with the responsibility for reporting is:
Antworten
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The external auditor
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The group auditor
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The internal auditor
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The other auditor
Frage 16
Frage
The terms of the engagement include consideration of what is to be done (the objective, scope and report of the audit), by whom and:
Antworten
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What is the estimated period of time for the audit
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What employees will participate in the audit
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What experience the auditors have
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For how much
Frage 17
Frage
All of the following are audit procedures in the audit of Accounts Payable and Accruals except:
Antworten
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Review liabilities recorded after the end of the period and review subsequent cash payments
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Value inventory
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Vouch claims for credit from suppliers (e.g. receivables from suppliers) to supporting documents
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Review classification and description of accounts (e.g. debit balance, current/non-current trade, related parties)
Frage 18
Frage
Which of the following standards are not issued by the International Auditing and Assurance Standards Board?
Antworten
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International Standards on Quality Control
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International Auditing Practice Statements
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International Standard on Assurance Engagements
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International Financial Reporting Standards
Frage 19
Frage
The standards given in 'Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement', (ISA 315) emphasise:
Antworten
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Reports to regulating bodies
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Obtaining an understanding of business risks and significant risks
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Obtaining an understanding of control risk
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Procedures for sampling audit tests
Frage 20
Frage
How does the related services framework differ from the assurance framework?
Antworten
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Related services engagements do not result in an opinion
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Related services enhance the degree of confidence intended users can have
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Related services claim compliance with ISAEs
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Related services claim compliance with ISAs
Frage 21
Frage
In an agreed-upon procedures engagement what matters generally have to be agreed between auditor and management?
Antworten
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Nature, timing and extent of the specific procedures to be applied
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The intended user of the report
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The skills of the audit team
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Identification of the corporate governance framework
Frage 22
Frage
A Letter of Representation includes all the following matters except:
Antworten
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matters which are material to the financial statements
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matters for which the auditors cannot obtain independent corroborative evidence and thus have to rely on directors as the primary source
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matters which are routine
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matters where management alone have knowledge and matters of judgement and opinion
Frage 23
Frage
Which of the following matters is not ordinarily included in a management representations letter?
Antworten
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Acknowledgement of the directors' responsibilities for preparing financial statements in accordance with the appropriate financial reporting framework
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Disclosure of compensating balances and other arrangements involving restrictions on cash balances
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Amount of potential loss from litigation, including court costs
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Management's acknowledgment of its responsibility for the fair presentation of financial statements
Frage 24
Frage
Which of the following is not a procedure to obtain an understanding of risk in the planning stage (described in ISA 315):
Antworten
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Inquiries of management
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Analytical procedures
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Procedures for sampling audit tests
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Observation and inspection
Frage 25
Frage
If an auditor discovers fraud, an auditor should
Antworten
-
Conduct further investigations
-
Approach the appropriate level of management
-
Consider withdrawing from the audit if the fraud is significant
-
All of the above
Frage 26
Frage
Fraudulent financial reporting may be caused by:
Antworten
-
External Performance Pressures
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Lack of Segregation of Duties
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Internal Performance Pressures
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All of the above
Frage 27
Frage
In cases when a new auditor will replace an existing auditor, the code of ethics advises the new auditor to:
Antworten
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Communicate with the existing auditor
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Report the change to the SEC
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Communicate with the audit committee
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Present a change of auditor plan to the audit client
Frage 28
Frage
All of the following factors influence the continuance of an existing auditor-client relationship except:
Antworten
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Pending litigation between client and auditor
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Excessive risk
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Inability to obtain a management representation letter
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The balance of client fees owed
Frage 29
Frage
Which of the following might be a commonly used guideline related to a financial statement materiality base?
Antworten
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15 % to 20% of current assets
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2 % to 4 % of net income before taxes
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5 % to 10% of long-term liabilities
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1/2 % to 2% of total assets
Frage 30
Frage
Which of the following papers would normally be retained on the permanent file maintained for a limited company audit client?
Antworten
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Completed checklist of statutory disclosure provisions.
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Extracts of minutes of meetings of the directors.
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Written representations from management.
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Copy of the company’s legal constitution
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