During an audit of a nonissuer’s financial statements, an auditor should perform tests of controls to obtain sufficient appropriate audit evidence about the operating effectiveness of relevant controls if:
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1 .An auditor uses the knowledge provided by the understanding of internal control and the final assessed risk of material misstatement primarily to determine the nature, timing, and extent of the:
A Tests of controls. B Attribute tests. C Substantive tests. D Compliance tests.
2 .An auditor would most likely be concerned with internal controls that provide reasonable assurance about the:
A Methods of assigning production tasks to employees. B Appropriate prices the entity should charge for its products. C Efficiency of management's decision-making process. D Entity's ability to process and summarize financial data.
3 .Which of the following factors is most likely to affect the extent of the documentation of the auditor's understanding of a client's system of internal controls?
A The degree to which information technology is used in the accounting function. B The relationship between management, the board of directors, and external stakeholders. C The degree to which the auditor intends to use internal audit personnel to perform substantive tests. D The industry and the bu...
4 .Which of the following is an inherent limitation in internal control?
A Incompatible duties. B Faulty human judgment. C Lack of an audit committee. D Lack of segregation of duties.
5 .What is the most likely course of action that an auditor would take after determining that performing substantive tests on inventory will take less time than performing tests of controls?
A Assess control risk at a low level. B Perform only substantive tests on inventory. C Perform both tests of controls and substantive tests on inventory. D Perform only tests of controls on inventory.
7 .The objective of tests of details of transactions performed as tests of controls is to:
A Evaluate whether internal controls operated effectively. B Detect material misstatements in the account balances of the financial statements. C Determine whether internal controls have been implemented. D Monitor the design and use of entity documents such as prenumbered shipping forms.
8 .Evidence concerning the proper segregation of duties for receiving and depositing cash receipts ordinarily is obtained by:
A Performing substantive tests to verify the details of the bank balance. B Completing an internal control questionnaire that describes the control activities. C Observing the employees who are performing the control activities. D Preparing a flow chart of the duties performed and the entity's avail...
9 .An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the controls leave no audit trail of documentary evidence, the auditor most likely will test the procedures by:
A Analytical procedures and confirmation. B Confirmation and observation. C Observation and inquiry. D Inquiry and analytical procedures.
10 .Before applying principal substantive tests to the details of accounts at an interim date prior to the balance sheet date, an auditor should:
A Assess control risk at a low level for the assertions embodied in the accounts selected for interim testing. B Obtain written representations from management that all financial records and related data will be made available. C Consider whether the amounts of the year-end balances selected for int...
