Which of the following statements is NOT correct concerning the auditor’s use of thework of a specialist?
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1 .As the new auditor of Elm Co (a listed company) you note that the company’s gross profitpercentage as per the draft accounts has fallen from 30% in the previous year to 20% in thecurrent year.Which of the following explanations is the most plausible?
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2 .Which of the following assists an auditor in gaining assurance that a company’sfinancial statements are consistent with his knowledge of the business?
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A Management judgement B Observable or unobservable inputs C The length of any forecast period D The auditor’s professional judgement
4 .Which of the following procedures would an auditor NOT ordinarily perform inevaluating management’s accounting estimates for reasonableness?
A Develop an independent expectation of management’s estimates B Gather evidence to restate prior year estimates C Test the calculations used by management to develop the estimates
6 .Which of the following statements is correct concerning an auditor’s use of the work ofan appraiser in assessing the value of a client’s intangible assets?
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7 .The only difference between a management’s expert and an auditor’s expert is that themanagement’s expert is an employee of the company and the auditor’s expert is an employeeof the auditor.Is this statement true or false?
A True B False
8 .In using the work of an audit expert, an auditor referred to the expert’s findings in theauditor’s report.Under what circumstances would this be appropriate?
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A Ensuring that the sample is representative of the population as a whole B Adequately supervising and reviewing the conduct of the audit test by the audit staff C Reducing the level of tolerable error
