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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1 .Which of the following approaches to evaluating the reasonableness of an accountingestimate would provide insufficient audit evidence?
A Review subsequent events or transactions occurring prior to audit completion B Develop an independent expectation of the estimate C Review and test the process used to develop the estimate D Review the minutes of board of directors and shareholder meetings for discussion ofthe estimate
2 .Hardware Co has a fixed mark-up of 50% on cost. The external auditor’s analytical review ofthe current financial statements has revealed a gross profit margin of 40% of sales.What could this indicate?
A Some sales have not been invoiced B Some purchases have not been recorded C Closing inventory has been undervalued D Goods used for personal consumption have been included in purchases
3 .Which of the following types of assumptions would an auditor be concerned about whenevaluating the reasonableness of an entity’s accounting estimates?
A Assumptions that are susceptible to bias B Assumptions that are consistent with prior periods C Assumptions that are insensitive to variations D Assumptions that are similar to industry guidelines
4 .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?
A Errors in computation led to opening inventory being overvalued and this has beencompounded by the inclusion for the first time (so as to comply with IAS 2) ofindirect overheads in the closing inventory valuation B Errors in computation led to opening inventory being overvalued and the companyhas ...
6 .Which of the following is NOT a factor that may influence estimation uncertainty?
A Management judgement B Observable or unobservable inputs C The length of any forecast period D The auditor’s professional judgement
7 .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
8 .Which of the following statements is NOT correct concerning the auditor’s use of thework of a specialist?
A The specialist should have an understanding of the auditor’s use of the specialist’sfindings B The auditor is required to perform substantive procedures to verify the specialist’sassumptions and findings C The client should have an understanding of the nature of the work to be performedby th...
9 .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?
A The auditor is not required to understand the objectives and scope of the appraiser’swork B The reasonableness of the appraiser’s assumptions is strictly the auditor’sresponsibility C The client is required to consent to the auditor’s use of the appraiser’s work D If the appraiser is not...
10 .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
