22.2 The auditor of Kirby Co is currently planning the audit approach in respect of the containers in which goods are delivered to customers. There is no charge to customers for the containers, which remain the property of Kirby Co and must be returned. For production line convenience, suppliers are also required to use these containers when supplying components.The containers are expensive and have an average estimated useful life of three years. Container records identify each container separately and record their current location.Which assertion is likely to cause particular problems for the auditor?
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1 .21.2 A large manufacturer has a computerised open-item sales ledger, holding 2,000 customer accounts. The principal files within the system are the customer master file, sales ledger file, and transactions history file.What audit test could be assisted by a computer enquiry from the sales ledger files against the customer master file?
A Checking whether customers have exceeded their credit limits B Extracting a monetary unit sample of sales invoices C Verifying large credit notes D Verifying the age analysis of trade receivables
2 .21.3 During the final audit of Colossus, a large multi-national listed conglomerate, it is suspected that systematic errors that have occurred within the integrated computer system are a result of mainframe programming inadequacies.Which tests are most likely to confirm these suspicions?
A The use of test data together with a review of general controls over systems development and implementation B Integrated test facilities or other embedded facilities designed to allow a continuous review of data recorded and the manner in which it is treated by the system C File dumps at intervals...
3 .21.5 Which of the following could be established by test data processed by the payroll module of a computerised accounts system?
A Accuracy and completeness of tax calculations and deductions B Accuracy of employees’ personal tax codes C Validity of employees’ gross salary
4 .21.4 Which of the following most closely represents the use of audit software?
A Auditor’s program: √; Auditor’s data: √. B Client’s program: √; Auditor’s data: √. C Auditor’s program: √; Client’s data: √. D Client’s program: √; Client’s data: √.
5 .22.1 Which of the following describes how an auditor would confirm the existence assertion for a non-current asset?
A Trace the physical item to the non-current asset register B Trace the physical item to the financial statements C Trace an entry in the non-current asset register to the physical item
7 .22.3 Which of the following audit procedures provides the most relevant evidence to verify the carrying amount of a company’s fleet of cars?
A Checking depreciation rates and calculations for the vehicles B Examination of the vehicle registration documents C Inspection of the cars’ insurance certificates
8 .22.4 What evidence will inspecting the share certificate, contract note and statutory records of an unquoted investment provide to the auditor?
A Existence of the investment B Existence and rights and obligations of the investment C Existence, rights and obligations, and cost of the investment D Existence, rights and obligations, cost and valuation of the investment
9 .22.5 Pillbox Co makes and sells medical equipment and has a sizeable research and development unit. The directors have identified three material applied research projects whose results they hope will be developed into viable products. They have therefore capitalised the expenditure on these projects and will amortise it over three years. The accounts fully disclose the treatment adopted.What form should the audit report take?
A Unmodified B Unmodified, with reference to the inherent uncertainty drawing attention to the relevant disclosure note C Modified, disclaimer as a result of uncertainty about viability of the products D Modified, except for capitalisation of the expenditure
10 .23.1 Which of the following forms of evidence is the most reliable where an auditor is unable to physically inspect inventory held by an agent on a sale or return basis?
A A copy of the pro-forma invoice to the agent B A certificate obtained directly by the auditor from the agent detailing the inventory held on the client’s behalf C An analysis of cash received from the agent after the year end substantiating the year-end inventory level
