29.2 There are many elements within an audit that ensure the audit is completed effectively and efficiently. Four such elements are:(1) Direction and supervision of audit staff(2) Monitoring of time and costs(3) Preparation of adequate working papers(4) Review of work carried out by audit staffWhat are the two most important elements relating to audit finalisation?
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1 .28.1 It may be common for a professional firm to both prepare and audit the financial statements of small businesses and not-for-profit organisations.Which of the following procedures would NOT be acceptable for the auditor of a small business to carry out as part of the accounting and auditing functions?
A Estimating the remaining useful lives of non-current assets B Inspecting non-current assets C Entering details of non-current assets into the books and records from purchase invoices D Calculating the profit or loss on the disposal of non-current assets
2 .28.2 Which of the following is the best way to compensate for the lack of adequate segregation of duties in a small organisation?
A Disclosing lack of segregation of duties to the external auditors during the annual audit B Replacing personnel every three or four years C Greater management oversight
3 .28.5 Which statement on internal controls is the most relevant for small entities?
A There is a greater need for formal internal controls since segregation of duties will be weaker B The same need for formal internal controls is required since the directors’ personal involvement is counteracted by weaker segregation of duties C There is less need to depend upon formal internal c...
4 .28.4 Under International Standards on Auditing, revenue is identified as being an area of significant risk.Which financial element of a typical not-for-profit organisation should also be considered a significant risk?
A Cash B Receivables C Administration expenses D Liabilities
5 .28.3 Not-for-profit organisations do not need to be audited because they cannot be incorporated.Is this statement true or false?
A True B False
7 .29.4 The chairman’s report in the accounts of Table Co (a listed company) for the year ended 31 December states that the company’s trading resulted in a profit before tax of USD5 million. The profit and loss account and directors’ report, however, state that the company made an operating profit for the year of USD5 million but a net loss after taxation of USD7 million. The auditor considers that the information given in the chairman’s report is inconsistent with thefinancial statements, but is unable to persuade the chairman to amend his report.What should the auditor do?
A Modify the audit report using an Other Matter paragraph B Modify the audit opinion on the grounds of material misstatement C Seek legal and other professional advice on the appropriate course of action D Modify the audit report using an Emphasis of Matter paragraph
8 .29.1 Which of the following statements is NOT true regarding the auditor’s responsibility for subsequent events?
A The auditor has an active responsibility to make continuing inquiries between the date of the auditor’s report and the date the financial statements are issued B The auditor has no active responsibility to make continuing inquiries after the date of the auditor’s report C The auditor has an ac...
9 .29.3 ISA 560 Subsequent Events sets out the auditor’s responsibilities for the period between the year end and the annual general meeting (AGM).What action is the auditor required to take after signing the audit report and before the AGM?
A Obtain a representation from the directors that no material events after the reporting period have occurred in that period of time B Search for evidence of events after the reporting period that may cause him to change his opinion C Consult with the directors on any events after the reporting peri...
10 .29.5 Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?
A Confirming a sample of material accounts receivable after the year end B Inquiring as to whether any unusual adjustments were made after the year end C Comparing the financial statements being reported to those of a prior period
