10.4 Which is the best way of describing a material item?
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Y 对 N 错
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5 .10.1 Which of the following statements is FALSE?
A Materiality depends on the monetary amount of an item B Materiality may depend on either the nature of an item or its monetary amount C Materiality is a matter of professional judgment
7 .10.2 The external auditor of Aaron Co has set a planning materiality threshold of USD40,000 and a performance materiality of USD30,000. The audit testing approach to the following financialstatement items is being considered:(1) Harry, a director of Aaron Co, owes USD1,000 to the company (borrowed during the year).(2) Sundry income of USD35,000Which of the two items should be tested?
A Neither 1 nor 2 B Both 1 and 2 C 1 only D 2 only
8 .10.3 As an audit team member with two years of experience, you were assigned to carry out a substantive test on directors’ expenses. The result of the test showed that in several cases involving the same director, the Chief Financial Officer (CFO) had authorised the over payment of his expenses. Each expense item was less than the performance materiality level.What action should be taken?
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A True B False
10 .11.3 A material fraud was discovered at Conner Co shortly after the auditor had presented an unmodified audit report to the annual general meeting. His standard letter of engagement indicated that he “would plan the audit so as to have reasonable expectation of detecting material misstatements in the financial statements resulting from errors or fraud”, but also stated that the primary responsibility for the prevention and detection of fraud lay with management.Which of the following statements most accurately reflects the likelihood of the auditor being held liable for the failure to find the fraud?
A He is likely to be liable because his engagement letter accepted specific responsibility to find material misstatements B He is likely to be found liable if he found indications of a possible fraud but dismissed them as immaterial having failed to adequately investigate them C He is likely to be h...
