In order to detect an understatement of sales, which of the following procedures wouldbe most effective?
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1 .It is common practice for the auditor of a service company to provide a Type 1 or Type 2report to be used by the auditors of that service company’s clients.What is the main difference between a Type 1 and Type 2 report?
A Details of the controls tested during the service provider’s annual audit B A separate assurance report on the effectiveness of the service provider’s internalcontrol function C Details of any modification made to the auditor’s report on the financial statements D Details of the controls tes...
2 .Which of the following is the LEAST persuasive method of gathering evidence?
A Inspection of a supplier’s invoice B Reperformance of a depreciation calculation undertaken by the reporting accountant C Inspection of a sales invoice produced by the client
3 .An auditor recalculates the amortisation of intangible assets to determine whether theamortisation period is reasonable.Which financial statement assertion is being tested?
A Valuation and allocation B Existence C Completeness
4 .During the course of an audit, the auditor may use the following documents:(1) An analysis of repairs expenditure for tax purposes(2) An aged debt listing(3) Suppliers’ statement reconciliationsWhich of these are acceptable if prepared by the client as a basis for further auditwork?
A 1 only B 1 and 2 only C 1, 2 and 3
5 .Sufficiency of audit evidence depends, among other things, on the “risk of misstatement”.Which of the following would increase this risk, and so indicate that more evidenceshould be collected for “sufficiency”?
A The knowledge that the audit working papers will be reviewed by an independentexternal technical body B The use of audit staff who are unfamiliar with the client C The use of judgement sampling rather than statistical sampling D A reporting deadline which is unusually soon after the year end
7 .Growers Co is a garden centre with 20 locations employing over two hundred people. To copewith the current and expected future annual increase in transactions, Growers hasimplemented a centralised computer system linked to processing and checkout terminals ateach centre. The new system will significantly improve the timing and quality of themanagement control information. A well-qualified and experienced internal audit team wasalso recently appointed.What area of the external audit will see an increased emphasis on obtaining auditassurance?
A Walk-through testing B Controls testing C Substantive testing of transactions D Substantive testing of balances
8 .Which of the following types of evidence would an auditor be most likely to examine todetermine whether internal controls are operating as designed?
A Gross margin information regarding the client’s industry B Confirmation of receivables verifying account balances C Sales orders documenting credit approval D Anticipated results documents in budgets or forecasts
9 .What assertion is an auditor testing when the auditor gathers evidence related to anentity’s control of obtaining credit approval before shipping goods to customers?
A Rights and obligations B Existence C Valuation and allocation
10 .What assertion is an auditor testing when the auditor gathers evidence to detect salesmade after the end of the year that have been recorded before year end?
A Cut-off B Accuracy C Completeness
