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?
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1 .A company has an opening trade receivable loss allowance of USD8,620 and opening trade receivables of USD463,271. You are given the following details as regards the year ended 31 August 2015: Sales USD5,943,271 Receipts from credit customers USD5,217,000 (including USD4,262 in respect of a debt previously written off as irrecoverable) Irrecoverable debts written off USD8,563 Discounts allowed USD3,271 A closing receivables loss allowance of 3% of year-end trade receivables is required.What is the total charge to profit or loss for the year to 31 August 2015 in respect of irrecoverable debts?
A USD26,839 B USD31,140 C USD39,664 D USD39,760
2 .On 1 January 2015 Pierre’s accounts receivable were USD5,000. The following relates to the year ended 31 December 2015: USD Revenue 100,000 Cash receipts 70,000 Discounts allowed 800 Discounts received 700 Irrecoverable debts 500 Cash receipts include USD1,000 in respect of a debt previously written off.What amount for accounts receivable should be shown in the statement of financial position at 31 December 2015?
A USD33,700 B USD34,200 C USD34,700 D USD34,800
3 .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
4 .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
5 .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...
7 .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
8 .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?
A 1 and 2 B 2 and 3 C 3 and 4 D 1 and 4
9 .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
10 .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...
