Which of the following is an example of a general control in a computerised accountingsystem?
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1 .Which of the following procedures is NOT likely to result in the discovery of possiblenon-compliance with laws and regulations?
A Making inquiries of management or the entity’s lawyer B Reviewing internal control questionnaires C Performing tests of details of transactions
2 .A material fraud was discovered at Conner Co shortly after the auditor had presented anunmodified audit report to the annual general meeting. His standard letter of engagementindicated that he “would plan the audit so as to have reasonable expectation of detectingmaterial misstatements in the financial statements resulting from errors or fraud”, but alsostated that the primary responsibility for the prevention and detection of fraud lay withmanagement.Which of the following statements most accurately reflects the likelihood of the auditorbeing held liable for the failure to find the fraud?
A He is likely to be liable because his engagement letter accepted specificresponsibility to find material misstatements B He is likely to be found liable if he found indications of a possible fraud butdismissed them as immaterial having failed to adequately investigate them C He is likely to be hel...
3 .An auditor has discovered a $10,000 wages fraud by a director of a listed company. Theamount is not material in relation to the financial statements of the company and the auditorhas determined that the fraud does not constitute money laundering.To whom does the auditor have a primary duty to report this matter to?
A Those charged with governance B The company’s shareholders C The tax authorities
4 .Which of the following items of information that comes to an auditor’s attention wouldbe most likely to suggest non-compliance with laws and regulations?
A The client’s failure to develop adequate internal controls that prevent or detectunauthorised purchases B The presence of several difficult-to-audit transactions affecting expense accounts C An exchange of property for similar property D The discovery of unexplained payments made to government e...
5 .The following situations are all covered by general controls:(1) Changes to data files(2) Program changes(3) Continuity of operationsWhich general control would be appropriate to all three scenarios above?
A Password protection B Back-up procedures C Authorisation D One-for-one checking
7 .Which of the following procedures is considered a test of controls?
A Reviewing cash payments after the year end for unrecorded liabilities B Evaluating whether a liability was recorded at the proper amount C Interviewing and observing appropriate personnel to determine segregation of duties
8 .When planning the audit of the purchases cycle, which of the following internal controlsshould the auditor test in order to ensure that liabilities are not understated?
A Goods inwards records (GRNs) are matched to invoices and regularly reviewed foritems in respect of which no invoice has been received. An authorised list ofunmatched GRNs is produced at the end of each month B Invoices are authorised as matched with goods inwards/service received notesbefore being...
9 .Which of the following internal controls is most likely to contribute to the auditor’sconfidence that all sales have been recorded in the accounts?
A Matching pre-numbered sales invoices to despatch notes B Sales manager authorising all invoices before they are issued C Matching pre-numbered despatch notes to invoices D Preparing and following up an aged receivables analysis by someone independent ofthe sales ledger function
10 .An auditor has identified the financial controller’s review of the bank reconciliation as acontrol to test. In connection with this test, the auditor interviews the financial controller tounderstand the specific data reviewed on the reconciliation. In addition, the auditor verifiesthat the bank reconciliation is properly prepared by the accountant and reviewed by thefinancial controller as evidenced by their respective sign-offs.Which of the following types of audit procedures do these actions illustrate?
A Inquiry and inspection of records B Confirmation and reperformance C Analytical procedures and reperformance D Observation and inspection of records
