Which of the following is used by the auditor to determine if a deficiency in internalcontrol is significant?
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1 .Which ONE of the following is NOT a function of the IASB?
A Responsibility for all IFRS technical matters B Publication of IFRSs C Overall supervisory body of the IFRS organisations D Final approval of interpretations by the IFRS Interpretations Committee
2 .Which ONE of the following is NOT part of the process of developing a newInternational Financial Reporting Standard?
A Issuing a discussion paper that sets out the possible options for a new standard B Publishing clarification of an IFRS where conflicting interpretations have developed C Drafting an IFRS for public comment D Analysing the feedback received on a discussion paper
3 .The issue of a new IFRS means that:(1) An existing standard may be partially or completely withdrawn.(2) Issues that are not in the scope of an existing standard are covered.(3) Issues raised by users of existing standards are explained and clarified.(4) Current financial reporting practice is modified.Which combination of the above will most likely be the result of issuing a new IFRS?
A 1, 2 and 3 only B 2, 3 and 4 only C 1, 3 and 4 only D 1, 2 and 4 only
4 .Which ONE of the following is one of the “3Es” in the “value for money” concept?
A Earnings B Equity C Evaluation D Effectiveness
5 .During the audit of a new client numerous weaknesses have been identified. The auditor isconsidering the content and format of his report to management (letter of weakness).Which of the following best summarises the auditor’s approach to the report?
A Include all matters of sufficient importance identified, but structure the letter to takeaccount of the varying levels of significance of matters included B Report only major points to be dealt with by directors, leaving less important itemsto be discussed informally with members of the client’s...
7 .Which of the following would NOT normally be considered to be a significant deficiencyby an auditor?
A No sensitivity analysis was carried out on the objective determination of estimatescontained within the financial statements B An immaterial fraud carried out by a senior manager had not been detected by theinternal control system C Transactions in which directors have financial interests are not ...
8 .As a number of deficiencies within the sales cycle are individually not significant, there is norequirement to discuss or report any of them to those charged with governance.Is this statement TRUE or FALSE?
A True B False
9 .Which of the following items may be included within the report to management?(1) An indication of areas in which the client can assist in improving audit efficiency.(2) Constructive feedback on business systems, risk systems and risk management.(3) Details of the audit work carried out to detect deficiencies.(4) Details of additional extensive work that could have been carried to try and detectfurther significant deficiencies.
A 1 and 2 only B 1 and 3 only C 1, 2 and 4 only D 2, 3 and 4 only
10 .Alhare Co uses a service provider to produce its payroll. Originating documents are kept byAlhare and regularly reconciled (i.e. through control totals and reviews/re-computation ofdata sent to and received from the service provider). Audit approach options available to theauditor include:(1) Assess the design and implementation of the service provider’s controls relevant tothe payroll processing(2) Test the service provider’s controls(3) Assess the design and implementation of the payroll controls at Alhare(4) Obtain a representation from the directors of Alhare concerning the operation ofAlhare’s payrollWhich of the following would be the most likely approach taken by the auditors ofAlhare concerning the service provider?
A 1 only B 3 only C 1 and 2 only D 3 and 4 only
