Under which circumstance would an auditor be most likely to perform substantive tests before the balance sheet date?
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1 .Which of the following circumstances would most likely cause an auditor to suspect that material misstatements arising from fraud exist in a client's financial statements?
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2 .Which of the following is not a control environment factor?
A Proper segregation of duties. B Hiring and advancement policies. C Participation of those charged with governance. D Management's approach toward business risks.
3 .Which of the following procedures is considered a test of controls?
A An auditor evaluates whether a general journal entry was recorded at the proper amount. B An auditor reviews the audit workpapers to ensure proper sign-off. C An auditor interviews and observes appropriate personnel to determine segregation of duties. D An auditor reviews the entity's check regist...
4 .Which of the following statements is correct regarding internal control?
A A well-designed internal control environment ensures the achievement of an entity's control objectives. B A well-designed and operated internal control environment should detect collusion perpetrated by two people. C An inherent limitation to internal control is the fact that controls can be circu...
5 .To obtain audit evidence about control risk, an auditor selects tests from a variety of techniques including:
A Analytical procedures. B Calculation. C Inquiry. D Confirmation.
7 .Which of the following sampling methods would be used to estimate a numerical measurement of a population, such as a dollar value?
A Random-number sampling. B Variables sampling. C Attribute sampling. D Stop-or-go sampling.
8 .Which of the following factors is (are) considered in determining the sample size for a test of controls?Expecteddeviation rateTolerabledeviation rate
A Yes........No B No.........No C Yes........Yes D No.........Yes
9 .An audit partner is developing an office training program to familiarize his professional staff with statistical decision models applicable to the audit of dollar value balances. He wishes to demonstrate the relationship of sample sizes to population size and variability and the auditor's specifications as to tolerable misstatement and risk of incorrect acceptance. The partner prepared the following table to show comparative population characteristics and audit specifications of two populations.Characteristics ofPopulation 1 Relativeto Population 2Audit Specifications as to as Samplefrom Population 1 Relative to aSample from Population 2SizeVariabilitySpecifiedTolerableMisstatementSpecified Riskof IncorrectAcceptanceCase 1EqualEqualEqualLowerCase 2EqualLargerLargerEqualCase 3LargerEqualSmallerHigherCase 4SmallerSmallerEqualHigherCase 5LargerEqualEqualLowerYou are to indicate for the specified case from the above table the required sample size to be selected from population 1 relative to the sample from population 2.In case 4 the required sample size from population 1 is:
A Equal to the required sample size from population 2. B Smaller than the required sample size from population 2. C Indeterminate relative to the required sample size from population 2. D Larger than the required sample size from population 2.
10 .In a probability-proportional-to-size sample with a sampling interval of USD5,000, an auditor discovered that a selected account receivable with a recorded amount of USD10,000 had an audit amount of USD8,000. If this were the only error discovered by the auditor, the projected error of this sample would be:
A USD2,000 B USD1,000 C USD5,000 D USD4,000
