15.9 What assertion is an auditor testing when the auditor gathers evidence to detect sales made after the end of the year that have been recorded before year end?
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1 .15.4 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 evidence should be collected for “sufficiency”?
A The knowledge that the audit working papers will be reviewed by an independent external 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
2 .15.3 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 audit work?
A 1 only B 1 and 2 only C 1, 2 and 3
3 .15.2 An auditor recalculates the amortisation of intangible assets to determine whether the amortisation period is reasonable.Which financial statement assertion is being tested?
A Valuation and allocation B Existence C Completeness
4 .15.5 In order to detect an understatement of sales, which of the following procedures would be most effective?
A Select sales delivery notes and check the details with the related sales invoices B Select sales invoices and check the details with the related sales orders C Select sales invoices and check the details with the related sales delivery notes D Select sales orders and check the details with the rel...
5 .15.8 What assertion is an auditor testing when the auditor gathers evidence related to an entity’s control of obtaining credit approval before shipping goods to customers?
A Rights and obligations B Existence C Valuation and allocation
7 .15.11 An auditor examines a sample of sales invoices to determine if they were recorded in the correct revenue accounts.What assertion is an auditor testing?
A Accuracy B Classification C Completeness D Occurrence
8 .15.1 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
9 .15.6 Growers Co is a garden centre with 20 locations employing over two hundred people. To cope with the current and expected future annual increase in transactions, Growers has implemented a centralised computer system linked to processing and checkout terminals at each centre. The new system will significantly improve the timing and quality of the management control information. A well-qualified and experienced internal audit team was also recently appointed.What area of the external audit will see an increased emphasis on obtaining audit assurance?
A Walk-through testing B Controls testing C Substantive testing of transactions D Substantive testing of balances
10 .15.7 Which of the following types of evidence would an auditor be most likely to examine to determine 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
