20.2 In the course of auditing a company an auditor will receive verbal representations from management for which independent evidence is not available.On what basis should the auditor seek written confirmation of these representations from the directors?
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1 .19.4 Which of the following is generally NOT an appropriate method of sample selection?
A Block selection B Systematic selection C Haphazard selection
2 .19.5 An auditor selects a sample using the total value of trade receivables as the population. The sample is selected as follows:■one dollar is selected at random and deemed as the first dollar;■individual dollars are then selected at consecutive fixed intervals of USD10,000.Which of the following statements, in respect of this form of sample selection, is the most accurate?
A The basis of sample selection is more suited to the detection of understatement errors than overstatement errors B The basis of selection would be ineffective where errors occur in the population on a systematic basis C The basis of selection may be preferred when the book population under examina...
3 .19.6 In addition to evaluating the frequency of deviations in tests of controls, the auditor should also consider the qualitative aspects of deviations.Which of the following would be most likely cause the auditor to consider the broader implications of a deviation?
A It was the only deviation in the sample B It was identical to a deviation discovered in the prior year audit C It was initially concealed by a forged document D It was caused by an employee’s misunderstanding of instructions
4 .20.1 Which of the following describes the purpose of a written representation from management?
A To enable the auditor to bring to the attention of management any significant areas of weakness identified in the accounting records, systems and controls examined during the audit B To define clearly the extent of the auditor’s responsibilities and provide written confirmation of the terms of t...
5 .20.5 The following timetable relates to the audit of a company:31 January – All audit field work completed28 February – Financial statements approved by board of directors5 March – Audit report signed25 April – AGM heldWhat is the most appropriate date for an auditor to obtain a signed written representation from management?
A 31 January B 28 February C 4 March D 24 April
7 .20.3 Which of the following would the auditor generally expect to be referred to in the written representations from management?
A Confirmation from the directors that they will remedy any serious weaknesses in controls reported by the auditors B Confirmation of the respective responsibilities of the auditors and the company for tax work C Details of any material subsequent events or confirmation that there have not been any
8 .20.4 The management of Relic Co has refused to provide the auditor with a written management representation that the auditor considers essential in relation to the impairment of a material asset.Which of the following best describes the impact of this refusal?
A Prima facie evidence that the financial statements are not presented fairly B An illegal act by the directors C Grounds for an opinion modified on the basis of material misstatement D Grounds for an opinion modified on the basis of insufficient audit evidence
9 .21.1 How does the auditor use “test data” in computer assisted audit techniques?
A To test the operation of the entity’s computer programs B To examine the contents of the entity’s computer data files C To test the completeness of the items on a file
10 .21.2 A large manufacturer has a computerised open-item sales ledger, holding 2,000 customer accounts. The principal files within the system are the customer master file, sales ledger file, and transactions history file.What audit test could be assisted by a computer enquiry from the sales ledger files against the customer master file?
A Checking whether customers have exceeded their credit limits B Extracting a monetary unit sample of sales invoices C Verifying large credit notes D Verifying the age analysis of trade receivables
