A weakness in internal control over recording retirements of equipment may cause an auditor to:
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1 .What type of analytical procedure would an auditor most likely use in developing relationships among balance sheet accounts when reviewing the financial statements of a nonissuer?
A Trend analysis. B Regression analysis. C Risk analysis. D Ratio analysis.
2 .When performing an engagement to review a nonissuer's financial statements in accordance with Statements on Standards for Accounting and Review Services, an accountant most likely would:
A Restrict the use of the accountant's report. B Ask about actions taken at board of directors' meetings. C Confirm a sample of significant accounts receivable balances. D Obtain an understanding of internal control.
3 .A CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements (SSAE) when engaged to:
A Review management's discussion and analysis (MD&A) prepared pursuant to rules and regulations adopted by the SE B Audit financial statements that the client prepared for use in another country. C Provide the client with a financial statement format that does not include dollar amounts. D Report on...
4 .Which of the following controls would a company most likely use to safeguard marketable securities when an independent trust agent is not employed?
A The investment committee of the board of directors periodically reviews the investment decisions delegated to the treasurer. B The chairman of the board verifies the marketable securities, which are kept in a bank safe-deposit box, each year on the balance sheet date. C Two company officials have ...
5 .In performing a count of negotiable securities, an auditor records the details of the count on a security count worksheet. What other information is usually included on this worksheet?
A An evaluation of the client's internal control concerning physical access to the securities. B An analysis of realized gains and losses from the sale of securities during the year. C An acknowledgment by a client representative that the securities were returned intact. D A description of the clien...
7 .In determining the effectiveness of an entity's internal controls relating to the occurrence assertion for payroll transactions, an auditor most likely would inquire about and:
A Inspect evidence of accounting for prenumbered payroll checks. B Verify the preparation of the monthly payroll account bank reconciliation. C Observe the segregation of duties concerning personnel responsibilities and payroll disbursement. D Recompute the payroll deductions for employee fringe ben...
8 .Which of the following questions would an auditor most likely include on an internal control questionnaire for notes payable?
A Are direct borrowings on notes payable authorized by the board of directors? B Are assets that collateralize notes payable critically needed for the entity's continued existence? C Are the proceeds from notes payable used for the purchase of noncurrent assets? D Are two or more authorized signatur...
9 .When auditing related party transactions, an auditor places primary emphasis on:
A Confirming the existence of the related parties. B Verifying the valuation of the related party transactions. C Evaluating the disclosure of the related party transactions. D Ascertaining the rights and obligations of the related parties.
10 .Which of the following procedures most likely would assist an auditor in determining whether management has identified all accounting estimates that could be material to the financial statements?
A Determine whether accounting estimates deviate from historical patterns. B Confirm inventories at locations outside the entity. C Inquire about the existence of related party transactions. D Review the lawyer's letter for information about litigation.
