7.5 Which of the following should an auditor consider when developing an overall audit strategy?
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1 .6.2 The use of standardised working papers may improve the efficiency with which the audit file is prepared and reviewed. However, the extent to which a standardised approach is desirable will vary from audit to audit and will be more appropriate for some forms of documentation than others.For which document would a standardised approach be particularly appropriate?
A An engagement letter B An annual bank confirmation letter C An audit programme D Written representations from management
2 .6.4 Which of the following is an advantage of using standardised working papers?
A Ensures the completeness of the audit working papers by the placing of a standard programme on each section of the audit file B Introduces a standard approach to the conduct and documentation of the audit C Enables junior staff to follow properly documented and designed procedures thereby reducing...
3 .6.5 Auditors’ working papers are conventionally divided into current and permanent files for both convenience and control.Which of the following is most likely to appear on the permanent audit file as opposed tothe current audit file?
A Written representations from management B Report to management C Letter of engagement D Receivables confirmation letter
4 .7.2 According to International Standards on Auditing, which of the following is the objective of planning an audit?
A To perform the audit in an effective manner B To formulate and agree a timetable with the client C To ensure that the audit team know what is expected of them
5 .7.4 Which of the following statements is FALSE with regard to audit planning?
A It helps the auditors to devote appropriate attention to important areas of the financial statements B It helps the auditor to properly organise and manage the audit engagement, so that it is performed in an effective manner C It provides assurance to the auditor that the risk of a material missta...
7 .7.6 Under what circumstances would an auditor be most likely to perform substantive procedures at an interim date?
A The account being tested fluctuates based on management’s discretion B The account being tested has very little activity from year to year C The account being tested has a high level of inherent risk and control risk D The account being tested is not reasonably predictable in terms of its relati...
8 .7.7 An audit client sells around 30 units of product each year. The majority of sales are made in the first nine months of the year. Annual sales have not changed significantly in the past five years.Which of the following approaches to the audit of revenue would be most effective?
A Perform all audit procedures after the year end because the volume of transactions is low B Perform tests of details at the end of nine months followed by analytical procedures from that interim date to the year end C Perform analytical procedures at the end of nine months and additional analytica...
9 .7.8 If an auditor conducts interim substantive procedures, which of the following audit procedures is the auditor least likely to perform for the period from the interim date to the year-end date?
A Comparison of year-end account balance with interim account balance B Review of journals in the period for large or unusual transactions C Extensive tests of details
10 .7.3 What is an audit programme?
A A series of detailed questions to ascertain and evaluate all important characteristics of the system of internal control in operation B A list of disclosure and other requirements which must be met in order to ensure compliance with IFRS, statutes and listing rules C A list of general instructions...
