33.2 Which of the following is true about the auditor’s use of an internal auditor and a specialist?
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1 .32.2 Which of the following would NOT be considered to be within the scope of a value for money audit?
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A Laws and regulations B Value for money C Operational information systems D Business risk
3 .33.1 At the commencement of their first audit of Hove Co the new auditors ascertain that the company has its own flowcharts and detailed systems manual, which have been prepared by the internal audit department.How should the auditors normally proceed?
A Ascertain and record the systems independently to confirm the accuracy of the company’s systems documentation B Accept the company’s systems documentation and evaluate the controls by means of an internal control questionnaire C Design and carry out compliance tests on controls shown by the co...
4 .33.3 During the course of his work, the external auditor performs many procedures. Three such procedures are:(1) Procedures performed in obtaining an understanding of internal control(2) Procedures performed in assessing the risk of material misstatement(3) Substantive procedures performed in gathering direct evidenceWhat procedures could the work of the internal auditor impact upon?
A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
5 .33.4 Which of the following would the external auditor most likely be able to utilise the work of the internal auditor?
A Existence of contingencies B Valuation of intangible assets C Existence of non-current asset additions
7 .33.5 For which of the following judgments may an independent auditor share responsibility with an entity’s internal auditor who is assessed to be both competent and objective?
A Materiality of misstatements ：Yes ； Evaluation of accounting estimates ：No B Materiality of misstatements ：No； Evaluation of accounting estimates ：Yes C Materiality of misstatements ：No ； Evaluation of accounting estimates ：No D Materiality of misstatements ：Yes ； Evaluation ...
8 .After the profit and loss of Santa had been prepared, some inventory was found at the back of the warehouse which had been excluded from the physical count. The inventory had a value of USD100.How does the necessary adjustment affect gross profit and assets?
A Gross profit: Increase; Assets: Decrease B Gross profit: Decrease; Assets: Decrease C Gross profit: Increase; Assets: Increase D Gross profit: Decrease; Assets: Increase
9 .Spain has incorrectly included closing inventory in its financial statements at USD32,943 instead of USD37,642.What is the result of the error and the necessary correction?
A Profit is understated by USD4,699; To correct: Dr Inventory USD4,699; Cr Trading account USD4,699 B Profit is overstated by USD4,699; To correct: Dr Inventory USD4,699; Cr Trading account USD4,699 C Profit is overstated by USD4,699; To correct: Dr Trading account USD4,699; Cr Inventory USD4,699 D ...
10 .At the end of its accounting period a business erroneously excluded goods bought on credit from its closing inventory. It also failed to record the purchase of those goods in its accounting records.The effect of these omissions is to understate which of the following?
A Cost of sales and current assets B Gross profit and current liabilities C Current assets only D Current assets and current liabilities
