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?
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1 .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
2 .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
3 .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...
4 .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
5 .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?
A Cut-off B Accuracy C Completeness
7 .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
8 .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
9 .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
10 .15.13 Which of the following procedures is least likely to be used to test the valuation and allocation assertion?
A Observation B Recalculation C Reconciliation
