Which of the following procedures would an auditor ordinarily perform during the review of subsequent events?
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1 .Which of the following statements is correct concerning statistical sampling in tests of controls?
A As the population size increases, the sample size should increase proportionately. B In determining tolerable rate, an auditor considers detection risk and the sample size. C There is an inverse relationship between the expected population deviation rate and the sample size. D Deviations from spec...
2 .It is not appropriate to refer a reader of an auditor's report to a financial statement footnote for details concerning:
A Sale of a discontinued operation. B The results of confirmation of receivables. C The pro forma effects of a business combination. D Subsequent events.
3 .An auditor has substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time because of negative cash flows and working capital deficiencies. Under these circumstances, the auditor would be most concerned about the:
A Effectiveness of the entity's internal control activities. B Control environment factors that affect the organizational structure. C Possible effects on the entity's financial statements. D Correlation of detection risk and inherent risk
4 .When there has been a change in accounting principles, but the effect of the change on the comparability of the financial statements is not material, the auditor should:
A Refer to the change in the opinion paragraph. B Explicitly concur that the change is preferred. C Not refer to consistency in the auditor's report. D Refer to the change in an emphasis-of-matter paragraph
5 .After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning the audited financial statements, unless:
A Information, which existed at the report date and may affect the report, comes to the auditor's attention. B Management of the entity requests the auditor to reissue the auditor's report. C Final determinations or resolutions are made of contingencies that had been disclosed in the financial state...
7 .Under U.S. auditing standards, when an auditor believes there is substantial doubt about the ability of an entity to continue as a going concern, all of the following should be included in the audit documentation, except:
A The auditor's conclusion about whether substantial doubt remains or is alleviated. B The conditions that gave rise to the substantial doubt. C Management's conclusion regarding whether substantial doubt remains or is alleviated. D The effect of the auditor's conclusion on the auditor's report.
8 .Which of the following controls is least likely to be relevant to a financial statement audit?
A Use of computer passwords to limit access to data files. B Generation of production statistics used to evaluate variances. C Policies that relate to compliance with income tax regulations. D Procedures that prevent the excess use of materials in production
9 .Which of the following statements is correct concerning an auditor's use of the work of a specialist?
A The work of a specialist who is related to the client may be acceptable under certain circumstances. B If there is a material difference between a specialist's findings and the assertions in the financial statements, only an adverse opinion may be issued. C If an auditor believes that the determin...
10 .An auditor has identified the controller's review of the bank reconciliation as a control to test. In connection with this test, the auditor interviews the controller to understand the specific data reviewed on the reconciliation. In addition, the auditor verifies that the bank reconciliation is properly prepared by the accountant and reviewed by the controller as evidenced by their respective sign-offs. Which of the following types of audit procedures do these actions illustrate?
A Confirmation and reperformance. B Observation and inspection of records. C Inquiry and inspection of records. D Analytical procedures and reperformance.
