15.14 Which of the following assertions would NOT be tested by an auditor who is performing substantive procedures on a client’s account balances?
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1 .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
2 .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
3 .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
4 .15.10 Which of the following is a substantive procedure?
A Verifying that invoices payable are appropriately approved B Observing the distribution of a payroll on an unannounced basis C Performing suppliers’ statement reconciliations
5 .15.12 As part of the substantive tests performed on the client’s purchase transactions, the auditor selects a sample of payment vouchers and compares the dates on the vouchers to the dates the transactions were recorded in the purchase journal.Which of the following assertions is the auditor testing?
A Accuracy B Completeness C Cut-off D Occurrence
7 .16.1 At which of the following audit stages is the auditor least likely to use analytical procedures?
A Planning B Review and evaluation of internal control C Final review of financial statements
8 .16.2 For what purpose will the external auditor most likely use analytical procedures at the planning stage of the audit?
A To determine the extent of substantive procedures which will be necessary during the audit B To identify areas of potential audit risk or new developments to give direction to the audit C To assess the adequacy of the performance of the entity and the efficiency and effectiveness of its operations...
9 .16.4 Hardware Co has a fixed mark-up of 50% on cost. The external auditor’s analytical review of the current financial statements has revealed a gross profit margin of 40% of sales.What could this indicate?
A Some sales have not been invoiced B Some purchases have not been recorded C Closing inventory has been undervalued D Goods used for personal consumption have been included in purchases
10 .16.5 As the new auditor of Elm Co (a listed company) you note that the company’s gross profit percentage as per the draft accounts has fallen from 30% in the previous year to 20% in the current year.Which of the following explanations is the most plausible?
A Errors in computation led to opening inventory being overvalued and this has been compounded by the inclusion for the first time (so as to comply with IAS 2) of indirect overheads in the closing inventory valuation B Errors in computation led to opening inventory being overvalued and the company h...
