Which of the following factors is most likely to affect the extent of the documentation of the auditor's understanding of a client's system of internal controls?
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1 .Management philosophy and operating style most likely would have a significant influence on an entity's control environment when:
A Management is dominated by one individual. B The internal auditor reports directly to management. C Accurate management job descriptions delineate specific duties. D Those charged with governance actively oversee the financial reporting process.
2 .An auditor should obtain sufficient knowledge of an entity's information system relevant to financial reporting to understand the:
A Process used to prepare significant accounting estimates. B Procedures used to assure proper authorization of transactions. C Safeguards used to limit access to computer facilities. D Policies used to detect the concealment of fraud.
3 .Proper segregation of duties reduces the opportunities to allow any employee to be in a position to both:
A Record and conceal fraudulent transactions in the normal course of assigned tasks. B Adopt new accounting pronouncements and authorize the recording of transactions. C Monitor internal controls and evaluate whether the controls are operating as intended. D Journalize cash receipts and disbursement...
4 .An auditor uses the knowledge provided by the understanding of internal control and the final assessed risk of material misstatement primarily to determine the nature, timing, and extent of the:
A Tests of controls. B Attribute tests. C Substantive tests. D Compliance tests.
5 .An auditor would most likely be concerned with internal controls that provide reasonable assurance about the:
A Methods of assigning production tasks to employees. B Appropriate prices the entity should charge for its products. C Efficiency of management's decision-making process. D Entity's ability to process and summarize financial data.
7 .Which of the following is an inherent limitation in internal control?
A Incompatible duties. B Faulty human judgment. C Lack of an audit committee. D Lack of segregation of duties.
8 .What is the most likely course of action that an auditor would take after determining that performing substantive tests on inventory will take less time than performing tests of controls?
A Assess control risk at a low level. B Perform only substantive tests on inventory. C Perform both tests of controls and substantive tests on inventory. D Perform only tests of controls on inventory.
9 .During an audit of a nonissuer’s financial statements, an auditor should perform tests of controls to obtain sufficient appropriate audit evidence about the operating effectiveness of relevant controls if:
A The auditor does not intend to rely on the operating effectiveness of controls. B More financial documentation is available through tests of controls. C Substantive procedures alone cannot provide sufficient appropriate audit evidence. D The auditor does not presume that client management has comm...
10 .The objective of tests of details of transactions performed as tests of controls is to:
A Evaluate whether internal controls operated effectively. B Detect material misstatements in the account balances of the financial statements. C Determine whether internal controls have been implemented. D Monitor the design and use of entity documents such as prenumbered shipping forms.
