Which of the following describes the principal purpose of the auditor’s attendance at the inventory count?
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1 .The following are the general stages of an audit.(1) Ascertain the system(2) Record the system(3) Evaluate controls(4) Select and perform tests of transactions and balances(5) Select and perform tests of controls(6) Select and perform restricted tests of transactions and balances(7) Overall reviewImmediately after which stage would the auditor normally perform “walk-through tests”?
A Stage 2 B Stage 3 C Stage 5 D Stage 1
2 .Fraudulent collusion is described by ISAs as a limitation on the effectiveness of internal controls.What specific action should an auditor normally take in respect of the risk of fraudulent collusion?
A No action beyond the normal testing of transactions and balances B Design specific compliance tests to ensure that the controls over authorisation and segregation of duties are effective C Require that management institutes adequate separation of the functions ofauthorisation, execution, custody a...
3 .Which of the following could be established by test data processed by the master file update program of a computerised payroll system?
A Accuracy of the master file amendments input B Validity of amendments input C Completeness of the master file amendments input D Completeness of the master file amendments listing
4 .The following are examples of controls which may occur in a company having acomputerised accounting system.(1) The sales department match a listing of computer-produced invoices to their copies of the manual input documents which originated the production of the invoice.(2) The personnel department review a monthly printout of all changes to payroll standing data. They check this against their manual records.(3) The sales ledger system includes a sequence check on pre-numbered sales input documents received from the sales department.(4) Access to the computer facility is via a locked door and is restricted to selected personnel who are issued with a personal key.Which of the following are controls (1) and (2) examples of?
A programmed controls B user controls C systematic controls D implementation controls
5 .The direct costs of sales of Pudsey Co, a chain of toy shops, have significantly decreased during the year.Which of the following points raised by the auditors might explain this?
A Incorrect inventory taking procedures noted at the time of the year end count revealed that certain items were being counted more than once B taking instructions prepared by the directors for use of staff failed to ensure that inventory in transit between shops was included in the year end count C...
7 .Which of the following relates to a positive circularisation of debtors?
A Only if the debtor disputes the balance shown B Only if the amount is overstated C Only if the debtor agrees the balance shown D Regardless of whether the debtor agrees the balance or not
8 .While constructing his subsequent events review the auditor discovers that a large insurance claim, which was being negotiated by the client and the insurance company at the year end,has now been settled. The settlement was substantially in excess of the amount accrued in the financial statements.How should the surplus be treated?
A As a non-adjusting event which must be disclosed in the notes B As an adjusting event C As a transaction to be recorded in the accounting period in which the claim was settled and not to be disclosed in the financial statements under consideration
9 .Planning the audit of a set of financial statements only relates to the events that impact that set of financial statements.Is this statement TRUE or FALSE?
A True B False
10 .Which of the following, in the context of audit documentation, best describes the use of an Internal Control Questionnaire (ICQ)?
A They are designed to assess whether errors or fraud are possible B The questions asked are usually open and principles based C They are designed to identify whether particular internal controls exist (1 mark)
