Which of the following would best be considered to be a substantive audit test?
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1 .As part of which system would a manager authorise a returns note so that the transaction can be entered into the returns day book?
A Inventory B Wages C Purchases D Cash payments
2 .Joe works as a backroom manager in the international services of a major UK bank. Whilst he does not directly trade clients’ money, he does maintain good contacts with many of the banks’ clients, external financial analysts and partners in financial service providers. He uses the knowledge obtained from these contacts to assess the performance of the front room traders, occasionally helping out a trader who is struggling to meet their targets with information that the other traders would not have. Joe’s bonus is based on the traders’ performance, so he indirectly receives financial benefit from the information he passes on. He believes he is just helping out the traders and the bank. What illegal practice is Joe carrying out?
A Tipping off B Money laundering C Insider dealing D Proceeds of crime
3 .Porter’s primary value chain activities include which of the following?
A Operations, service, inbound logistics B Inbound logistics, procurement, marketing & sales C HR, procurement, operations D Operations, outbound logistics, procurement
4 .As part of their audit procedures, an internal audit department of an organisation carries out checks to see if adequate controls and other risk management measures are in place and are effective to enable the business to achieve its objectives. What type of audit are they carrying out?
A Financial process audit B Functional audit C Operational audit D Value for money audit
5 .Which of the following best describes the role of a standing committee within an organisation?
A To complete a particular task B To perform a particular role on a permanent basis C To review the organisation’s internal controls and governance procedures D To monitor the compensation policies of the entity
7 .A company’s code of behaviour and conduct requires all employees to be dressed in business attire, except on Friday’s when smart casual clothing is allowed (“Dress Down Friday”). They are also required to greet all clients and business visitors with a handshake and the exchange of business cards. Whilst the office is open plan (staff, managers and directors are allocated desk and storage facilities according to their needs) closed areas are available for business meetings and private staff meetings. Which of the following levels of organisational culture, according to Schein, best describes the above?
A Basic assumptions and values B Espoused values and beliefs C Power and relationships D Artefacts and creations
8 .There are many stakeholders in relation to the audit of a set of financial statements – directors, shareholders, banks, lenders, employees and the government are typical examples. To whom does the external auditor normally address their report on the financial statements?
A Directors B Shareholders C Employees D Stakeholders
9 .The average age of a mother on the birth of their first child has risen in many countries. This has affected demand for better-quality clothing, prams etc in which of the following ways?
A Demand has fallen B Demand has increased C Demand has not changed D Demand has fallen sharply
10 .A business has established an audit committee and an internal control department. Under which component of internal control would these best be classified?
A Control environment B Risk assessment C Information systems D Control activities
