To obtain audit evidence about control risk, an auditor selects tests from a variety of techniques including:
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1 .Which of the following best characterizes an auditor’s exercise of professional skepticism?
A Conducting all fraud-related inquiries in a nonconfrontational manner. B Taking into account past relationships and experiences with management. C Having an attitude that includes a questioning mind. D Obtaining adequate conclusive evidence in support of the fairness of the financial statements.
2 .Which of the following circumstances would most likely cause an auditor to suspect that material misstatements arising from fraud exist in a client's financial statements?
A Monthly bank reconciliations usually include several in-transit items. B Clerical errors are listed on an EDP-generated exception report. C Property and equipment are usually sold at a loss before being fully depreciated. D Significantly fewer responses to confirmation requests are received than e...
3 .Which of the following is not a control environment factor?
A Proper segregation of duties. B Hiring and advancement policies. C Participation of those charged with governance. D Management's approach toward business risks.
4 .Which of the following procedures is considered a test of controls?
A An auditor evaluates whether a general journal entry was recorded at the proper amount. B An auditor reviews the audit workpapers to ensure proper sign-off. C An auditor interviews and observes appropriate personnel to determine segregation of duties. D An auditor reviews the entity's check regist...
5 .Which of the following statements is correct regarding internal control?
A A well-designed internal control environment ensures the achievement of an entity's control objectives. B A well-designed and operated internal control environment should detect collusion perpetrated by two people. C An inherent limitation to internal control is the fact that controls can be circu...
7 .Under which circumstance would an auditor be most likely to perform substantive tests before the balance sheet date?
A The account in question has a high level of both inherent risk and control risk. B The account in question has very little activity from year to year. C The account in question is not reasonably predictable in terms of its relative significance to the financial statements. D The account in questio...
8 .Which of the following sampling methods would be used to estimate a numerical measurement of a population, such as a dollar value?
A Random-number sampling. B Variables sampling. C Attribute sampling. D Stop-or-go sampling.
9 .Which of the following factors is (are) considered in determining the sample size for a test of controls?Expecteddeviation rateTolerabledeviation rate
A Yes........No B No.........No C Yes........Yes D No.........Yes
10 .An audit partner is developing an office training program to familiarize his professional staff with statistical decision models applicable to the audit of dollar value balances. He wishes to demonstrate the relationship of sample sizes to population size and variability and the auditor's specifications as to tolerable misstatement and risk of incorrect acceptance. The partner prepared the following table to show comparative population characteristics and audit specifications of two populations.Characteristics ofPopulation 1 Relativeto Population 2Audit Specifications as to as Samplefrom Population 1 Relative to aSample from Population 2SizeVariabilitySpecifiedTolerableMisstatementSpecified Riskof IncorrectAcceptanceCase 1EqualEqualEqualLowerCase 2EqualLargerLargerEqualCase 3LargerEqualSmallerHigherCase 4SmallerSmallerEqualHigherCase 5LargerEqualEqualLowerYou are to indicate for the specified case from the above table the required sample size to be selected from population 1 relative to the sample from population 2.In case 4 the required sample size from population 1 is:
A Equal to the required sample size from population 2. B Smaller than the required sample size from population 2. C Indeterminate relative to the required sample size from population 2. D Larger than the required sample size from population 2.
