Which of the following recommendations are appropriate in increasing the independence of SouthLea's internal audit department?(1) The chief internal auditor should be appointed by the board of directors.(2) The chief internal auditor should report to the board of directors.(3) The finance director should decide on the scope of the internal audit work
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1 .You are reviewing the audit plan for tests of controls over invoicing, which reads:(1) Observe the invoicing clerk to ensure that prices are checked to the official price list.(2) Review a sample of invoices to ensure their numerical sequence.(3) Review a sample of goods out notes to ensure they have been matched to sales invoices.(4) Review a sample of sales invoices to verify evidence that the calculations were checked before they were sent to customers.Which of the above procedures relate to the completeness assertion?
A 1 and 4 B 2 and 3 C 1 and 3 D 2 and 4
2 .Your audit junior is seeking to understand when deficiencies in internal control would be judged to be significant and therefore should be reported to those charged with governance.Which of the following factors would influence your judgement of whether the control deficiencies identified at Swan are significant?(1) The likelihood of material misstatement resulting(2) The fact that the system is new(3) The number of deficiencies identified(4) The fact that the deficiencies are associated with the sales system
A 1 and 3 B 2 and 4 C 1 and 2 D 3 and 4
3 .In the light of the partner's request concerning documentation, you are considering different options for recording the system.Which of the following recording methods most suits her requirements?
A A computerised ICEQ B Computerised narrative notes C A flow chart D Copying the company's control manual
4 .During the previous audit, the audit team had recommended SouthLea's management to ensure that any amendments to standing data on the wages system are reviewed by an authorised manager.Which of the following is a test of control designed to provide evidence that the recommended internal control is operating effectively?
A Review overtime lists for evidence of authorisation B Review the log of amendments to standing data for evidence of review C Perform a proof in total using the number of employees and average wage D Obtain printouts of employee wage rates and compare these to HR records
5 .Which of the following statements about the responsibilities of external and internal auditors with regards to fraud is NOT correct?
A The external auditor must maintain an attitude of professional scepticism throughout the audit recognising the possibility that a material misstatement due to fraud could exist. B The internal auditor must always consider the potential of management overriding controls and modify their audit proce...
7 .You have been told by the finance director that the senior management team is looking to upgrade the company's computerised accounting system in a year's time. This is partly because the senior management team believes that due to the increasing size and complexity of the business, the company will need more robust general IT controls in the future.Which TWO of the following are general IT controls?
A Full testing procedures using test data when developing computer applications B One for one checking C Disaster recovery procedures D Hash totals
8 .In preparation for the audit planning meeting, the audit junior has identified a number of areas requiring audit focus.Based on the information regarding the wages system, which TWO of the following are likely to introduce the highest risk of material misstatement?
A Completeness of wages B Accuracy of deductions from gross pay C Cut-off of starters' and leavers' wages D Potential fraud risk factors
9 .Gillian owned a 70% shareholding in R Ltd, an unquoted investment company. On 23 July 2016, she gave a 20% shareholding in R Ltd to her son. The values of shareholdings in R Ltd on 23 July 2016 were as follows: ￡ 100% shareholding 600,000 70% shareholding 350,000 50% shareholding 200,000 20% shareholding 80,000 What is the diminution in value of Gillian's estate as a result of her gift on 23 July 2016?
A ￡150,000 B ￡270,000 C ￡80,000 D ￡120,000
10 .Joel and Sunita were a married couple. Sunita died in July 2008 and 65% of her nil rate band of ￡312,000(2008/09) was unused. Joel died in May 2016. He had made a potentially exempt transfer (after all available exemptions) of ￡75,000 in August 2012.Joel left his estate to his sister. Any relevant elections were made.What is the nil rate band available to set against Joel’s death estate?
A ￡325,000 B ￡452,800 C ￡461,250 D ￡536,250
