What assertion is an auditor testing when the auditor gathers evidence to detect salesmade after the end of the year that have been recorded before year end?
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1 .Sufficiency of audit evidence depends, among other things, on the “risk of misstatement”.Which of the following would increase this risk, and so indicate that more evidenceshould be collected for “sufficiency”?
A The knowledge that the audit working papers will be reviewed by an independentexternal technical body B The use of audit staff who are unfamiliar with the client C The use of judgement sampling rather than statistical sampling D A reporting deadline which is unusually soon after the year end
2 .In order to detect an understatement of sales, which of the following procedures wouldbe most effective?
A Select sales delivery notes and check the details with the related sales invoices B Select sales invoices and check the details with the related sales orders C Select sales invoices and check the details with the related sales delivery notes D Select sales orders and check the details with the rel...
3 .Growers Co is a garden centre with 20 locations employing over two hundred people. To copewith the current and expected future annual increase in transactions, Growers hasimplemented a centralised computer system linked to processing and checkout terminals ateach centre. The new system will significantly improve the timing and quality of themanagement control information. A well-qualified and experienced internal audit team wasalso recently appointed.What area of the external audit will see an increased emphasis on obtaining auditassurance?
A Walk-through testing B Controls testing C Substantive testing of transactions D Substantive testing of balances
4 .Which of the following types of evidence would an auditor be most likely to examine todetermine whether internal controls are operating as designed?
A Gross margin information regarding the client’s industry B Confirmation of receivables verifying account balances C Sales orders documenting credit approval D Anticipated results documents in budgets or forecasts
5 .What assertion is an auditor testing when the auditor gathers evidence related to anentity’s control of obtaining credit approval before shipping goods to customers?
A Rights and obligations B Existence C Valuation and allocation
7 .Which ONE of the following is stated as an underlying assumption according to theIASB’s Conceptual Framework for Financial Reporting?
A Neutrality B Accruals C Relevance D Going concern
8 .The International Accounting Standards Board’s uses the Conceptual Framework forFinancial Reporting (Framework) to assist in developing new standards.Which one of the following is NOT covered by the Framework?
A The format of financial statements B The objective of financial statements C Concepts of capital maintenance D The elements of financial statements
9 .An item meets the definition of an element in accordance with the Conceptual Framework forFinancial Reporting.Which of the following criteria must be met for item to be recognised in the financialstatements?(1) It is probable that any future economic benefit associated with the item will flow toor from the entity.(2) The item has a cost or value that can be measured with reliability.(3) The rights or obligations associated with the item are controlled by the reportingentity.
A 1 only B 2 only C 1 and 2 only D 1, 2 and 3
10 .Which of the following statements about the characteristics of financial information iscorrect?(1) Faithful representation means that the legal form of a transaction must be reflectedin financial statements, regardless of the economic substance.(2) Under the recognition concept only items capable of being measured in monetaryterms can be recognised in financial statements.(3) It may sometimes be necessary to exclude information that is relevant and reliablefrom financial statements because it is too difficult for some users to understand.
A 1 only B 2 only C 3 only D None of these statements
