An auditor has identified the financial controller’s review of the bank reconciliation as acontrol to test. In connection with this test, the auditor interviews the financial controller tounderstand the specific data reviewed on the reconciliation. In addition, the auditor verifiesthat the bank reconciliation is properly prepared by the accountant and reviewed by thefinancial controller as evidenced by their respective sign-offs.Which of the following types of audit procedures do these actions illustrate?
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1 .The following situations are all covered by general controls:(1) Changes to data files(2) Program changes(3) Continuity of operationsWhich general control would be appropriate to all three scenarios above?
A Password protection B Back-up procedures C Authorisation D One-for-one checking
2 .Which of the following is an example of a general control in a computerised accountingsystem?
A The sales department matches a list of computer-produced invoices to its copies ofthe manual input documents which originated the production of the invoice B The personnel department review a monthly printout of all changes to payrollstanding data which is then checked against manual records C The...
3 .Which of the following procedures is considered a test of controls?
A Reviewing cash payments after the year end for unrecorded liabilities B Evaluating whether a liability was recorded at the proper amount C Interviewing and observing appropriate personnel to determine segregation of duties
4 .When planning the audit of the purchases cycle, which of the following internal controlsshould the auditor test in order to ensure that liabilities are not understated?
A Goods inwards records (GRNs) are matched to invoices and regularly reviewed foritems in respect of which no invoice has been received. An authorised list ofunmatched GRNs is produced at the end of each month B Invoices are authorised as matched with goods inwards/service received notesbefore being...
5 .Which of the following internal controls is most likely to contribute to the auditor’sconfidence that all sales have been recorded in the accounts?
A Matching pre-numbered sales invoices to despatch notes B Sales manager authorising all invoices before they are issued C Matching pre-numbered despatch notes to invoices D Preparing and following up an aged receivables analysis by someone independent ofthe sales ledger function
7 .Which ONE of the following is NOT a function of the IASB?
A Responsibility for all IFRS technical matters B Publication of IFRSs C Overall supervisory body of the IFRS organisations D Final approval of interpretations by the IFRS Interpretations Committee
8 .Which ONE of the following is NOT part of the process of developing a newInternational Financial Reporting Standard?
A Issuing a discussion paper that sets out the possible options for a new standard B Publishing clarification of an IFRS where conflicting interpretations have developed C Drafting an IFRS for public comment D Analysing the feedback received on a discussion paper
9 .The issue of a new IFRS means that:(1) An existing standard may be partially or completely withdrawn.(2) Issues that are not in the scope of an existing standard are covered.(3) Issues raised by users of existing standards are explained and clarified.(4) Current financial reporting practice is modified.Which combination of the above will most likely be the result of issuing a new IFRS?
A 1, 2 and 3 only B 2, 3 and 4 only C 1, 3 and 4 only D 1, 2 and 4 only
10 .Which ONE of the following is one of the “3Es” in the “value for money” concept?
A Earnings B Equity C Evaluation D Effectiveness
