Which of the following statements is correct about the auditor's use of the work of a specialist?
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1 .Which of the following statements is not correct about materiality?
A An auditor's consideration of materiality is influenced by the auditor's perception of the needs of a reasonable person who will rely on the financial statements. B An auditor considers materiality for the financial statements as a whole in terms of the largest aggregate level of misstatements tha...
2 .Samples to test internal control are intended to provide a basis for an auditor to conclude whether:
A The control activities are operating effectively. B Materiality for planning purposes is at a sufficiently low level. C The risk of incorrect acceptance is too high. D The financial statements are materially misstated.
3 .The work of internal auditors may affect the independent auditor's:I. Procedures performed in obtaining an understanding of internal control.II. Procedures performed in assessing the risk of material misstatement.III.Substantive procedures performed in gathering direct evidence.
A I and III only. B I, II, and III. C I and II only. D II and Ill only.
4 .Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
A Obtaining a written representation letter from the client's management. B Considering whether the client's accounting estimates are reasonable in the circumstances. C Examining documents to detect any noncompliance with laws and regulations having a material effect on the financial statements. D D...
5 .For which of the following judgments may an independent auditor share responsibility with an entity's internal auditor who is assessed to be both competent and objective?Assessment ofinherent riskAssessment ofcontrol risk
A No.........No B Yes........Yes C Yes........No D No.........Yes
7 .When an auditor increases the assessed level of control risk because certain control activities were determined to be ineffective, the auditor most likely would increase the:
A Extent of tests of details. B Level of detection risk. C Extent of tests of controls. D Level of inherent risk.
8 .As the acceptable level of detection risk decreases, an auditor may:
A Eliminate the assessed level of inherent risk from consideration as a planning factor. B Postpone the planned timing of substantive tests from interim dates to the year-end. C Lower the assessed level of control risk. D Reduce substantive testing by relying on the assessments of inherent risk and ...
9 .Regardless of the assessed level of control risk, an auditor would perform some:
A Tests of controls to determine the effectiveness of internal control. B Substantive tests to restrict detection risk for significant transaction classes. C Dual purpose tests to evaluate both the risk of monetary misstatement and preliminary control risk. D Analytical procedures to verify the desi...
10 .An auditor who discovers that client employees have committed an act of noncompliance with laws and regulations that has a material effect on the client's financial statements most likely would withdraw from the engagement if:
A The auditor has already assessed control risk at a high level. B The client does not take the remedial action that the auditor considers necessary. C The act of noncompliance is a violation of generally accepted accounting principles. D The act of noncompliance was committed during a prior year th...
