Which of the following is an auditor most likely to consider to be a mitigating factorwhen assessing a client’s ability to continue as a going concern?
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3 .Which of the following factors is NOT relevant to an auditor’s decision to modify anaudit report on grounds of going concern?
A The fact that such modification would lead to the appointment of a receiver orliquidator B Forecast management information, cash flows and budgets C The repayment of a substantial bank loan which is due 18 months after the end ofthe reporting period D Guarantees of financial support given by the d...
4 .The auditor of Abrahams Co is uncertain whether the going concern assumption is anappropriate basis for the preparation of the company’s financial statements. The company hasincurred heavy losses for a number of years and current liabilities have this year risen abovecurrent assets for the first time. In addition, negotiations with the company’s bankers forextended overdraft facilities are underway at the date on which the audit report must besigned.What action should the auditor take?
A Give an unmodified opinion but with reference in an emphasis of matter paragraphto the above material uncertainty providing it is properly disclosed in the financialstatements B Issue a disclaimer of opinion on the grounds that the accounts may befundamentally wrong C Give an unmodified report on ...
5 .The following matters relate to Beta Co, a medium-sized company:(1) The chief executive officer is due to retire within six months of the year end(2) Escalating employee strikes at a major supplier of key raw materials(3) Adverse key financial ratios for the first time(4) No cash flow forecast for the next 12 months has been produced(5) Operating losses have continued to grow(6) Cash flows have moved from being positive in the prior year to negative this yearWhich of the above matters would be considered by the auditor during his planning ofthe audit as indicators of potential going concern difficulties?
A All of them B 2, 3, 5 and 6 only C 1, 3, 4 and 6 only D 3, 4, 5 and 6 only
7 .There is no need for the auditor to consider going concern matters beyond the assessmentperiod of one year from the end of the reporting period.Is this statement true or false?
A True B False
8 .The scope and objectives of the internal audit function vary widely and depend on the sizeand structure of the entity and the requirements of its management.Which THREE of the following functions could internal audit perform and beconsidered an independent function of management?(1) Examination of financial and operational information for management(2) Authorisation of transactions in excess of limits set by management(3) Review of accounting systems and related controls(4) Advising management on cost effective controls for systems and activities(5) Routinely preparing bank reconciliations
A 1, 3 and 5 B 2, 4 and 5 C 3, 4 and 5 D 1, 3 and 4
9 .Which of the following would NOT be considered to be within the scope of a value formoney audit?
A Unnecessary spending B Revenue opportunities C Management financial controls
10 .A company’s internal audit function have been asked, as part of the scope of a wide ranginginvestigation to improve results, to establish relevant benchmarks to compare the performanceof a number of departments across a range of relevant indicators.What type of assignment will the internal audit function be carrying out?
A Laws and regulations B Value for money C Operational information systems D Business risk
