32.2 Which of the following would NOT be considered to be within the scope of a value for money audit?
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1 .31.4 Which of the following is an auditor most likely to consider to be a mitigating factor when assessing a client’s ability to continue as a going concern?
A Plans to discuss with lenders the terms of all debt and loan agreements B Postponement of research and development expenditures C Plans to strengthen internal controls over cash disbursements
2 .31.5 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
3 .31.2 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 has incurred heavy losses for a number of years and current liabilities have this year risen above current assets for the first time. In addition, negotiations with the company’s bankers for extended overdraft facilities are underway at the date on which the audit report must be signed. These matters are disclosed in the financial statements.What action should the auditor take?
A Give an unmodified opinion but with reference in an emphasis of matter paragraph to the material uncertainty B Issue a disclaimer of opinion on the grounds that the accounts may be fundamentally wrong C Give an unmodified report on the grounds that the negotiations with the bankers are incomplete ...
4 .32.1 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
5 .32.4 Under what circumstances could an internal audit function be carried out by the entity’s external auditor?
A When any threats to the external auditor’s objectivity have been reduced to anacceptable level B When requested to do so by those charged with governance C When combining the two functions would result in lower costs D When the internal audit functions have no direct impact on the financial stat...
7 .32.3 A company’s internal audit function have been asked, as part of the scope of a wide ranging investigation to improve results, to establish relevant benchmarks to compare the performance of 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
8 .33.1 At the commencement of their first audit of Hove Co the new auditors ascertain that the company has its own flowcharts and detailed systems manual, which have been prepared by the internal audit department.How should the auditors normally proceed?
A Ascertain and record the systems independently to confirm the accuracy of the company’s systems documentation B Accept the company’s systems documentation and evaluate the controls by means of an internal control questionnaire C Design and carry out compliance tests on controls shown by the co...
9 .33.3 During the course of his work, the external auditor performs many procedures. Three such procedures are:(1) Procedures performed in obtaining an understanding of internal control(2) Procedures performed in assessing the risk of material misstatement(3) Substantive procedures performed in gathering direct evidenceWhat procedures could the work of the internal auditor impact upon?
A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
10 .33.4 Which of the following would the external auditor most likely be able to utilise the work of the internal auditor?
A Existence of contingencies B Valuation of intangible assets C Existence of non-current asset additions
