An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the controls leave no audit trail of documentary evidence, the auditor most likely will test the procedures by:
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1 .Which of the following is an inherent limitation in internal control?
A Incompatible duties. B Faulty human judgment. C Lack of an audit committee. D Lack of segregation of duties.
2 .What is the most likely course of action that an auditor would take after determining that performing substantive tests on inventory will take less time than performing tests of controls?
A Assess control risk at a low level. B Perform only substantive tests on inventory. C Perform both tests of controls and substantive tests on inventory. D Perform only tests of controls on inventory.
3 .During an audit of a nonissuer’s financial statements, an auditor should perform tests of controls to obtain sufficient appropriate audit evidence about the operating effectiveness of relevant controls if:
A The auditor does not intend to rely on the operating effectiveness of controls. B More financial documentation is available through tests of controls. C Substantive procedures alone cannot provide sufficient appropriate audit evidence. D The auditor does not presume that client management has comm...
4 .The objective of tests of details of transactions performed as tests of controls is to:
A Evaluate whether internal controls operated effectively. B Detect material misstatements in the account balances of the financial statements. C Determine whether internal controls have been implemented. D Monitor the design and use of entity documents such as prenumbered shipping forms.
5 .Evidence concerning the proper segregation of duties for receiving and depositing cash receipts ordinarily is obtained by:
A Performing substantive tests to verify the details of the bank balance. B Completing an internal control questionnaire that describes the control activities. C Observing the employees who are performing the control activities. D Preparing a flow chart of the duties performed and the entity's avail...
7 .Before applying principal substantive tests to the details of accounts at an interim date prior to the balance sheet date, an auditor should:
A Assess control risk at a low level for the assertions embodied in the accounts selected for interim testing. B Obtain written representations from management that all financial records and related data will be made available. C Consider whether the amounts of the year-end balances selected for int...
8 .Sound internal control dictates that, immediately upon receiving checks from customers by mail, a responsible employee should:
A Prepare a duplicate listing of checks received. B Add the checks to the daily cash summary. C Record the checks in the cash receipts journal. D Verify that each check is supported by a prenumbered sales invoice.
9 .Which of the following tests of controls most likely would help assure an auditor that goods shipped are properly billed?
A Examine shipping documents for matching sales invoices. B Scan the sales journal for sequential and unusual entries. C Compare the accounts receivable ledger to daily sales summaries. D Inspect unused sales invoices for consecutive prenumbering.
10 .An auditor most likely would limit substantive audit tests of sales transactions when control risk is assessed as low for the occurrence assertion concerning sales transactions and the auditor has already gathered evidence supporting:
A Opening and closing inventory balances. B Cash receipts and accounts receivable. C Shipping and receiving activities. D Cutoffs of sales and purchases.
