In an integrated audit of a nonissuer, an auditor should issue an adverse opinion on the effectiveness of an entity's internal control in which of the following situations?
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1 .Which of the following factors is (are) considered in determining the sample size for a test of controls?Expecteddeviation rateTolerabledeviation rate
A Yes........No B No.........No C Yes........Yes D No.........Yes
2 .An audit partner is developing an office training program to familiarize his professional staff with statistical decision models applicable to the audit of dollar value balances. He wishes to demonstrate the relationship of sample sizes to population size and variability and the auditor's specifications as to tolerable misstatement and risk of incorrect acceptance. The partner prepared the following table to show comparative population characteristics and audit specifications of two populations.Characteristics ofPopulation 1 Relativeto Population 2Audit Specifications as to as Samplefrom Population 1 Relative to aSample from Population 2SizeVariabilitySpecifiedTolerableMisstatementSpecified Riskof IncorrectAcceptanceCase 1EqualEqualEqualLowerCase 2EqualLargerLargerEqualCase 3LargerEqualSmallerHigherCase 4SmallerSmallerEqualHigherCase 5LargerEqualEqualLowerYou are to indicate for the specified case from the above table the required sample size to be selected from population 1 relative to the sample from population 2.In case 4 the required sample size from population 1 is:
A Equal to the required sample size from population 2. B Smaller than the required sample size from population 2. C Indeterminate relative to the required sample size from population 2. D Larger than the required sample size from population 2.
3 .In a probability-proportional-to-size sample with a sampling interval of USD5,000, an auditor discovered that a selected account receivable with a recorded amount of USD10,000 had an audit amount of USD8,000. If this were the only error discovered by the auditor, the projected error of this sample would be:
A USD2,000 B USD1,000 C USD5,000 D USD4,000
4 .In a financial statement audit of a nonissuer, a previously communicated significant deficiency that has not been corrected, ordinarily should be communicated again:
A Only if the deficiency has a material effect on the auditor's assessment of control risk. B In writing, during the current audit. C Unless the entity accepts that degree of risk because of cost-benefit considerations. D Only if the deficiency is considered a material weakness.
5 .In an audit of an issuer, the auditor must provide an opinion on which of the following?I. The financial statements.II. The audit committee's oversight of financial reporting and internal control.III. The effectiveness of internal control.
A I and II only. B I and III only. C I, II, and III. D I only.
7 .Which of the following statements is correct concerning an auditor's required communication with those charged with governance?
A This communication is required to occur before the auditor's report on the financial statements is issued. B Any significant matter communicated to those charged with governance also should be communicated to management. C Significant audit adjustments proposed by the auditor and recorded by manag...
8 .Which of the following statements is correct concerning an auditor's required communication with those charged with governance?
A If matters are communicated in writing, the report is appropriate for general use. B This communication is required to occur before the auditor's report on the financial statements is issued. C If matters are communicated in writing, the report is required to be distributed to both those charged w...
9 .A purpose of a management representation letter is to reduce:
A Audit risk to an aggregate level of misstatement that could be considered material. B The scope of an auditor's procedures concerning related party transactions and subsequent events. C The possibility of a misunderstanding concerning management's responsibility for the financial statements. D An ...
10 .Which of the following statements is correct regarding a management representation letter?
A A representation letter can be used in place of specific, previously identified audit procedures. B A representation letter encompasses a different set of assertions from those inherent in the financial statements. C The date of the representation letter should typically be the same as the audit r...
