23.1 Which of the following forms of evidence is the most reliable where an auditor is unable to physically inspect inventory held by an agent on a sale or return basis?
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1 .22.1 Which of the following describes how an auditor would confirm the existence assertion for a non-current asset?
A Trace the physical item to the non-current asset register B Trace the physical item to the financial statements C Trace an entry in the non-current asset register to the physical item
2 .22.2 The auditor of Kirby Co is currently planning the audit approach in respect of the containers in which goods are delivered to customers. There is no charge to customers for the containers, which remain the property of Kirby Co and must be returned. For production line convenience, suppliers are also required to use these containers when supplying components.The containers are expensive and have an average estimated useful life of three years. Container records identify each container separately and record their current location.Which assertion is likely to cause particular problems for the auditor?
A Existence B Rights and obligations C Valuation and allocation D Presentation and disclosure
3 .22.3 Which of the following audit procedures provides the most relevant evidence to verify the carrying amount of a company’s fleet of cars?
A Checking depreciation rates and calculations for the vehicles B Examination of the vehicle registration documents C Inspection of the cars’ insurance certificates
4 .22.4 What evidence will inspecting the share certificate, contract note and statutory records of an unquoted investment provide to the auditor?
A Existence of the investment B Existence and rights and obligations of the investment C Existence, rights and obligations, and cost of the investment D Existence, rights and obligations, cost and valuation of the investment
5 .22.5 Pillbox Co makes and sells medical equipment and has a sizeable research and development unit. The directors have identified three material applied research projects whose results they hope will be developed into viable products. They have therefore capitalised the expenditure on these projects and will amortise it over three years. The accounts fully disclose the treatment adopted.What form should the audit report take?
A Unmodified B Unmodified, with reference to the inherent uncertainty drawing attention to the relevant disclosure note C Modified, disclaimer as a result of uncertainty about viability of the products D Modified, except for capitalisation of the expenditure
7 .23.2 In order for a continuous inventory counting system to provide satisfactory evidence of yearend inventory levels it is essential that management maintains adequate inventory records and investigates and corrects all material differences between the inventory records and the physical counts.How often must the inventory be counted?
A All items at least once during the year B All items more than once during the year with the auditor in attendance C All items at the same time at least once during the year D All high value items at the year end
8 .23.3 What is the primary assertion tested by the auditor when he attends an inventory count?
A Existence B Rights and obligations C Valuation
9 .23.4 An auditor analysing inventory turnover rates would NOT obtain evidence about which of the following management assertions?
A Existence B Rights and obligations C Completeness D Valuation and allocation
10 .23.5 An audit objective is stated as “to ensure that all inventory on hand is reflected in the inventory balance at the reporting date”.Which of the following management assertions should the auditor test?
A Rights and obligations B Valuation and allocation C Completeness D Existence
