Which of the following will reduce non-sampling risk?
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1 .Which of the following statements is NOT correct concerning the auditor’s use of thework of a specialist?
A The specialist should have an understanding of the auditor’s use of the specialist’sfindings B The auditor is required to perform substantive procedures to verify the specialist’sassumptions and findings C The client should have an understanding of the nature of the work to be performedby th...
2 .Which of the following statements is correct concerning an auditor’s use of the work ofan appraiser in assessing the value of a client’s intangible assets?
A The auditor is not required to understand the objectives and scope of the appraiser’swork B The reasonableness of the appraiser’s assumptions is strictly the auditor’sresponsibility C The client is required to consent to the auditor’s use of the appraiser’s work D If the appraiser is not...
3 .The only difference between a management’s expert and an auditor’s expert is that themanagement’s expert is an employee of the company and the auditor’s expert is an employeeof the auditor.Is this statement true or false?
A True B False
4 .In using the work of an audit expert, an auditor referred to the expert’s findings in theauditor’s report.Under what circumstances would this be appropriate?
A The client is not familiar with the professional certification, personal reputation, orparticular competence of the auditor’s expert B The auditor, as a result of the expert’s findings, adds explanatory detail to amodified opinion regarding the reasons for the opinion C The auditor understands...
5 .As part of the audit testing to satisfy the audit objective “Receivables are not overstated”, theaudit senior of a manufacturing company plans a receivables confirmation.Which of the following approaches would be the most appropriate in thesecircumstances?
A A random sample selected from the population of individual customers used duringthe year B A sample selected from the population of individual customers used during the year,with a bias towards those having the highest value of transactions in the year C A random sample selected from the populatio...
7 .Which of the following statements are NOT true?(1) The higher the entity risk the greater the sample size(2) The bigger the population the bigger the sample size(3) The lower the acceptable detection risk the lower the sample size(4) The higher the tolerable error the lower the sample size(5) The higher the expected error the lower the sample size(6) The more effective the stratification the lower the sample size
A 2, 3, 5 and 6 only B 2 and 5 only C 1, 4 and 6 only D 2, 3 and 5 only
8 .Which of the following is generally NOT an appropriate method of sample selection?
A Block selection B Systematic selection C Haphazard selection
9 .An auditor selects a sample using the total value of trade receivables as the population. Thesample is selected as follows:? one dollar is selected at random and deemed as the first dollar;? individual dollars are then selected at consecutive fixed intervals of $10,000.Which of the following statements, in respect of this form of sample selection, is the mostaccurate?
A The basis of sample selection is more suited to the detection of understatementerrors than overstatement errors B The basis of selection would be ineffective where errors occur in the population ona systematic basis C The basis of selection may be preferred when the book population underexaminatio...
10 .In addition to evaluating the frequency of deviations in tests of controls, the auditor shouldalso consider the qualitative aspects of deviations.Which of the following would be most likely cause the auditor to consider the broaderimplications of a deviation?
A It was the only deviation in the sample B It was identical to a deviation discovered in the prior year audit C It was initially concealed by a forged document D It was caused by an employee’s misunderstanding of instructions
