Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
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1 .Before accepting an engagement to audit a new client, a CPA is required to obtain:
A The prospective client's signature to the representation letter. B An understanding of the prospective client's industry and business. C A preliminary understanding of the prospective client's control environment. D The prospective client's consent to make inquiries of the predecessor auditor.
2 .Which of the following procedures would an auditor most likely include in the planning phase of a financial statement audit?
A Perform cutoff tests of the entity's sales and purchases. B Identify specific internal control activities designed to prevent fraud. C Evaluate the reasonableness of the entity's accounting estimates. D Obtain an understanding of the entity's risk assessment process.
3 .Which of the following statements is not correct about materiality?
A An auditor's consideration of materiality is influenced by the auditor's perception of the needs of a reasonable person who will rely on the financial statements. B An auditor considers materiality for the financial statements as a whole in terms of the largest aggregate level of misstatements tha...
4 .Samples to test internal control are intended to provide a basis for an auditor to conclude whether:
A The control activities are operating effectively. B Materiality for planning purposes is at a sufficiently low level. C The risk of incorrect acceptance is too high. D The financial statements are materially misstated.
5 .The work of internal auditors may affect the independent auditor's:I. Procedures performed in obtaining an understanding of internal control.II. Procedures performed in assessing the risk of material misstatement.III.Substantive procedures performed in gathering direct evidence.
A I and III only. B I, II, and III. C I and II only. D II and Ill only.
7 .For which of the following judgments may an independent auditor share responsibility with an entity's internal auditor who is assessed to be both competent and objective?Assessment ofinherent riskAssessment ofcontrol risk
A No.........No B Yes........Yes C Yes........No D No.........Yes
8 .Which of the following statements is correct about the auditor's use of the work of a specialist?
A The auditor should obtain an understanding of the methods and assumptions used by the specialist. B The auditor is required to perform substantive procedures to verify the specialist's assumptions and findings. C The client should not have an understanding of the nature of the work to be performed...
9 .When an auditor increases the assessed level of control risk because certain control activities were determined to be ineffective, the auditor most likely would increase the:
A Extent of tests of details. B Level of detection risk. C Extent of tests of controls. D Level of inherent risk.
10 .As the acceptable level of detection risk decreases, an auditor may:
A Eliminate the assessed level of inherent risk from consideration as a planning factor. B Postpone the planned timing of substantive tests from interim dates to the year-end. C Lower the assessed level of control risk. D Reduce substantive testing by relying on the assessments of inherent risk and ...
