23.3 What is the primary assertion tested by the auditor when he attends an inventory count?
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1 .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
2 .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
3 .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
4 .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?
A A copy of the pro-forma invoice to the agent B A certificate obtained directly by the auditor from the agent detailing the inventory held on the client’s behalf C An analysis of cash received from the agent after the year end substantiating the year-end inventory level
5 .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
7 .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
8 .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
9 .24.1 In order to gather sufficient, appropriate evidence, the auditor may make use of external confirmations. These may take the form of being a positive or negative request.A positive confirmation request for trade receivables always asks respondents to reply to the auditor indicating whether or not they agree with the information provided.Is this statement true or false?
A True B False
10 .24.2 During their interim audit the auditors discover that there is often a delay between goods being delivered to customers and the subsequent raising of a sales invoice.Which test is most likely to establish the extent of any understatement of receivables at the year end?
A Comparing goods despatch notes issued shortly after the year end with sales records B Comparing goods despatch notes issued shortly before the year end with sales records C Comparing sales invoices issued shortly before the year end with goods dispatched notes D A receivables confirmation with a d...
