16.2 For what purpose will the external auditor most likely use *ytical procedures at the planning stage of the audit?
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1 .15.13 Which of the following procedures is least likely to be used to test the valuation and allocation assertion?
A Observation B Recalculation C Reconciliation
2 .15.10 Which of the following is a substantive procedure?
A Verifying that invoices payable are appropriately approved B Observing the distribution of a payroll on an unannounced basis C Performing suppliers’ statement reconciliations
3 .15.12 As part of the substantive tests performed on the client’s purchase transactions, the auditor selects a sample of payment vouchers and compares the dates on the vouchers to the dates the transactions were recorded in the purchase journal.Which of the following assertions is the auditor testing?
A Accuracy B Completeness C Cut-off D Occurrence
4 .15.14 Which of the following assertions would NOT be tested by an auditor who is performing substantive procedures on a client’s account balances?
A Valuation and allocation B Rights and obligations C Existence D Classification
5 .16.1 At which of the following audit stages is the auditor least likely to use analytical procedures?
A Planning B Review and evaluation of internal control C Final review of financial statements
7 .16.4 Hardware Co has a fixed mark-up of 50% on cost. The external auditor’s analytical review of the current financial statements has revealed a gross profit margin of 40% of sales.What could this indicate?
A Some sales have not been invoiced B Some purchases have not been recorded C Closing inventory has been undervalued D Goods used for personal consumption have been included in purchases
8 .16.5 As the new auditor of Elm Co (a listed company) you note that the company’s gross profit percentage as per the draft accounts has fallen from 30% in the previous year to 20% in the current year.Which of the following explanations is the most plausible?
A Errors in computation led to opening inventory being overvalued and this has been compounded by the inclusion for the first time (so as to comply with IAS 2) of indirect overheads in the closing inventory valuation B Errors in computation led to opening inventory being overvalued and the company h...
9 .16.6 Which of the following assists an auditor in gaining assurance that a company’sfinancial statements are consistent with his knowledge of the business?
A Adequate planning of the audit B Documenting all audit procedures in detailed working papers C Carrying out an overall review of the financial statements
10 .16.3 A review of the revenues and expenses in the detailed profit and loss account of acompany, involving investigation of significant variations in comparison with the equivalent figures for the previous year, is most likely to detect which of the following significant problems?
A The fact that a line of inventory has become obsolete during the year and should be written off B A misallocation of distribution costs as advertising expenses C The fact that the costs of some exceptional repairs to the company’s premises have not been included in the profit and loss account D ...
