Which of the following statements reflects an auditor's responsibility for detecting errors and fraud?
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1 .A successor auditor most likely would make specific inquiries of the predecessor auditor regarding:
A Specialized accounting principles of the client's industry. B Disagreements with management as to auditing procedures. C The competency of the client's internal audit staff. D The uncertainty inherent in applying sampling procedures.
2 .Which of the following factors would a CPA ordinarily consider in the planning stage of an audit engagement?I. Financial statement accounts likely to contain a misstatement.II.Conditions that require extension of audit tests.
A II only. B Neither I nor II. C Both I and II. D I only.
3 .Before applying principal substantive tests to an entity's accounts receivable at an interim date, an auditor should:
A Consider the likelihood of assessing the risk of incorrect rejection too low. B Project sampling risk at the maximum for tests covering the remaining period. C Assess the difficulty in controlling the incremental audit risk. D Ascertain that accounts receivable are immaterial to the financial stat...
4 .For which of the following judgments may an independent auditor share responsibility with an entity's internal audit function, which is assessed to be competent, objective, and apply a systematic and disciplined approach?Evaluation of significantaccounting estimatesMateriality ofmisstatementsA.NoNoB.YesYesC.YesYesD.YesNo
A . B . C . D .
5 .Which of the following statements is correct concerning an auditor's use of the work of an actuary in assessing a client's pension obligations?
A If the actuary has a relationship with the client, the auditor may not use the actuary's work. B The client is required to consent to the auditor's use of the actuary's work. C The reasonableness of the actuary's assumptions is strictly the auditor's responsibility. D The auditor is required to un...
7 .Which of the following circumstances most likely would cause an auditor to suspect that there are material misstatements in an entity's financial statements?
A Senior management has an excessive interest in upgrading the entity's information technology capabilities. B Supporting accounting records and files that should be readily available are not produced promptly when requested. C Senior financial management participates in the selection of accounting ...
8 .Which of the following are considered control environment factors?DetectionriskHuman resourcepolicies andpracticesAYesNoBNoNoCYesYesDNoYes
A . B . C . D .
9 .In an audit of financial statements in accordance with generally accepted auditing standards, an auditor is required to:
A Document the auditor's understanding of the entity's internal control. B Determine whether controls operated effectively to prevent or detect material misstatements. C Search for significant deficiencies in the operation of internal control. D Perform tests of controls to evaluate the effectivenes...
10 .After obtaining an understanding of the entity and its environment, including its internal control, an auditor decided to perform tests of controls. This is likely because:
A An increase in the assessed level of control risk is justified for certain financial statement assertions. B There were many internal control weaknesses that could allow errors to enter the accounting system. C Evidence to support a reduction in control risk is not available. D The auditor's risk ...
