15.2 An auditor recalculates the amortisation of intangible assets to determine whether the amortisation period is reasonable.Which financial statement assertion is being tested?
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1 .14.2 A finance company uses a service provider to process its high volume, complex transactions.Which of the following circumstances is most likely to affect the auditor’s ability to form his opinion?
A The possibility of loss of input documentation in transmission to the service provider B Inadequate back-up and reconstruction facilities at the service provider C Failure of service provider staff to identify exceptions in output and bring them to the attention of management D Refusal of permissi...
2 .14.3 An auditor is auditing the financial statements of Aloe Co. Aloe uses a service provider to process its payroll. The auditor of the service provider recently issued a report on the design, implementation and effectiveness of the service provider’s internal controls.Which of the following procedures should the auditor of Aloe perform with respect to the assurance report issued by the service provider’s auditor?
A Perform tests of controls at the service provider B Assess control risk at maximum when auditing Aloe’s payroll C Review the audit program followed by the service provider’s auditor D Inquire concerning the competence of the service provider’s auditor
3 .14.4 It is common practice for the auditor of a service company to provide a Type 1 or Type 2 report to be used by the auditors of that service company’s clients.What is the main difference between a Type 1 and Type 2 report?
A Details of the controls tested during the service provider’s annual audit B A separate assurance report on the effectiveness of the service provider’s internal control function C Details of any modification made to the auditor’s report on the financial statements D Details of the controls te...
4 .15.4 Sufficiency of audit evidence depends, among other things, on the “risk of misstatement”.Which of the following would increase this risk, and so indicate that more evidence should be collected for “sufficiency”?
A The knowledge that the audit working papers will be reviewed by an independent external technical body B The use of audit staff who are unfamiliar with the client C The use of judgement sampling rather than statistical sampling D A reporting deadline which is unusually soon after the year end
5 .15.3 During the course of an audit, the auditor may use the following documents:(1) An analysis of repairs expenditure for tax purposes(2) An aged debt listing(3) Suppliers’ statement reconciliationsWhich of these are acceptable if prepared by the client as a basis for further audit work?
A 1 only B 1 and 2 only C 1, 2 and 3
7 .15.5 In order to detect an understatement of sales, which of the following procedures would be most effective?
A Select sales delivery notes and check the details with the related sales invoices B Select sales invoices and check the details with the related sales orders C Select sales invoices and check the details with the related sales delivery notes D Select sales orders and check the details with the rel...
8 .15.8 What assertion is an auditor testing when the auditor gathers evidence related to an entity’s control of obtaining credit approval before shipping goods to customers?
A Rights and obligations B Existence C Valuation and allocation
9 .15.9 What assertion is an auditor testing when the auditor gathers evidence to detect sales made after the end of the year that have been recorded before year end?
A Cut-off B Accuracy C Completeness
10 .15.11 An auditor examines a sample of sales invoices to determine if they were recorded in the correct revenue accounts.What assertion is an auditor testing?
A Accuracy B Classification C Completeness D Occurrence
