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.
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1 .Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements?
A The operating effectiveness of control activities. B The existence of related party transactions. C The adequacy of the accounting records. D The complexity of the accounting system.
2 .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.
3 .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.
4 .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...
5 .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.
7 .Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
A Obtaining a written representation letter from the client's management. B Considering whether the client's accounting estimates are reasonable in the circumstances. C Examining documents to detect any noncompliance with laws and regulations having a material effect on the financial statements. D D...
8 .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
9 .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...
10 .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.
