
Audit 1
Quiz
•
Life Skills
•
3rd Grade
•
Practice Problem
•
Medium
May Ann Paras
Used 3+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
The auditor shall agree the terms of the audit engagement with management or those charged with governance, as appropriate. The agreed terms shall be recorded in a/an?
Engagement letter
Letter of audit
Management representation letter
Confirmation letter
2.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
The following matters are generally included in an auditor's engagement letter, except:
The factors to be considered in determining the overall materiality
The fact that because of the test nature and other inherent limitations of internal control, there is an unavoidable risk that even some material misstatements may remain undiscovered.
The scope of the audit
management's responsibility for the financial statements.
3.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
The following are usually included in an auditor's engagement letter except:
List of audit procedures to be used in inventoty observation
The financial statements are the responsibility of the company's management
A reference to PFRS
A reference to PSAs
4.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
Which of the following statements would least likely appear in an auditor's engagement letter?
our audit will be made with the objective of our expressing an opinion on the FS
We remind you that the responsibility for the preparation of financial statements including adequate disclosure is that of the management of the entity.
After performing our preliminary analytical procedures, we will discuss with you the other procedures we consider necessary to complete the engagement
Our fees, which will be billed as work progresses, are based on the time required by the individuals assigned to the engagement plus out of pocket expenses
5.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Which of the following factors most likely would cause an auditor to decline a new engagement ?
Concluding that the entity's management probably lacks integrity
Inability to perform preliminary analytical procedures before assessing control risks
Inadequate understanding of the entity's internal control
The close proximity to the end of the entity's reporting period.
6.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Which of the following conditions most likely would pose the greatest risk in accepting a new audit engagement?
There will be a client - imposed scope limitation
The firm have to hire an expert in one audit area
The client's financial reporting system has been in place for 10 years
Staff will need to be reschedules to cover this new client
7.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
A predecessor withdrew from the engagement after discovering that a client's financial statements are materially misstated that it would not revise. If asked by the successor auditor about the termination of the engagement, the predecessor should:
Suggest that the successor auditor should obtain the client's consent to discuss the reasons.
State that the audit revealed material misstatement that the client would not revise
Indicate that there was a misunderstanding
Suggest that the successor audit ask the client
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