
AUDITING THEORY (Finals Review Activity) D22
Quiz
•
Other
•
Professional Development
•
Hard
Remy Pendon
Used 6+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Audit documentation is an important aspect of the audit because it provides evidence that the audit
was performed in accordance with PSAs
acquired reasonable assurance
was executed with sufficient professional judgement and professional skepticism
was completed on a timely basis
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause an auditor of an entity’s financial statements to issue either a qualified opinion or a disclaimer of opinion?
The use of inappropriate accounting principle.
Inadequate disclosure of an uncertainty.
Scope limitation involving a recorded uncertainty.
Unreasonable accounting estimate.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which of the following circumstances is substantive testing of accounts receivable
before the balance sheet date most appropriate?
The client has a new sales incentive program in place.
Internal controls during the remaining period are effective.
There is a high turnover of senior management.
It is the first engagement of a new client.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If control risk increases, which of the following statements is correct?
Inherent risk will increase.
Audit risk will decrease.
Detection risk will decrease.
No change
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An entity's internal control should always be aware of any new methods of perpetuating fraud in the organization, this is reflective in the component of
Risk Assessment
Control Environment
Control Activities
Monitoring Activities
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An auditor traces the serial numbers on equipment to a client’s sub-ledger. Which of the following management assertions is supported by this test?
Presentation and disclosure
Rights and obligations
Valuation and allocation
Completeness
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entity’s information system may include the use of
Manual Elements
Automated Elements
Manual and Automated Elements
None of the choices are correct
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