New Staff_Audit Training Post Test_B2

New Staff_Audit Training Post Test_B2

1st - 3rd Grade

24 Qs

quiz-placeholder

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New Staff_Audit Training Post Test_B2

New Staff_Audit Training Post Test_B2

Assessment

Quiz

Other

1st - 3rd Grade

Hard

Created by

Manilyn Namuco

Used 1+ times

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Who is responsible for the preparation and fair presentation of the financial statements?
The external auditor
Audit committee
Company management
Internal audit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the correct order of audit phases?
Planning – Completion – Risk Assessment – Risk Response
Planning – Risk Assessment – Risk Response – Completion
Completion – Risk Response – Planning – Reporting
Planning – Risk Response – Risk Assessment – Reporting

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which source would be LEAST helpful for understanding the entity?
Prior year audit working papers
Discussions with management
External industry publications
The auditor’s own financial statements

Answer explanation

Understanding the entity helps auditors assess risks of material misstatement, which is the foundation of risk-based auditing.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is a relevant external factor to consider in understanding an entity?
Entity’s board meeting minutes
Auditor’s experience with another client
Applicable government regulations
Client’s internal email policy

Answer explanation

Auditor’s remuneration is unrelated to understanding the client’s operations or environment.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenue from a long-term contract is recognized in full upfront, even though the performance obligation is not yet fully satisfied. The Company’s policy is to recognize revenue over time. What assertion is most violated?

Classification
Occurrence
Accuracy
Cutoff

Answer explanation

The revenue exists, but the amount and timing are misstated — this is an accuracy/valuation issue under PSAK 115.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When performing substantive analytical procedures, which factor increases the reliability of the result?
Using unaudited interim data
Expectation developed by the client
Performing the procedure at interim date
Data derived from independent sources

Answer explanation

Independent data increases reliability — options A–C reduce it.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the auditor modifies audit documentation after the final audit file has been completed, SA 230 requires the auditor to:
Replace the original documents with updated versions
Make no changes whatsoever to the documentation
Record the date, reason for the change, and identity of the person who made it
Notify management of the documentation changes

Answer explanation

SA 230.16–17 requires that any modifications after the completion date be clearly marked with the date, reason for the change, and the name of the person making the modification.

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