New Staff Training - D2 - 03 Jul 23

What would be your CRA for Cash account - existence assertion when Inherent Risk is High and Control Risk is Rely?

• Minimal

• Moderate

• Low

• High

Please select correct statement:

• Appropriateness is the measure of the quantity of the audit evidence.

• The sufficiency of audit evidence is the measure of the quantity of audit evidence obtained.

• When determining the sufficiency of evidence, we determine the relevance and reliability of the audit evidence we have obtained.

• The sufficiency and appropriateness of audit evidence obtained from an audit procedure is a the quantity of audit evidence.

Levels of assurance the quality of evidence, or its appropriateness, bears greater significance and provides are:

• Persuasive, Moderate, Some, Little

• Persuasive, Corroborative, Some, Little

• Mostly, Corroborative, Some, Little

• Mostly, Corroborative, Some, Fewer

The considerations that influence our determination of reliability of audit evidence are:

• Third party vs. Internal Source

• Generated from a system with effective controls? Or ineffective controls?

• Evidence obtained for whole populations of data? Or for a sample of items in a population?

• All above

The types of procedures to obtain audit evidence and respond to audit assertions are:

• Inquiry, Observation, Inspection, Reperformance, Recalculation, Confirmation and Analytical Procedures

• Inquiry, Observation, Inspection, Stock count, Recalculation, Confirmation and Analytical Procedures

• Inquiry, Observation, Walkthough, Reperformance, Recalculation, Confirmation and Analytical Procedures

• Inquiry, Observation, Inspection, Reperformance, Reconciliation, Confirmation and Analytical Procedures

Which of the following WCGW questions may be relevant to ensure the Completeness of the purchase of inventory, choose multiple answer:

• Are all purchases received recorded?

• Are purchases recorded at the correct amount?

• Are all vendor payables recorded?

• Are related party transactions related to purchases properly classified and disclosed?

In the critical path of the sales SCOT, Which of the following different WCGW questions we may ask about a sales invoice. Choose the best answer:

• Is the quantity correct?

• Is the sales price correct?

• Is the tax percentage correct?

• Is the sales invoice correct?

• Is it calculated correctly?

“Examining records or documents”. This sentence describes for which of the following nature of our test of controls:

• Inquiry

• Observation

• Inspection

• Reperformance/Recalculation

Tests of controls may be performed either ….., or ….., the balance sheet date.

• Before, after

• Before, as of

• As of, after

• None of above

Choose the best answer:

The following WCGW questions may be relevant to the purchase of inventory:

Are quantities recorded that do not exist?

Are purchases recorded that are not valid?

These questions are presented for:

• Completeness

• Existence/Occurrence

• Valuation/Measurement

• Rights and obligations

• Presentation and disclosure