
Auditing and Internal Control
Quiz
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Other
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University
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Practice Problem
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Medium
Geezele Nequinto
Used 6+ times
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20 questions
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1.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Which of the following should the auditors normally interview as part of their assessment of fraud risk?
Senior management
Audit committee
Various employees whose duties do not include normal financial reporting responsibilities
All of the given choices
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An audit plan is a
detailed plan of analytical procedures and all substantive tests to be performed in the course of the audit.
document that provides an overview of the company and a general plan for the audit work to be accomplished, timing of the work, and other matters of concern to the audit.
generic document that auditing firms have developed to lead the process of the audit through a systematic and logical process.
budget of the time that should be necessary to complete each phase of the audit procedures.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Philippine Standards on Auditing require auditors to assess the risk of material misstatements due to fraud
for every adult
for first time adults
sufficient to find any frauds which may exist.
whenever it would be appropriate.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is most likely to be an overall response to fraud risks identified in an audit?
Supervise members of the audit team less closely and rely more upon judgment.
Use less predictable audit procedures.
Use only certified public accountants on the engagement.
Place increased emphasis on the audit of objective transactions rather than subjective transactions.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When must an auditor perform analytical review procedures in a financial statement audit?
Testing controls over financial cycles
Performing tests to substantiate balances
Planning the nature, timing and extent of procedures
Performing tests to substantiate transactions
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following represents a procedure that the auditor may use because plausible relationships among financial statement balances are expected to exist?
Attributes testing
Enterprise risk assessment
Inherent tests of control
Analytical review
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which statement is correct regarding business risks?
The risk of material misstatements in the financial statements is broader than business risk, though it includes the latter.
The auditor should identify or assess all business risks.
All business risks give rise to risks of material misstatement.
A business risk may have an immediate consequence for the risk of misstatement for classes of transactions, account balances, and disclosures at the assertion level or the financial statements as a whole.
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