Chapter 24 Completing the Audit - part 2
Authored by phan giang
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4th Grade
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements regarding the letter of representation is not correct?
A) It is prepared on the client's letterhead.
B) It is addressed to the CPA firm.
C) It is signed by high-level corporate officials, usually the president and chief financial officer.
D) It is optional, not required, that the auditor obtain such a letter from management.
Xóa lựa chọn
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following audit procedures would most likely assist an auditor in identifying conditions and events that may indicate there could be substantial doubt about an entity's ability to continue as a going concern?
A) review compliance with the terms of debt agreements
B) confirmation of accounts receivable from principal customers
C) reconciliation of interest expense with debt outstanding
D) confirmation of bank balances
Xóa lựa chọn
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When should auditors generally assess a client's ability to continue as a going concern?
A) upon completion of the audit
B) during the planning stages of the audit
C) throughout the entire audit process
D) during testing and completion phases of the audit
Xóa lựa chọn
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the completion of the audit, management is asked to make a written statement that it is not aware of any undisclosed contingent liabilities. This statement would appear in the
A) management letter.
B) letter of inquiry.
C) letters testamentary.
D) management letter of representation.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To make a final evaluation as to whether sufficient appropriate evidence has been accumulated, the auditor will do all of the following except
A) review the audit documentation for the entire audit to determine whether all material classes of transactions have been adequately tested.
B) make sure that all parts of the audit program have been accurately completed and documented.
C) obtain the management representation letter.
D) decide whether the audit program is adequate.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would the auditor expect to find in the client's management representation letter?
A) management's recommendations for internal control effectiveness improvements
B) management's plans for improving product quality
C) management's compliance with contractual arrangements that impact the financial statements
D) management's goals for improving earnings per share
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Auditing standards require auditors to evaluate whether there is substantial doubt about a client's ability to continue as a going concern. One of the most important audit procedures to perform to assess the going concern question is
A) analytical procedures.
B) confirmations from creditors.
C) statistical sampling procedures.
D) tests of internal controls.
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