AA Chap 7,8,9,10

AA Chap 7,8,9,10

Professional Development

21 Qs

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AA Chap 7,8,9,10

AA Chap 7,8,9,10

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Asyikin Azlan

Used 6+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consider the following statements:

(1)The audit engagement partner must review all audit documentation before the date of

the auditor's report, in order to ensure that sufficient and appropriate audit evidence has

been obtained to support the audit opinion.

(2) All audit work should be directed, supervised and review by a more senior member of the

audit team.

Which of these statements is/are true?

(1) only

(2) only

(1) and (2)

Neither (1) nor (2)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following matters would the overall audit strategy include?

The applicable financial reporting framework

The nature, timing and extent of audit procedures at the assertion level

The timetable of planned audit work

The level for performance materiality

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consider the following statements:

(1) Existence is an assertion about account balances at the period end.

(2) Cut-off is an assertion about classes of transactions and events and related disclosures.

Which of these statements is/are true?

(1) only

(2) only

(1) and (2)

Neither (1) nor (2)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The auditor of A Co wishes to reduce audit risk and has identified three potential actions to do this:

(1) Increase sample sizes

(2) Reduce control risk

(3) Assign more experienced staff to the engagement team

Which of the above actions could the auditor take to reduce audit risk?

(1) only

(2) only

(1) and (3)

(2) and (3)

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When gaining an understanding of the specific business operations of an audit client which

of the following matters would an auditor need to consider?

Accounting principles and industry specific practices relevant to the client's business

Acquisitions or disposals of the client's business activities

Leasing of property, plant or equipment for use in the client's business

Products or services and markets of the client's business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The audit team of which you are a member is in the process of documenting the audit client's

system of internal controls. You wish to assess what specific errors or frauds may occur, in

order to identify the direct controls that the team will then need to test during control testing.

Which of the following methods for recording control systems should you use?

ICQ

ICEQ

Narrative notes

Flowcharts

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Information processing controls relate to procedures used to initiate, record, process and

report transactions and other financial data.

Which two of the following are information processing controls?

Records of program changes

Virus checks

Batch reconciliations

Document counts

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