Assurance & Auditing Quiz

Assurance & Auditing Quiz

University

•

40 Qs

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Assurance & Auditing Quiz

Assurance & Auditing Quiz

Assessment

Quiz

•

Mathematics

•

University

•

Practice Problem

•

Hard

Created by

Lam Tung

Used 1+ times

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40 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which TWO of the following are reasons why sales are of verified by testing the internal controls in place over sales?

There are usually too many individual transactions to test them individually

Because there are so many individual transactions, there is a significant risk that sales are misstated

Controls over sales in a company are often strong

Sales constitute a high volume of similar transactions which are suitalbe for controls testing

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following techniques is generally accepted to be the most efficient to obtain evidence regarding the existence of bank balances?

Reperformance

Confirmation

Analytical procedures

Observation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Select the type of procedure illustrated: Examining the instructions issued by an organisation for its year-end physical inventory count

Test of control

Substantive procedure

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Direct confirmation of trade receivables provides evidence in respect of which TWO of the following assertions?

Valuation

Completeness

Occurrence

Existence

Rights and obligations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a substantive audit procedure for wages and salaries?

Inspect a sample of clock cards for evidence of authorization by a responsible official

Recalculate a sample of payroll deductions such as employment taxes to confirm accuracy

Attempt to access and make changes to the payroll master file using the log on for a junior clerk

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is/are true with respect to analytical procedures?

(1) Analytical procedures can be used throughout the audit.

(2) Analytical procedures must be used as risk assessment procedures.

(1) only

(2) only

(1) and (2)

Neither (1) nor (2)

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following statements is/are true regarding direct confirmation of accounts receivable?

Responses from the customer must be returned directly to the client.

Under the positive method the customer only replies if the amount stated agrees with the customer's records.

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