Analytical procedures are a type of substantive procedures

Lack of credit control activities would affect the valuation assertion for trade receivable

Which three of the following are reported by exception in the auditors report

Which of the following are assertions about classes of transactions

Which three of the following procedures that could be used by assurance providers to provide evidence relating to a balance in the financial statement

Which two of the following are valid comments about the quality of assurance evidence

Which three of the following are assertions used by the auditor about classes of transactions

Which three of the following statements are valid

Which two of the following describe manifestations of the expectations gap

Statutory audit

Report on prospective financial information

Report a review of interim financial information

Select the most appropriate approach which should be used by the assurance firm in the given circumstance.

The audit of a client where controls have been assessed as deficient

Select the most appropriate approach which should be used by the assurance firm in the given circumstance.

The audit of a client where controls have been assessed as strong

Select the financial statement assertion that is being tested. Review of the financial statements using a Companies Act checklist

Tracing non-current assets which have been observed in use back to the non-current asset register

Which three of the following are assertions used by the auditor about account balances at the period end

The auditor must carry out substantive procedures on all material items

The auditor only carries out substantive procedures if the results of test of controls are inconclusive

Substantive procedures include both analytical procedures and test of details

Observation of opening the post

Calculation of the gross profit margin and comparison with that of the previous accounting period

Reviewing invoices paid for evidence of authorisation

Observation of inventory counting at the year end

Calculation of the quick ratio and comparison with that of the previous accounting period

Inquiring into the operation of the purchases transaction cycle

Smith plc is required to apply ISA 701, Communicating Key Audit Matters in the Independent Auditor's Report. Which two of the following could be key audit matters

Which two of the following describes manifestations of the expectations gap

Which two of the following would be included in an assurance report

Whether the financial statements are in agreement with the accounting records and returns

Whether the financial statements give a true and fair view of the state of the company's affairs at the end of the financial year

Whether details of directors' emoluments and other benefits have been correctly disclosed in the financial statements

Original documents are more reliable than photocopies

Oral representations are more reliable than written forms of evidence

External documents obtained from external sources are more reliable than external documents from client sources

Which one of the following the 'sufficiency' of audit evidence relate

Rank them in terms of their reliability (high to low)

a- Schedule of aged receivables obtained from the client

b- Bank statement obtained from the client

c- Bank statement obtained directly from the bank

Which three of the following relate to assertions about account balances at the period end

Which three of the following relate to assertions about classes of transactions for the period under audit

Which one of the following describes the meaning of 'financial statement assertions'

Which two of the following approaches could the auditor use when gathering audit evidence

In carrying out tests of control, which three of the following types of procedures can be used

The auditor must always carry out substantive procedures a material items

Substantive procedures are made up of test of detail only

Substantive procedures are carried out as part of the overall review of the financial statements

"In our opinion, the financial statements do not give a true and fair view of the state of the company's affairs as at 31 December 20X4 and its profit for the year then ended." Which one of the following describes the type of opinion and assurance provided by the above

Which three of the following are required by the Company Act 2006 to be reported on by exception in an auditor's report

Which one of the following financial statements assertions does attendance at a period end inventory count primarily provide assurance

Sending external confirmations to receivables is not helping for ascertaining which one of the following

Reviewing supplier statement reconciliations selected on the basis of purchases turnover in the year helps to confirm the completeness of the accounts payable balance

Recalculating the depreciation charge helps in verifying the rights and obligations assertion for non-current assets

Reviewing inventory movements after the reporting period helps verify the valuation of inventory

A sample of purchases taken from throughout the year is checked against supplier invoices

Insurance expenses are compared year on year

The year-end bank reconciliation is reviewed

Sales for the year are compared to the budget

The company does not maintain a non-current asset register to record its assets

The budget for this year's audit has remained the same as for the previous year, even though several new subsidiaries need to be audited this year

An audit firm selects its samples systematically. Invoice number 12345 should have been tested, but the audit assistant tested 12346 instead

Sarf Ltd has experienced a high turnover of staff connected with the receivables ledger