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WorksheetsQuiz II_Auditing Class
Total questions: 10
Worksheet time: 5mins
1. This assertion deal with whether the accounts have been included in the financial statements at the appropriate amount.
Existence or Occurrence
Completeness
Rights and Obligations
Valuation or Allocation
2. ________ is defined as the susceptibility of an assertion to a material misstatement assuming there are no internal controls.
Inherent risk
Control risk
Detection risk
Audit risk
3. Responding to assessed risks includes all of the following except:
Staffing and Supervision
Timing of Audit Tests
Evaluating Evidence
Extent of Audit Tests
4. Other required communications include all of the following except:
Disagreements with management
Significant audit adjustments
Consultation with other accountants
Assessment of management performance
5. Which of the following is not a transaction class audit objective?
Existence
Occurrence
Accuracy
Cutoff
6. Which of the following is not an account balance audit objective?
Existence
Completeness
Classification
Rights and Obligations
7. All of the following affect the sufficiency of audit evidence except:
Materiality
Risk of Material Misstatement
Relevance of Audit Evidence
Size and Characteristics of the Population
8. In evaluating the adequacy of the allowance for doubtful accounts, an auditor most likely reviews the entity’s aging of receivables to support management’s financial statement assertion of ...
Existence
Valuations & allocation
Completeness
Rights & obligations
9. An auditor analyze repairs and maintenance accounts primarily to obtain evidence in support of the assertion that all :
Non-capitalized expenditures for repairs and maintenance have been properly charged to expenses.
Expenditures for property and equipment have not been charged to expenses.
Non-capitalize able expenditures for repairs and maintenance have been recorded in the proper period.
Expenditures for property and equipment have been recorded in the proper period
10. Which of the following is not a part of the role of internal auditors
Assisting the external auditors
Providing reports on the reliability of financial statements to investors and creditors
Consulting activities
Operational audits
