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WorksheetsDAY 6 RECAP - STAFF 2
Total questions: 10
Worksheet time: 5mins
Which statement is false?
A. In assessing whether a deficiency in internal control is a significant deficiency (or material weakness if required to be communicated in the jurisdiction), we only consider quantitative factor that may indicate a potential misstatement in the financial statements.
B. Different categories of a management letter comment/point are title, facts of the issue on hand, root-cause analysis, criteria/relevant accounting guidance and proposed solution.
C. We also concern about ITGC deficiencies although ITGC deficiencies do not directly result in financial statement misstatements.
D. None of above is false.
Which statement is false?
A. When performing choosing sample size for test of detail, a sampling unit can be a customer account balance.
B. Using the income statement (I/S) tables for sampling is mandatory.
C. We care about the level of evidence obtained from the other substantive procedures and substantive analytical procedures performed.
D. One of the IPE risk may be that the computations or categorizations performed in the creation of the IPE from the IT application are inaccurate.
E. Not at all.
How to mitigate the First risk of IPE?
A. Test controls within the SCOT to the extent appropriate for those controls.
B. Test the system functioning of the GL Application once, if subject to effective/reliable IT processes.
C. Verify through tests of details each time the Admin Expense Detail schedule is used (more likely/commonly done).
F. A&B&C.
E. A&C.
Which the statement is true?
A. We must determine the completeness of meeting minutes of the meeting of share holder, BOM, BOD or other relevant
B. Related party relationship and transaction can not be found in the meeting of shareholders.
C. We read minutes of meeting in the phase of Strategy and Execution phase rather than conclusion phase
D. All are false
Which statement is true about SRM?
A. We must perform a comparison between the SRM and the ASM to ensure that all accounting and auditing issues in the ASM have been addressed during our audit and are noted within the SRM.
B. The SRM is performed documented in the execution phase of an audit
C. It provides the audit team with a summary of our audit results and conclusion, and a description of the important matters and significant findings and issues arising during the audit.
D. A&C
F. All of them
What is the purpose of quarterly meetings between the accounting group and the in-house counsel of SunnEY Secured Storage?
A. Summary and evaluate all pending litigation and determine whether a reasonable likelihood exists that such a matter would result in an outflow of resources
B. Evaluate pending litigation on any material case which is larger than threshold to determine if any items could potentially impact the financial statements
C. Discuss about related parties list and transactions to assess whether a party is related party of the company, to ensure the completeness of financial statement disclosure
Which table is applied in determine sample size?
A. Table 1
B. Table 2
C. Table 3
In mission 12, which company did we perform audit its financial statement?
A. Bee ever young
B. Door to Door Tropical Delivery
C. Tropical Tees
D. SunnEY Secured Storage
Which phase we must perform the financial statement tie-out procedures?
A. Scope & Strategy
B. Execution
C. Wrap-up
D. Subsequent event
Which components listed below are key pieces of the SRM? Choose all that apply:
A. A description of significant changes to the audit strategy and the reasons for the changes
B. A lengthy description of each significant accounting and auditing issue, including a summary of the identified significant and/or fraud risks
C. Complex or unusual transactions
D. A description of the inherent risks identified as higher and the reason why
