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    Audit Midterm Exam

    Uploaded by

    Resty Villaroel
    The document discusses various aspects of audit planning and procedures, including: 1. Developing an audit plan involves preparing schedules and analyses by the client to ensure the audit work is properly planned. 2. It is in the interest of both the client and auditor for planning to commence the engagement. 3. Tolerable misstatements set by the auditor decrease acceptable audit risk. 4. Significant risks are assessed and internal controls over financial reporting are ordinarily required.

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    Audit Midterm Exam

    Uploaded by

    Resty Villaroel
    147 views2 pages
    The document discusses various aspects of audit planning and procedures, including: 1. Developing an audit plan involves preparing schedules and analyses by the client to ensure the audit work is properly planned. 2. It is in the interest of both the client and auditor for planning to commence the engagement. 3. Tolerable misstatements set by the auditor decrease acceptable audit risk. 4. Significant risks are assessed and internal controls over financial reporting are ordinarily required.

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    The document discusses various aspects of audit planning and procedures, including: 1. Developing an audit plan involves preparing schedules and analyses by the client to ensure the audit work is properly planned. 2. It is in the interest of both the client and auditor for planning to commence the engagement. 3. Tolerable misstatements set by the auditor decrease acceptable audit risk. 4. Significant risks are assessed and internal controls over financial reporting are ordinarily required.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    147 views2 pages

    Audit Midterm Exam

    Uploaded by

    Resty Villaroel
    The document discusses various aspects of audit planning and procedures, including: 1. Developing an audit plan involves preparing schedules and analyses by the client to ensure the audit work is properly planned. 2. It is in the interest of both the client and auditor for planning to commence the engagement. 3. Tolerable misstatements set by the auditor decrease acceptable audit risk. 4. Significant risks are assessed and internal controls over financial reporting are ordinarily required.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1.

    The element of the audit planning process= schedules and analyses to be prepared by the client
    2. It is the interest of both client and auditor= the commencement of the engagement
    3. Tolerable misstatements as set by the auditor= decreases acceptable audit risk
    4. Which of the following is most likely to be a characteristics = management tendency to override
    internal controls
    5. The principal reasons for developing= audit work is properly planned
    6. Which of the following statement about auditor= documentation must include flowcharts
    7. The preliminary judgement about materiality= inversely
    8. The primary purpose of the engagement letters= provide a written
    9. Engagement letters are required for= all engagement
    10. Since materiality is relative= net income before taxes
    11. As planning materiality =find smaller misstatement
    12. Which of the following best represent= the auditor traces three purchasing
    13. When a CPA is the auditor= number of reports to be prepared
    14. Audit documents that record=designed in an orderly fashion
    15. In developing the overall = the specific procedure
    16. Significant risks are assessed= required
    17. In the assessment of control risk= errors and fraud have been
    18. To obtain an understanding = management may establish
    19. Which of the following factors= management disregard of its responsibility
    20. Which of the following types= bank statements obtained
    21. Which of the following is not considered= the content of the management
    22. Collectively= risk assessment procedures
    23. Which of the following pairs of account=notes receivable and interest income
    24. The following are the inherent= incompatible duties
    25. Which of the following is an incorrect= detection risk cannot be changed
    26. An understanding the clients business= at the clients premise
    27. The auditors internal control = accuracy
    28. In an audit of financial statements= affects financial statements assertion
    29. Which statement is correct regarding concerning= controls over the reliability of financial
    reporting are ordinarily
    30. Determining that receivables are presented= valuation
    31. Which of the following components= control environment
    32. Nature of an entity refers to= the entitys operation, its ownership and governance
    33. Which of the following professionals= the partner in charge of the engagement
    34. Relevance can be considered= specific audit objectives
    35. A basic premise= plausible relationships among the data
    36. Audit program is basically= documentation\ of system being reviewed
    37. Audit evidence concerning= direct personal observation
    38. In considering materiality for planning purposes= 100,000
    39. Which of the following is not a reason= all are reasons
    40. The auditors review of the clients= compliance with the GASS
    41. A clients internal control appears= maximum
    42. Proper segregation= record and conceal fraudulent=
    43. Which of the following best describe the relationship between= IR, CR and DR vary from
    assertion to assertion
    44. The date on which no information= documentation completion date
    45. Assuming a recurring= a recent change in partner and/or staff involved
    46. Which of the following is incorrect= a material weakness is less significant that a control
    deficiency
    47. The objective of performing= unusual transactions and events that represents
    48. Internal control is a process effected by the organization’s= continuing existence
    49. Which of the following would an auditor most likely= the entity’s financial statement of the prior
    year
    50. With respect to errors and fraud the auditor should plan= discover errors or fraud that would
    have a material effect on the FS. Internal

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