Question 1

The manager's review of the working papers is not designed to obtain assurance that:

Accepted Answer

A)  the judgements exercised by subordinates were reasonable and appropriate in the circumstances. 
B)  the work done by subordinates has been completed in a cost effective manner. 
C)  the working papers support the auditor's opinion. 
D)  all significant accounting, auditing, and reporting questions raised during the examination have been properly resolved. 
A)  the judgements exercised by subordinates were reasonable and appropriate in the circumstances. 
B)  the work done by subordinates has been completed in a cost effective manner. 
C)  the working papers support the auditor's opinion. 
D)  all significant accounting, auditing, and reporting questions raised during the examination have been properly resolved.

Question 2

When a question arises regarding the going-concern basis additional procedures may be necessary. Which of the following procedures is an example of a valid additional procedure?

Accepted Answer

A)  consider the effect of unfilled customer orders. 
B)  review the terms of debenture and loan agreements 
C)  analyse the final financial statements. 
D)  all of the above. 
A)  consider the effect of unfilled customer orders. 
B)  review the terms of debenture and loan agreements 
C)  analyse the final financial statements. 
D)  all of the above.

Question 3

If the auditor amends the financial statements due to subsequent events what further actions are necessary?
What are the auditor's options if management refuses to amend the financial statements, where the auditor believes they should be amended, when?
1. the auditor has not released the report to the entity.
2. the auditor has released the report to the entity.

Accepted Answer

a) If the auditor amends the financial s

Question 4

Analytical procedures are used in the overall review for all of these reasons except:

Accepted Answer

A)  to corroborate conclusions formed during the audit. 
B)  to assist in arriving at the overall conclusion that the financial information is consistent with the knowledge of the business. 
C)  to identify contingent liabilities. 
D)  to gain assurance that the company will remain a going concern. 
A)  to corroborate conclusions formed during the audit. 
B)  to assist in arriving at the overall conclusion that the financial information is consistent with the knowledge of the business. 
C)  to identify contingent liabilities. 
D)  to gain assurance that the company will remain a going concern.

The manager's review of the working papers is not designed to obtain assurance that:

When a question arises regarding the going-concern basis additional procedures may be necessary. Which of the following procedures is an example of a valid additional procedure?

Analytical procedures are used in the overall review for all of these reasons except:

An Overview of Auditing

Governance and the Auditor

Professional Ethics, Independence and Audit Quality

Other Assurance Engagements and Quality Standards

The Auditors Legal Liability

Overview of the Audit Financial Statements

The Auditors Report

Client Evaluation and Planning the Audit

Audit Risk Assessment

Materiality and Audit Evidence

Tests of Controls

Designing Substantive Procedures

Audit Sampling

Auditing Sales and Receivables

Auditing Purchases, Payables and Payroll

Auditing Inventories and Property, Plant and Equipment

Auditing Cash and Investments

Filters

Exam 18: Completing the Audit

The manager's review of the working papers is not designed to obtain assurance that:

When a question arises regarding the going-concern basis additional procedures may be necessary. Which of the following procedures is an example of a valid additional procedure?

Analytical procedures are used in the overall review for all of these reasons except:

An Overview of Auditing

Governance and the Auditor

Professional Ethics, Independence and Audit Quality

Other Assurance Engagements and Quality Standards

The Auditors Legal Liability

Overview of the Audit Financial Statements

The Auditors Report

Client Evaluation and Planning the Audit

Audit Risk Assessment

Materiality and Audit Evidence

Tests of Controls

Designing Substantive Procedures

Audit Sampling

Auditing Sales and Receivables

Auditing Purchases, Payables and Payroll

Auditing Inventories and Property, Plant and Equipment

Auditing Cash and Investments

Filters