Exam 7: Client Evaluation and Planning the Audit

Auditors must consider whether there are any fraud risk factors present when they are obtaining an understanding of the entity and its environment.Which of the following is not considered a fraud factor?

(Multiple Choice)

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Question 21

Which of the following would not be considered an analytical procedure?

(Multiple Choice)

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Question 22

Explain the importance of analytical procedures and why auditors may also use non-financial measures in these procedures.

(Essay)

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Question 23

Which of these would not be part of a typical audit team?

(Multiple Choice)

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Question 24

Which of the following is not a consideration in the planning phase of the audit?

(Multiple Choice)

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Question 25

All of the following are ways in which an auditor can assess the integrity of management except:

(Multiple Choice)

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Question 26

Name five items that should be included in an engagement letter.

(Essay)

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Question 27

In assessing independence, an audit firm may do which of the following?

(Multiple Choice)

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Question 28

To adequately plan an audit, the auditor should obtain sufficient knowledge of the entity and its selection and application of accounting policies.This includes obtaining knowledge about the entity's business operations, investments, financing and financial reporting and accounting practices.For each of these areas, list two activities that the auditor would need to gain an understanding of.

(Essay)

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Question 29

In accepting an engagement, an auditor takes on professional responsibilities to:

(Multiple Choice)

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Question 30

Working papers could be expected to contain all of the following except:

(Multiple Choice)

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Question 31

The initial phase of a financial statement audit involves the acceptance decision for the client in question.Which of the following is not a consideration during this phase of the audit?

(Multiple Choice)

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Question 32

The least likely source of information for the auditor in obtaining an understanding of the client's industry conditions is:

(Multiple Choice)

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Question 33

Showing 21 - 33 of 33

Auditors must consider whether there are any fraud risk factors present when they are obtaining an understanding of the entity and its environment.Which of the following is not considered a fraud factor?

Which of the following would not be considered an analytical procedure?

Explain the importance of analytical procedures and why auditors may also use non-financial measures in these procedures.

Which of these would not be part of a typical audit team?

Which of the following is not a consideration in the planning phase of the audit?

All of the following are ways in which an auditor can assess the integrity of management except:

Name five items that should be included in an engagement letter.

In assessing independence, an audit firm may do which of the following?

In accepting an engagement, an auditor takes on professional responsibilities to:

Working papers could be expected to contain all of the following except:

The initial phase of a financial statement audit involves the acceptance decision for the client in question.Which of the following is not a consideration during this phase of the audit?

The least likely source of information for the auditor in obtaining an understanding of the client's industry conditions is:

An Overview of Auditing

Governance and the Auditor

Professional Ethics, Regulation and Liability

Quality and Standards of Assurance Engagements

Overview of the Audit Financial Reports

The Auditors Report

Audit Risk Assessment

Materiality and Audit Evidence

Tests of Controls

Designing Substantive Procedures

Managing Audit Data

Completing the Audit

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