Question 1

A material but not fundamental uncertainty would lead to

Accepted Answer

A) disclaimer 
B) qualified opinion 
C) unqualified opinion 
D) adverse opinion 
A) disclaimer 
B) qualified opinion 
C) unqualified opinion 
D) adverse opinion

Question 2

Working papers should be restricted to matters, which are important, pertinent and useful for the purpose. Which is the characteristic that we are talking about?

Accepted Answer

A) Clarity and conciseness 
B) Legibility and neatness 
C) Relevance 
D) Accuracy 
A) Clarity and conciseness 
B) Legibility and neatness 
C) Relevance 
D) Accuracy

Question 3

The audit working papers contain

Accepted Answer

A) the details of the audit procedures undertaken 
B) conclusions drawn and the implications for the audit opinion 
C) the record of the reasoning on all significant matters where the members of the audit teams have exercised judgment 
D) all of the above 
A) the details of the audit procedures undertaken 
B) conclusions drawn and the implications for the audit opinion 
C) the record of the reasoning on all significant matters where the members of the audit teams have exercised judgment 
D) all of the above

Question 4

Which of the following statements is false?

Accepted Answer

A) Planning materiality may be set at a lower level than reporting materiality 
B) It is easier to plan for errors material by nature 
C) At the planning stage, the audit team is concerned primarily with materiality by value 
D) Materiality by context is easy to assess at the planning stage 
A) Planning materiality may be set at a lower level than reporting materiality 
B) It is easier to plan for errors material by nature 
C) At the planning stage, the audit team is concerned primarily with materiality by value 
D) Materiality by context is easy to assess at the planning stage

Question 5

These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk

Accepted Answer

A) Focused Subtantive Procedures 
B) Standard Substantive Procedures 
C) Minimum Substantive Procedures 
D) all of the above 
A) Focused Subtantive Procedures 
B) Standard Substantive Procedures 
C) Minimum Substantive Procedures 
D) all of the above

A material but not fundamental uncertainty would lead to

Working papers should be restricted to matters, which are important, pertinent and useful for the purpose. Which is the characteristic that we are talking about?

The audit working papers contain

Which of the following statements is false?

These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk

Understanding Financial Audit and Standards for Auditors

Auditing and Sampling Techniques

Understanding Auditing Processes and Tools

Filters

Exam 3: Government Accounts and Audit Procedures

A material but not fundamental uncertainty would lead to

Working papers should be restricted to matters, which are important, pertinent and useful for the purpose. Which is the characteristic that we are talking about?

The audit working papers contain

Which of the following statements is false?

These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk

Understanding Financial Audit and Standards for Auditors

Auditing and Sampling Techniques

Understanding Auditing Processes and Tools

Filters