Exam 5: Overall Audit Strategy, Audit Program, Audit of the Sales and Collection Cycle, Audit Sampling for Tests of Controls and Substantive Tests of Transactions

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Which of the following is not one of the types of computer tools used to generate random samples?

(Multiple Choice)

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Question 41

Consider the audit risk model and the five types of audit tests. Which tests provide evidence pertinent to the various elements of the audit risk model?

(Essay)

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Question 42

The acceptable risk of assessing control risk too low is:

(Short Answer)

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Question 43

What critical event must take place before goods can be shipped?

(Multiple Choice)

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Question 44

Describe the three basic steps an auditor should follow when designing tests of controls and substantive tests of transactions.

(Essay)

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Question 45

Which of the following procedures are frequently performed in response to the auditor's assessment of the risk of material misstatement?

(Multiple Choice)

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Question 46

At which point in an ordinary sales transaction would a lack of specific authorization be of least concern to the auditor?

(Multiple Choice)

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Question 47

One cause of nonsampling risk is:

(Multiple Choice)

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Question 48

When designing substantive tests of transaction for sales, the auditor is concerned with several types of misstatements. What are these types of misstatements and are they intentional or unintentional?

(Essay)

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Question 49

Which of the following is not determined until after a sample is tested and evaluated?

(Multiple Choice)

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Question 50

At what point in the audit are tests of details most appropriately designed?

(Multiple Choice)

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Question 51

Which of the following audit tests is usually the least costly to perform?

(Multiple Choice)

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Question 52

Discuss the major determinants of the extent of tests of details of balances.

(Essay)

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Question 53

Match each of the descriptions with the following terms for each of the documents and records -A schedule prepared by an independent person when cash is received. It is used to verify whether cash received was recorded and deposited at the correct amounts and on a timely basis.

(Multiple Choice)

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Question 54

When posting items from the sales journal, details of the journal and journal totals are posted to which items?

(Short Answer)

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Question 55

Tests of details of balances focus on beginning and ending of the year balances.

(True/False)

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Question 56

Management's assertions for sales and collection activities are ________ when sales are generated via e- commerce activities.

(Multiple Choice)

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Question 57

Tests of controls may include which of the following types of evidence?

(Short Answer)

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Question 58

Analytical procedures are defined in the auditing standards as:

(Multiple Choice)

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Question 59

Inspection is used in every type of test except:

(Multiple Choice)

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Question 60

Showing 41 - 60 of 63

Which of the following is not one of the types of computer tools used to generate random samples?

Consider the audit risk model and the five types of audit tests. Which tests provide evidence pertinent to the various elements of the audit risk model?

The acceptable risk of assessing control risk too low is:

What critical event must take place before goods can be shipped?

Describe the three basic steps an auditor should follow when designing tests of controls and substantive tests of transactions.

Which of the following procedures are frequently performed in response to the auditor's assessment of the risk of material misstatement?

At which point in an ordinary sales transaction would a lack of specific authorization be of least concern to the auditor?

One cause of nonsampling risk is:

When designing substantive tests of transaction for sales, the auditor is concerned with several types of misstatements. What are these types of misstatements and are they intentional or unintentional?

Which of the following is not determined until after a sample is tested and evaluated?

At what point in the audit are tests of details most appropriately designed?

Which of the following audit tests is usually the least costly to perform?

Discuss the major determinants of the extent of tests of details of balances.

Match each of the descriptions with the following terms for each of the documents and records -A schedule prepared by an independent person when cash is received. It is used to verify whether cash received was recorded and deposited at the correct amounts and on a timely basis.

When posting items from the sales journal, details of the journal and journal totals are posted to which items?

Tests of details of balances focus on beginning and ending of the year balances.

Management's assertions for sales and collection activities are ________ when sales are generated via e- commerce activities.

Tests of controls may include which of the following types of evidence?

Analytical procedures are defined in the auditing standards as:

Inspection is used in every type of test except:

The Demand for Audit, Cpa Profession, Audit Reports and Other Assurance Services

Professional Ethics, Legal Liability, Audit Responsibilities and Objectives

Audit Evidence, Audit Planning, Analytical Procedures, Materiality and Risk

Internal Control, Control Risk, Section 404 Audits, Fraud Auditing, and the Impact of Information Technology on the Audit Process

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable, Audit Sampling for Tests of Details of Balances, and Audit of the Acquisition and Payment Cycle

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts, Audit of the Payroll and Personnel Cycle, Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition, Repayment, Audit of Cash and Financial Instruments, and Completing the Audit

Other Assurance Services, Internal and Governmental Financial Auditing and Operations Auditing

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