Exam 5: Audit Evidence and Documentation

Applying substantive tests to the details of asset and liability accounts as of an interim date,rather than as of the balance sheet date:

Which of the following approaches to an audit is most likely to result in a detailed analysis of one or more characteristics of an entire population?

Which of the following is generally true about the sufficiency of audit evidence?

A vendor's invoice is an example of documentary evidence created by a third party and held by the client.

When using management's written representations as audit evidence about the completeness assertion,an auditor should consider that such representations:

An independent auditor finds that the Simmer Corporation purchased land owned by an officer of the company for an amount in excess of its asking price.This finding indicates the existence of:

Working papers of continuing audit interest usually are filed with the administrative working papers.

Financial statement assertions are established for classes of transactions: AccountBalances Disclosures A- Yes Yes B- Yes Yes C- Yes No D- No Yes

Which of the following is not generally considered a difficulty in using data analytical approaches in auditing and other areas?

Assertions with high inherent risk are least likely to involve:

What type of transactions ordinarily have high inherent risk because they involve management judgments or assumptions in formulating accounting balances?

In obtaining sufficient appropriate audit evidence,the work of which type or types of specialists may be relied upon?   Client Engaged Auditor Engaged A. Yes Yes B. Yes No C. No Yes D. No No

Which of the following is not a primary purpose of audit working papers?

Which of the following is true about analytical procedures?

Fraudulent sales and accounts receivables recorded at year-end (with no cost of goods sold entry)will:

In performing analytical procedures,the auditors may use dollar amounts,physical quantities,or percentages.

For each of the audit procedures listed below select the type of audit procedure,if any,that the auditor performed.A type of audit procedure may be selected once or not at all. -The auditing firm's computer assisted audit specialist obtained an electronic billing file from the company and checked the accuracy of the summarized billings file.

Which procedure is not a typical analytical procedure?

The use of data analytics in auditing requires large,error-free populations.

To be effective,analytical procedures performed near the end of the audit should be performed by