Exam 13: Overall Audit Strategy and Audit Program

Which of the following would most likely not be included in the evidence mix for an integrated audit of a public company's financial statements and internal control over financial reporting?

Which of the following audit tests form the basis for an auditor's report on internal control over financial reporting?

You are auditing Rodgers and Company.After performing substantive analytical procedures you conclude that,for the accounts tested,the client's balance appears reasonable.This may indicate that

Tests of controls and substantive tests of transactions are an important determinant of the extent of the auditor's use of tests of details of balances.Which of the following is True?

The auditor must communicate significant deficiencies in internal control only after the entire audit is complete to ensure the auditor has a sufficient understanding of the circumstances surrounding the deficiency.

The ________ is the combination of the types of tests to obtain sufficient appropriate evidence for a cycle.There are likely to be variations in the mix from cycle to cycle depending on the circumstances of the audit.

If internal controls are tested and are considered effective,the auditor generally will increase both substantive tests of transactions and tests of details of balances.

Tests of controls provide evidence about the likelihood for misstatements in a client's financial statements.

Which of the following would not be considered further audit procedures?

Which of the following statements is not True?

Shown below (1 through 5)are the five types of tests which auditors use to determine whether financial statements are fairly stated.Which three are substantive tests? 1) risk assessment procedures 2) tests of controls 3) substantive tests of transactions 4) substantive analytical procedures 5) tests of details of balances

The auditor has determined that a key control in the audit of the sales and collection cycle is that recorded sales are supported by authorized shipping documents and approved customer orders.What typical test of controls should be used in this situation?

A deficiency uncovered in the audit of internal control is explained by which of the following in relation to a financial statement misstatement?

Tests of controls should be performed after substantive tests of transactions.

If the auditor finds extensive control test deviations and significant misstatements while performing substantive tests of transactions and substantive analytical procedures,

The auditor performs tests of controls and substantive procedures to obtain assurance that all audit objectives are achieved for information and amounts included in those disclosures.

Auditors must perform tests of controls separately from substantive tests of transactions.

There are eight types of audit evidence: physical examination,confirmation,inspection,observation,inquiries of the client,reperformance,analytical procedures,and recalculation.For each of the following types of audit tests,indicate the type(s)of evidence that can be obtained through the test: (1)tests of controls,(2)substantive tests of transactions,(3)analytical procedures,and (4)tests of details of balances.

Presentation and disclosure related audit objectives would be performed in which phase of the audit process?

Which of the following is generally not included in the "evidence mix"?