Exam 13: Overall Audit Strategy and Audit Program

arrow
  • Select Tags
search iconSearch Question
flashcardsStudy Flashcards
  • Select Tags

There is a direct relationship between the ________ transaction-related audit objective and the ________ balance-related audit objective.

(Multiple Choice)
4.9/5
(41)

When designing tests of controls and substantive tests an auditor is gathering evidence to satisfy the transaction-related audit objectives.What are the four steps the auditor would normally follow to reduce assessed control risk?

(Essay)
4.8/5
(33)

For automated controls,the auditor's procedures to determine whether the automated control has been implemented cannot also serve as the test of that control.

(True/False)
4.8/5
(37)

One factor that determines the amount of additional evidence required for tests of controls is the planned reduction in control risk.

(True/False)
4.9/5
(39)

Presentation and disclosure objectives are primarily addressed in the tests of details of balances phase of the audit.

(True/False)
4.8/5
(37)

If no material differences are found using analytical procedures,and the auditor concludes that misstatements are not likely to have occurred,

(Multiple Choice)
4.9/5
(40)

The document that details the specific audit procedures for each type of test is the

(Multiple Choice)
4.8/5
(32)

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

(Multiple Choice)
4.8/5
(39)

Once set during the planning phase,the audit program cannot be revised.

(True/False)
4.8/5
(37)

If tests of controls support the control risk assessment,then ________ in the audit risk model is increased.

(Multiple Choice)
4.8/5
(37)

Describe the five types of audit tests.Identify which of the five types are substantive tests,and which are used to reduce assessed control risk.

(Essay)
4.8/5
(36)

Analytical procedures are the least costly type of audit test.

(True/False)
4.7/5
(35)

The purpose of tests of controls is to provide reasonable assurance that the

(Multiple Choice)
4.8/5
(30)

The auditor obtained an aged list of receivables and traced the accounts to the master file,footed the schedule,and traced the amounts to the general ledger.Which balance-related audit objective was met?

(Multiple Choice)
4.8/5
(35)

Because of the high cost of tests of details of balances,auditors do not perform this type of testing unless fraud is suspected.

(True/False)
4.8/5
(27)

A procedure designed to test for monetary misstatements directly affecting the correctness of financial statement balances is a

(Multiple Choice)
5.0/5
(32)

In phase IV of the audit,complete the audit and issue an audit report,there are five activities required.List below the activities.

(Essay)
4.9/5
(39)

In order to promote audit efficiency the auditor considers cost in selecting audit tests to perform.Which of the following audit tests would be the most costly?

(Multiple Choice)
4.9/5
(29)

The results of tests of controls and substantive tests of transactions affect the design of tests of details of balances.

(True/False)
4.9/5
(34)

One of the most challenging parts of auditing is properly applying the factors that affect tests of details of balances.

(True/False)
4.7/5
(29)
Showing 61 - 80 of 100
close modal

Filters

  • Essay(0)
  • Multiple Choice(0)
  • Short Answer(0)
  • True False(0)
  • Matching(0)