Exam 13: Developing the Overall Audit Plan and Audit Program

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When the auditor has completed the tests of details of balances and enters phase 4 of the audit process,she must still perform audit procedures for which of the following?

(Multiple Choice)

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Question 21

Which of the following is ordinarily designed to detect material dollar errors on the financial statements?

(Multiple Choice)

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Question 22

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

(Multiple Choice)

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Question 23

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

(Multiple Choice)

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Question 24

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)

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Question 25

The extent of tests of details of balances cannot be reduced when transaction-related audit objectives have been satisfied by tests of controls or substantive tests of transactions.

(True/False)

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Question 26

When controls are deemed ineffective and assessed control risk is at the maximum for a private company,which of the following would normally be true?

(Multiple Choice)

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Question 27

Which of the following further audit procedures are used to determine whether all six transaction-related audit objectives have been achieved for each class of transactions?

(Multiple Choice)

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Question 28

The primary emphasis in most tests of details of balances is on the:

(Multiple Choice)

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Question 29

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.

(Essay)

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Question 30

The choice of which types of tests to use and how extensively they need to be performed must be the same for all audits.

(True/False)

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Question 31

Analytical procedures are normally designed at the account level,whereas tests of controls and substantive tests of transactions are normally designed at the transaction-related objective level.

(True/False)

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Question 32

In phase 4 of the audit,complete the audit and issue an audit report,there are five activities required.List below the activities.

(Essay)

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Question 33

An increased extent of tests of controls is most likely to occur when:

(Multiple Choice)

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Question 34

In the audit of a public company,automated controls must be tested if they are considered to be key controls for reducing the likelihood of material misstatements in the financial statements.

(True/False)

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Question 35

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

(Multiple Choice)

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Question 36

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

(True/False)

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Question 37

Auditors follow a four step approach to reduce assessed control risk.Which of the following is not one of the four?

(Multiple Choice)

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Question 38

In the context of an audit of financial statements,substantive tests are audit procedures that:

(Multiple Choice)

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Question 39

Which of the following is true?

(Multiple Choice)

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Question 40

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Exam 13: Developing the Overall Audit Plan and Audit Program

When the auditor has completed the tests of details of balances and enters phase 4 of the audit process,she must still perform audit procedures for which of the following?

Which of the following is ordinarily designed to detect material dollar errors on the financial statements?

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

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

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.

The extent of tests of details of balances cannot be reduced when transaction-related audit objectives have been satisfied by tests of controls or substantive tests of transactions.

When controls are deemed ineffective and assessed control risk is at the maximum for a private company,which of the following would normally be true?

Which of the following further audit procedures are used to determine whether all six transaction-related audit objectives have been achieved for each class of transactions?

The primary emphasis in most tests of details of balances is on the:

The choice of which types of tests to use and how extensively they need to be performed must be the same for all audits.

Analytical procedures are normally designed at the account level,whereas tests of controls and substantive tests of transactions are normally designed at the transaction-related objective level.

In phase 4 of the audit,complete the audit and issue an audit report,there are five activities required.List below the activities.

An increased extent of tests of controls is most likely to occur when:

In the audit of a public company,automated controls must be tested if they are considered to be key controls for reducing the likelihood of material misstatements in the financial statements.

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

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

Auditors follow a four step approach to reduce assessed control risk.Which of the following is not one of the four?

In the context of an audit of financial statements,substantive tests are audit procedures that:

Which of the following is true?

The Assurance Services Market

The Audit Standards Setting Process

Audit Reports

Legal Liability Considerations for Auditors

Ethics and the Audit Profession

Audit Responsibilities and Objectives

Nature and Type of Audit Evidence

Audit Planning

Considering Materiality and Audit Risk

Considering Internal Control

Considering the Risk of Fraud

Implications of Information Technology for the Audit Process

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Inventory and Warehousing Cycle

Audit of the Payroll and Personnel Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Audit Completion

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

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