Auditing Quiz Test

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四 A: The The 0inal e1am 2 Auditin3 &#%#.%.&% ,:%# A.M. A.M. 4 %#:##A.M. PART PART A: Multiple choice uestions !"# points$ ! $%. An independent audit aids in the communication o0 economic data /ecause the audit !%$ con0irms the accurac5 o0 mana3ement6s 0inancial representations. !&$ assures the readers o0 0inancial statements that an5 0raudulent acti7it5 has /een corrected. !"$ 3uarantees that 0inancial data are 0airl5 presented. !'$ lends credi/ilit5 to the 0inancial statements. ! $&. 8hich o0 the 0ollowin3 statements descri/es wh5 a properl5 desi3ned and e1ecuted audit ma5 not detect a material misstatement in the 0inancial statements resultin3 0rom 0raud9 !%$ The 0actors considered in assessin3 control ris indicated an increased ris o0 intentional misstatements; /ut onl5 a low ris o0 unintentional misstatements. !&$ An audit is desi3ned to pro7ide reasona/le assurance o0 detectin3 material errors; /ut there is no similar responsi/ilit5 concernin3 0raud. !"$ Audit procedures that are e00ecti7e 0or detectin3 unintentional misstatements ma5 /e ine00ecti7e 0or an intentional misstatement that is concealed throu3h collusion. !'$ The auditor did not consider 0actors in0luencin3 audit ris 0or account /alances that ha7e e00ects per7asi7e to the 0inancial statements taen as a whole. ! $". The most relia/le t5pe o0 audit e7idence that an auditor can o/tain is !%$ ph5sical e1amination /5 the auditor. !&$ calculations /5 the auditor 0rom compan5 records. !"$ con0irmations recei7ed directl5 0rom third parties. !'$ e1ternal documents. ! $'. Durin3 an audit en3a3ement; pertinent data are compiled and included in the audit 0iles. The audit 0iles primaril5 are considered to /e !%$ a client? %

! $+. 8hen usin3 the wor o0 a specialist; the auditor ma5 indenti05 and re0er to the specialist in the auditor’s report i0 the !%$ auditor e1presses a uali0ied opinion as a result o0 the specialist’s 0indin3s. !&$ specialist is not independent o0 the client. !"$ auditor wishes to indicate a di7ision o0 responsi/ilit5. !'$ specialist’s wor pro7ides the auditor 3reater assurance o0 relia/ilit5. ! $,. 8hen approached to per0orm an audit 0or the 0irst time; the PA should mae inuiries o0 the predecessor auditor. This is a necessar5 procedure /ecause the predecessor ma5/e a/le to pro7ide the successor with in0ormation that will assist the successor in determinin3 whether !%$ the predecessor6s wor should /e used. !&$ the compan5 0ollows the polic5 o0 rotatin3 its auditors. !"$ in the predecessors opinion internal control o0 the compan5 has /een satis0actor5. !'$ the en3a3ement should /e accepted. ! $%#. Anal5tical procedures used in plannin3 an audit should 0ocus on identi05in3 !%$ material weanesses o0 internal control. !&$ the predicta/ilit5 o0 0inancial data 0rom indi7idual transactions. !"$ areas that ma5 represent speci0ic riss rele7ant to the audit. !'$ the 7arious assertions that are em/odied in the 0inancial statements. PART -: Translation into hinese a/out the 0ollowin3 items ! '# points$ %. Su/stanti7e tests o0 transactions. &. Test o0 controls. ".Ille3al acts. '. Mana3ement assertions. (. Misappropriation o0 assets ). 5cle approach *. =raud +. Rele7ant assertions. ,. Appropriateness o0 e7idence %#. Audit procedure. %%. Permanent 0iles. %&. Tic mars. %". on0irmation. %'. @ouchin3. %(. O/ser7ation. %).?n3a3ement letter %*. Related part5. %+. Audit strate35. %,. Inherent ris. &#. Accepta/le audit ris. PART : Pro/lem ! "# points$ %. The 0ollowin3 !% throu3h %+$ are the /alance
 /. Inuire o0 the client whether an5 accounts recei7a/le /alances ha7e /een pled3e d as collateral on lon3? &