Program (SQ): PROFESSIONAL PROGRAM
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- 1 Marks
Rights of an auditor proposed for removal from office.
Question
When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?
A Circulate a written statement to members
B Apply to the court to have the proposal removed
C Speak at the AGM where the removal is proposed
D Receive notification of the AGM where the removal is proposed
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- 1 Marks
Can Robert’s statement “This is the sharpest car on the market” support a claim for misrepresentation?
Question
Robert makes the following statement while negotiating the sale of his car, “This is the sharpest car on the market.” His statement may support a claim for:
A misrepresentation.
B fraud.
C fraud and misrepresentation.
D none of the above.
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- 1 Marks
Audit procedure for existence evidence.
Question
Which of the following audit procedures is primarily intended to provide audit evidence as to existence?
A Matching sales invoices to goods dispatch notes
B Casting the sales ledger
C Confirming receivables balances with customers
D Checking the dating of outstanding cheques
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- Tags: Audit Evidence, Existence, ICAG, Receivables Confirmation
- Level: Level 2
- Topic: Audit and Assurance Evidence
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- 1 Marks
Non-substantive test for inventory audit.
Question
Which of the following is NOT a substantive test for the audit of inventories?
A Test the updating of all inventory count differences to inventory records
B Test the accuracy of net realizable value through the review of post year-end sales
C Have satisfactory explanations been explained for all material inventory count differences
D Check that all administrative overheads have been correctly accrued for in the valuation of inventories
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- Tags: ICAG, Inventories, Substantive Test, Valuation
- Level: Level 2
- Topic: Audit and Assurance Evidence
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- 1 Marks
Most reliable type of audit evidence.
Question
Which one of the following types of evidence is the most reliable?
A The client’s sales invoices
B Report obtained from a client’s bank confirming balances
C The written representation letter
D Confirmation during a telephone call with the Managing Director that there are no loans outstanding
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- Tags: Audit Evidence, Bank Confirmation, ICAG, Reliability
- Level: Level 2
- Topic: Audit and Assurance Evidence
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- 1 Marks
What is true about the “reasonable person” standard in tort law?
Question
Which of the following statements is correct concerning the “reasonable person” standard in tort law?
A The reasonable person standard varies from person to person.
B The reasonable person standard focuses on the defendant’s subjective mental state rather than on the defendant’s behaviour.
C A person with a physical disability must act as would a reasonable person with the same disability.
D A person with a mental disability must act as would a person with the same mental disability.
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- 1 Marks
Eckerly Realty’s offer expires June 30. Masse’s acceptance arrives July 1. Is there a contract?
Question
On May 1, 2005, Eckerly Realty Inc. mailed a written offer to Masse for the sale of an office building. The offer included an express term that it would expire on June 30, 2005, if the acceptance was not delivered into the hands of the offer by the expiration date. On June 30, 2005, at 8:00 a.m., Masse sent a written acceptance to Eckerly via Masse’s personal messenger. However, the messenger was not able to deliver the acceptance until July 1, 2005. On July 2, 2005, Eckerly contacted Masse, informing him that the acceptance had been delivered one day late. As a result, Eckerly refused to honour the acceptance. Which of the following is the most correct statement?
A However, if Masse would have mailed the acceptance on June 30, 2005, a contract would have been created.
B There is a contract between Eckerly and Masse. The moment that Masse gave the acceptance to the messenger; a contract was formed because acceptances are valid immediately upon dispatch.
C There is a contract between Eckerly and Masse. The fact that the acceptance arrived only one day late is of no significance.
D There is no contract between Eckerly and Masse.
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- 1 Marks
Consequences of revenue system shortcomings.
Question
- The following shortcomings have been identified in Apex Ltd’s revenue system. For each deficiency select the most likely consequence.
- Invoices are not checked for arithmetic accuracy before being issued to customers
A Company may process loss-making sales orders
B Cash receipts are not recorded correctly in the cashbook
C Increased risk of client dissatisfaction - Sales discounts are not authorized prior to being given
D Company may process loss-making sales orders
E Cash receipts are not recorded correctly in the cashbook
F Increased risk of client dissatisfaction
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- Tags: Client Dissatisfaction, ICAG, Internal controls, Revenue System
- Level: Level 2
- Topic: Audit and Assurance Evidence
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