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AAA – L3 – SA – Q4.7 – Audit evidence

When are analytical procedures most reliable in an audit?

Question

Analytical procedures are most reliable when applied to:

A estimates

B non-recurring transactions

C revenue and expenditure

D asset and liability balances

Answer

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Tags: Analytical Procedures, Audit reliability, Expenditure, Financial analysis, Revenue
Level: Level 3

Topic: Audit Evidence

AAA – L3 – SA – Q4.6 – Audit evidence

Which factors contribute to inherent risk in an audit?

Question

Which of the following may be factors contributing to inherent risk?

1 Number of customers

2 Strength of internal controls

3 Number of products

4 Rate of staff turnover

A 1,2 and 3 only

B 1,3 and 4 only

C 2,3 and 4 only

D 1,2 and 4 only

Answer

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Tags: Customers, Inherent Risk, Internal controls, Products, Risk Assessment, Staff turnover
Level: Level 3

Topic: Audit Evidence

AAA – L3 – SA – Q4.5 – Audit evidence

How does an auditor verify understanding of a transaction process and its controls?

Question

An auditor checks his understanding of a transaction process and its internal controls by means of:

A ATTs

B tests of controls

C substantive tests

D walk-through tests

Answer

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Tags: Audit Procedures, Evidence collection, Internal controls, Transaction process, Walk-through tests
Level: Level 3

Topic: Audit Evidence

AAA – L3 – SA – Q4.4 – Practice management

What is the definition of low-balling in the context of auditing?

Question

What is low-balling?

A Giving an unqualified audit opinion to preserve retention as the auditor

B Ignoring requests from the secondary auditor

C Ignoring reporting by exception

D Attempting to win the audit by submitting an unrealistically low fee

Answer

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Tags: Audit Appointment, Audit fees, Client acquisition, Low-balling, Professional Ethics
Level: Level 3

Topic: Practice management

AAA – L3 – SA – Q4.3 – Professional responsibility and liability

Who is primarily responsible for detecting fraud in a company?

Question

Who has the main responsibility for detecting fraud in a company?

A Senior management

B The external auditors

C The police authorities

D The internal auditors

Answer

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Tags: Auditors, External Audit, Fraud Detection, Internal Audit, Management, Professional Ethics, Responsibility
Level: Level 3

Topic: Professional responsibility and liability

BCL – L1 – SA – Q100 – Companies in Crisis

Type of winding up by special resolution.

Question

Winding up by special resolution passed by the company.

A Compulsory winding up.

B Winding up

C Voluntary winding up

D All of the above

Answer

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Tags: Company Law, Special Resolution, Winding up
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – SA – Q99 – Company Directors

Minimum number of directors in a public company.

Question

Minimum number of directors in public company is

A 3

B 2

C 4

D 1

Answer

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Tags: Company Law, Directors, Public Company
Level: Level 1

Topic: Company directors and other officers

BCL – L1 – SA – Q98 – Alternative Forms

Document defining a company’s objects and powers.

Question

……………..lays down the objects and powers of the company.

A Memorandum of Association

B Articles of Association

C Prospectus

D Statement in lieu

Answer

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Tags: Company Law, Company Objects, Memorandum of Association
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q97 – Alternative Forms

Content of the registered office clause in the memorandum.

Question

Registered Office clause of memorandum of Association contain

A The complete postal address

B The name of Registrar of companies

C The name of City/ Town only and not that of the state

D The name of the state in which registered office of the company is to situate.

Answer

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Tags: Company Law, Memorandum of Association, Registered Office
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q96 – Alternative Forms

When a company is considered incorporated.

Question

company is said to be incorporated when it is registered with registrar of the company.

A Licensing

B Government

C Existing

D Joint stock

Answer

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Tags: Company Law, Company registration, Incorporation
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

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AAA – L3 – SA – Q4.7 – Audit evidence

When are analytical procedures most reliable in an audit?

AAA – L3 – SA – Q4.6 – Audit evidence

Which factors contribute to inherent risk in an audit?

AAA – L3 – SA – Q4.5 – Audit evidence

How does an auditor verify understanding of a transaction process and its controls?

AAA – L3 – SA – Q4.4 – Practice management

What is the definition of low-balling in the context of auditing?

AAA – L3 – SA – Q4.3 – Professional responsibility and liability

Who is primarily responsible for detecting fraud in a company?

BCL – L1 – SA – Q100 – Companies in Crisis

Type of winding up by special resolution.

BCL – L1 – SA – Q99 – Company Directors

Minimum number of directors in a public company.

BCL – L1 – SA – Q98 – Alternative Forms

Document defining a company’s objects and powers.

BCL – L1 – SA – Q97 – Alternative Forms

Content of the registered office clause in the memorandum.

BCL – L1 – SA – Q96 – Alternative Forms

When a company is considered incorporated.

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Minimum number of directors in a public company.

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