Audit and Assurance – Page 2

AA – L2 – SA – Q4.9 – Receivables Circularization

Feature not associated with receivables circularization.

Question

What will NEVER be a feature of receivables circularization?

A Using client headed paper to send letters out

B Asking the client if the replies have come back

C A positive circularization

D A negative circularization

Answer

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Tags: Audit Evidence, Audit Procedures, ICAG, Receivables Circularisation
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

Question

PEFA performance assessment report?

A Ministries, departments and agencies experience delays in receiving cash funds for approved projects

B Lack of independent quality reviews

C Expenditure commitments being made outside the approved budget

D Revenue administration is weak

Answer

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Tags: ICAG, PEFA Assessment, Public Financial Management, Public Sector
Level: Level 2

Topic: Public sector audit

AA – L2 – SA – Q4.7 – Financial Statement Assertions

Assertions for non-current asset procedures.

Question

Identify which financial statement assertion is addressed for each of the below substantive procedures performed on a non-current asset schedule (which agrees to the financial statements).

Confirming whether the costs on the schedule are correct
Tracing items from the non-current asset register to the schedule
A Existence
B Accuracy and valuation
C Completeness
D Accuracy
E Existence
F Completeness

Answer

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Tags: Assertions, ICAG, Non-current Assets, Substantive Procedures
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q4.6 – Fraud Prevention Controls

Control to prevent supplier fraud.

Question

A supplier fraud has just been identified by the management of Coral Ltd. The supplier had developed the technique of delivering goods that had not been ordered by Coral Ltd. and then subsequently raised invoices for the unordered goods which Coral Ltd. then paid. Which of the following controls would have prevented this fraud?

A All invoices received are agreed to goods received notes

B All goods received are agreed to purchase orders

C All purchase orders are kept in a locked box in the purchases department office

D All orders are authorized by the purchase’s director

Answer

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Tags: Fraud Prevention, ICAG, Internal controls, Purchase Controls
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q4.5 – Internal Controls

Identifying non-internal control activity.

Question

Which of the following is NOT an internal control?

A Authorizing purchase orders

B Ensuring cash is locked away

C Performing external confirmation of receivables

D The opening of the post should not be the same person who banks the cheques

Answer

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Tags: Audit Planning, Control Procedures, ICAG, Internal controls
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q4.4 – Inherent Risk Factors

Identifying non-inherent risk factor.

Question

Which of the following is NOT an inherent risk factor?

A Control environment

B Subjectivity

C Uncertainty

D Change

Answer

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Tags: Audit Planning, ICAG, Inherent Risk, Risk Assessment
Level: Level 2

Topic: Audit and Assurance Risk Environment

AA – L2 – SA – Q4.3 – Audit Threats

Threat created by client pressure on audit opinion.

Question

Jade Ltd, an audit client of Keats & Co, is unhappy with the conduct of the audit and has threatened to replace Keats & Co if the firm does not issue the opinion that Jade Ltd wants. Which of the following threats is created by this situation?

A Familiarity

B Advocacy

C Management

D Intimidation

Answer

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Tags: Audit Threats, Auditor Independence, ICAG, Intimidation, Professional Ethics
Level: Level 2

Topic: Professional and Ethical Considerations

AA – L2 – SA – Q4.2 – Auditor Term of Office

Duration of an auditor’s term of office.

Question

How long is the auditor’s term of office?

A Until the audit is complete

B Until the financial statements are complete

C Until the auditor resigns by writing to the company

D Until the directors remove them

Answer

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Tags: Auditor Appointment, Auditor Term, Companies Act, ICAG, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

AA – L2 – SA – Q4.1 – Auditor Removal Rights

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

Answer

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Tags: Auditor Removal, Auditor Rights, Companies Act, ICAG, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

AA – L2 – SA – Q3.10 – Analytical Procedures Benchmarks

Non-benchmark for analytical procedures.

Question

Which of the following would you not use as a benchmark for comparison undertaking analytical procedures?

A Other audit clients

B Previous years

C Other companies in the same industry

D Budget

Answer

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Tags: Analytical Procedures, Benchmarks, ICAG, Industry Comparison
Level: Level 2

Topic: Audit and Assurance Evidence

Subject (SQ): Audit and Assurance

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AA – L2 – SA – Q4.9 – Receivables Circularization

Feature not associated with receivables circularization.

AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

AA – L2 – SA – Q4.7 – Financial Statement Assertions

Assertions for non-current asset procedures.

AA – L2 – SA – Q4.6 – Fraud Prevention Controls

Control to prevent supplier fraud.

AA – L2 – SA – Q4.5 – Internal Controls

Identifying non-internal control activity.

AA – L2 – SA – Q4.4 – Inherent Risk Factors

Identifying non-inherent risk factor.

AA – L2 – SA – Q4.3 – Audit Threats

Threat created by client pressure on audit opinion.

AA – L2 – SA – Q4.2 – Auditor Term of Office

Duration of an auditor’s term of office.

AA – L2 – SA – Q4.1 – Auditor Removal Rights

Rights of an auditor proposed for removal from office.

AA – L2 – SA – Q3.10 – Analytical Procedures Benchmarks

Non-benchmark for analytical procedures.

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Subject (SQ): Audit and Assurance

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AA – L2 – SA – Q4.9 – Receivables Circularization

Feature not associated with receivables circularization.

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AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

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AA – L2 – SA – Q4.7 – Financial Statement Assertions

Assertions for non-current asset procedures.

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AA – L2 – SA – Q4.6 – Fraud Prevention Controls

Control to prevent supplier fraud.

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AA – L2 – SA – Q4.5 – Internal Controls

Identifying non-internal control activity.

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AA – L2 – SA – Q4.4 – Inherent Risk Factors

Identifying non-inherent risk factor.

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AA – L2 – SA – Q4.3 – Audit Threats

Threat created by client pressure on audit opinion.

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AA – L2 – SA – Q4.2 – Auditor Term of Office

Duration of an auditor’s term of office.

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AA – L2 – SA – Q4.1 – Auditor Removal Rights

Rights of an auditor proposed for removal from office.

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AA – L2 – SA – Q3.10 – Analytical Procedures Benchmarks

Non-benchmark for analytical procedures.

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