Audit Evidence – Page 2

AAA – L3 – SA – Q3.6 – Auditor’s Expert Valuation

True statements about auditor’s expert valuation.

Question

Which of the following are true about a valuation by an auditor’s expert?

1 It may be a part of audit evidence

2 The auditor’s expert should be experienced in the particular field

3 It reduces the responsibility of the auditor

A 1 and 2 only

B 1 and 3 only

C 2 and 3 only

D 1, 2 and 3

Answer

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Tags: Audit Evidence, Auditor’s Expert, ICAG, Valuation
Level: Level 3

Topic: Audit Evidence

AAA – L3 – SA – Q2.7 – Auditor’s Working Papers

Incorrect statement about auditor’s working papers.

Question

Which of the following statements about the auditor’s working papers is INCORRECT?

A They record the audit evidence that supports the audit opinion

B They enable the audit partner to assess the progress of an audit

C They assist in the efficiency of an audit

D The client can have access to them

Answer

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Tags: Audit Evidence, Client Access, ICAG, Working Papers
Level: Level 3

Topic: Audit Evidence

AAA – L3 – SA – Q1.8 – Going Concern Audit

Incorrect statement about going concern audit.

Question

Which of the following is NOT true about audit of the appropriateness of management’s use of the going concern basis of accounting?

A The auditor must assess the appropriateness of the going concern basis of accounting.

B Auditing the cash flow forecast is a good source of audit evidence.

C Written representations are usually sufficient on their own.

D If there a material uncertainty exists with regards to going concern, an unmodified audit opinion is possible if a Material Uncertainty Related to Going Concern paragraph is included.

Answer

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Tags: Audit Evidence, Audit opinion, Going Concern, ICAG
Level: Level 3

Topic: Evaluation and review

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 – Q3.9 – Existence Evidence

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

Answer

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Tags: Audit Evidence, Existence, ICAG, Receivables Confirmation
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q3.7 – Evidence Reliability

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

Answer

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Tags: Audit Evidence, Bank Confirmation, ICAG, Reliability
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q2.6 – Audit Evidence Reliability

Most reliable source of audit evidence.

Question

Which of the following is normally the most reliable source of audit evidence?

A Internal audit

B Suppliers’ statements

C Board minutes

D Analytical review

Answer

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Tags: Analytical Review, Audit Evidence, Board Minutes, ICAG, Reliability
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q1.10 – IAS 37 Components

Identify what does not appear in IAS 37.

Question

Which of the following does not appear in IAS 37?

A Deferred revenue

B Contingent assets

C Provisions

D Contingent liabilities

Answer

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Tags: Audit Evidence, Contingent Liabilities, IAS 37, ICAG, Provisions
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q1.8 – Test of Control

Identify which is not a test of control.

Question

Which of the following is NOT a test of control? A Checking that all purchase invoices are authorized by the proper people B Test checking from purchase invoices to goods received notes C Where a list of approved suppliers exists, checking that orders are placed only with suppliers on such a list D Checking for sequential numbering by the client of purchase invoices received

Answer

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Tags: Audit Evidence, ICAG, Purchase Invoices, Test of Control
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q1.7 – IT Controls Categorization

Categorize IT controls as information processing or general IT.

Question

Information technology controls are classified as information processing controls or general IT controls. For each of the below controls select the correct categorization.

One-for-one checking of processed output to source documents
A Information processing
B General IT
Using password protection in computer systems
C Information processing
D General IT

Answer

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Tags: Audit Evidence, General IT, ICAG, Information Processing, IT Controls
Level: Level 2

Topic: Audit and Assurance Evidence

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AAA – L3 – SA – Q3.6 – Auditor’s Expert Valuation

True statements about auditor’s expert valuation.

AAA – L3 – SA – Q2.7 – Auditor’s Working Papers

Incorrect statement about auditor’s working papers.

AAA – L3 – SA – Q1.8 – Going Concern Audit

Incorrect statement about going concern audit.

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

Feature not associated with receivables circularization.

AA – L2 – SA – Q3.9 – Existence Evidence

Audit procedure for existence evidence.

AA – L2 – SA – Q3.7 – Evidence Reliability

Most reliable type of audit evidence.

AA – L2 – SA – Q2.6 – Audit Evidence Reliability

Most reliable source of audit evidence.

AA – L2 – SA – Q1.10 – IAS 37 Components

Identify what does not appear in IAS 37.

AA – L2 – SA – Q1.8 – Test of Control

Identify which is not a test of control.

AA – L2 – SA – Q1.7 – IT Controls Categorization

Categorize IT controls as information processing or general IT.

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AAA – L3 – SA – Q3.6 – Auditor’s Expert Valuation

True statements about auditor’s expert valuation.

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AAA – L3 – SA – Q2.7 – Auditor’s Working Papers

Incorrect statement about auditor’s working papers.

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AAA – L3 – SA – Q1.8 – Going Concern Audit

Incorrect statement about going concern audit.

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

Feature not associated with receivables circularization.

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AA – L2 – SA – Q3.9 – Existence Evidence

Audit procedure for existence evidence.

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AA – L2 – SA – Q3.7 – Evidence Reliability

Most reliable type of audit evidence.

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AA – L2 – SA – Q2.6 – Audit Evidence Reliability

Most reliable source of audit evidence.

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AA – L2 – SA – Q1.10 – IAS 37 Components

Identify what does not appear in IAS 37.

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AA – L2 – SA – Q1.8 – Test of Control

Identify which is not a test of control.

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AA – L2 – SA – Q1.7 – IT Controls Categorization

Categorize IT controls as information processing or general IT.

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