ICAG – Page 7 – Knowsia

AA – L2 – SA – Q2.9 – Receivables Cut-Off

Which item should appear in receivables.

Question

Which of the following should appear in receivables in the financial statements?

A Last GRN this year

B First GRN next year

C First GDN next year

D Last GDN this year

Answer

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Tags: Cut-off, Goods Despatched Note, ICAG, Receivables
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q2.8 – Financial Statement Assertions

Assertions impacted by intangible asset issues.

Question

In respect of intangible non-current assets select the principle financial statement assertion that is impacted.

Expenses inappropriately capitalized as intangible assets
A Rights and obligations
B Existence
C Completeness
Intangible assets only tested for impairment every six years
D Valuation
E Existence
F Completeness

Answer

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Tags: Financial Statement Assertions, ICAG, Impairment, Intangible assets
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q2.7 – Public Sector Audit Parties

Identify non-party in public sector audit.

Question

Which of the following is NOT a party in a public sector audit?

A The Auditor-General

B The responsible party

C The intended user

D INTOSAI

Answer

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Tags: Auditor-General, ICAG, INTOSAI, Public Sector Audit
Level: Level 2

Topic: Public sector audit

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 – Q2.5 – Materiality

Identify what is not true about materiality.

Question

Which of the following is NOT true about materiality?

A Certain matters are always material

B Essentially materiality is a matter of judgment

C Matters that are not material should always be considered in isolation D Materiality affects sample size

Answer

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Tags: Audit Planning, ICAG, Judgment, Materiality, Sample Size
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q2.4 – Auditor Roles

Roles of internal vs. external auditors in fraud and controls.

Question

Internal and external auditors perform a variety of roles for companies.
For each of the below examples, select whether the service could be provided by external auditors only, internal auditors only, or by either.

Investigation into a material fraud committed in the entity
A External auditors only
B Internal auditors only
C Either
Preparation of a report on the operating effectiveness of internal controls
D External auditors only
E Internal auditors only
F Either

Answer

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Tags: External Audit, Fraud Investigation, ICAG, Internal Audit, Internal controls
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit

AA – L2 – SA – Q2.3 – Ethical Threats

Threats from auditing a company with partner connections.

Question

Peak & Co has been approached to audit Skyline plc, a listed company, which is a public interest entity. A partner in Peak & Co has shares in Skyline plc and another partner’s brother is the CEO of Skyline plc.

What types of threats would taking-on the audit of Skyline plc present?

A Advocacy and self-interest threats

B Self-review and self-interest threats

C Familiarity and self-interest threats

D Advocacy and intimidation threats

Answer

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Tags: Ethical Threats, Familiarity, ICAG, Public Interest Entity, Self-Interest
Level: Level 2

Topic: Professional and Ethical Considerations

AA – L2 – SA – Q2.2 – Auditor Duties

Identify which is not a duty of auditors.

Question

Which one of the following is NOT a duty of the auditors?

A Duty to report to the government’s tax department

B Duty to report to the shareholders

C Duty to sign the auditor’s report

D Duty to report a suspicion of terrorism

Answer

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Tags: Auditor Duties, ICAG, Reporting, Tax Department
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

AA – L2 – SA – Q2.1 – Board Accountability

To whom is the board of directors accountable?

Question

As agents of a company, the board of directors of a company are accountable to

A All the shareholders

B The majority shareholder(s)

C The shareholders and each other

D Each other

Answer

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Tags: Accountability, Board of Directors, Corporate Governance, ICAG, Shareholders
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements

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

Tag (SQ): ICAG

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AA – L2 – SA – Q2.9 – Receivables Cut-Off

Which item should appear in receivables.

AA – L2 – SA – Q2.8 – Financial Statement Assertions

Assertions impacted by intangible asset issues.

AA – L2 – SA – Q2.7 – Public Sector Audit Parties

Identify non-party in public sector audit.

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

Most reliable source of audit evidence.

AA – L2 – SA – Q2.5 – Materiality

Identify what is not true about materiality.

AA – L2 – SA – Q2.4 – Auditor Roles

Roles of internal vs. external auditors in fraud and controls.

AA – L2 – SA – Q2.3 – Ethical Threats

Threats from auditing a company with partner connections.

AA – L2 – SA – Q2.2 – Auditor Duties

Identify which is not a duty of auditors.

AA – L2 – SA – Q2.1 – Board Accountability

To whom is the board of directors accountable?

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

Identify what does not appear in IAS 37.

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Which item should appear in receivables.

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Assertions impacted by intangible asset issues.

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Identify non-party in public sector audit.

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Most reliable source of audit evidence.

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