[Test - Audit - Kiến thức] - Những chủ điểm quan trọng trong phần Audit

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1. THE AUDITOR REPORT

1. Which of the following statements regarding the auditor’s report and audit opinion is true?

A.The auditor’s report is part of audit opinion

B. The audit opinion is part of auditor’s report

C.The auditor’s report is part of the financial statements

D. The auditor’s report is same as the audit opinion

Answer: The audit opinion is part of auditor’s report

2. Which of the following is NOT part of the financial statements on which an auditor reports?

A. Cash flow statement

B. Statement of financial position

C. Notes to financial statements

D. Directors’ report

Answer: Directors’ report

2. Which of the following statements regarding materiality is true, in accordance with ISA 320 “Materiality in Planning and Performing an Audit”?

A. Materiality levels are the same for all amounts in the financial statements

B. Performance materiality is set at a higher level than materiality for the financial statements

C. The most appropriate measure of materiality is 1% - 2% of revenue

D. Performance materiality is set at a lower level than materiality for the financial statements

Answer: Performance materiality is set at a lower level than materiality for the financial statements

3. Which of the following is NOT implied by an unmodified audit opinion in an auditor’s report?

A. All transactions have been recorded are reflected in the financial statements

B. The financial statements have been prepared in accordance with the applicable financial reporting framework

C. No fraud occurred in the financial period

D. Management provided the auditor with all relevant information

Answer: No fraud occurred in the financial period

2. AUDIT EVIDENCE

1. In which of the following stages of an audit would involve analytical procedures NOT be used?

A. Substantive procedures

B. Overall review

C. Planning the audit

D. Test of control

Answer: Test of control

2. Which of the following statements regarding the appropriateness of audit evidence is/are true?

1) It concerns the quantity of audit evidence needed
2) It concerns the relevance and reliability of audit evidence

A. Both 1 and 2

B. 2 only

C. Neither 1 nor 2

D. 1 only

Answer: 2 only

3. Which FOUR of the following are financial statement assertions?

A. Completeness

B. Going concern

C. Existence

D. Occurrence

E. Cut off

F. Materiality

Answer: Completeness, Existence, Occurrence, Cut off

3. Internal Control

1. Which of the following is NOT set out as a component of internal control within ISA 315?

A. Control environment
B. The information system relevant to financial reporting
C. Human resource policies and practices

Answer: C

Components of internal control: Control environment, Risk Assessment, Monitoring, Information & Communication, Control Activities

2. An example of a control put in place in order to ensure that all sales made are to
customers who are more likely to pay is:
A. Arithmetical check of every invoice raised carried out by the accounts clerk.
B. Arithmetical check of every invoice raised carried out by the accounts clerk.
C. The customer must sign for the goods when they are delivered.
D. A credit check is carried out on every customer before a sale is made to them.
Answer:  D

3. In the purchases cycle within an entity the control objectives at the stage of placing a
purchase order will be:
i) To ensure that the item purchased is not already in stock.
ii) To ensure that the stock count is accurate.
iii) To ensure that the order is actually required.
iv) To ensure that all orders are paid for.
A. All of the above.
B. i) iii) and iv) only.
C. i) only
D. i) and iii) only.
Answer:  D

4. FRAUD AND ERROR

1.Which of the following is characteristic of ANY fraud? 

1.It is intentional

2.It results in misstatement of the financial statements

3. It results in the misappropriation of assets

4. It is concealed

Answer: It is intentional

2. Which of the following statements regarding responsibility for fraud are true?

• Only those charged with governance are responsible for the prevention and detection of fraud
• Both those charged with the governance and management are responsible for the prevention and detection of fraud
• The auditor is reponsible for detecting any material fraud

 A. 1 and 3

B.  only

C. 2 and 3

D. 1 only

Answer: 2 only

3. An audit reveals that a director of a listed company has stolen $50,000. The amount is not material to the company’s financial statements.

To whom must the auditor report the fraud?

1. Those charged with the governance

2. The police

3. The auditor’s professional body

4. The company’s shaerholders

Answer: Those charged with the governance

4. Who is responsible for correcting material misstatements?

1. The auditor

2. Management

Answer: Management

5. Identify whether each of the following is an example of fraud or error

1. Collusion between employees to claim unearned overtime
2. Surpressing processing of purchase invoices to understate liabilities
3. Misclassifying capital expense as revenue expense due to a mis-posting
4. Falsification of sales invoices

Answer: A. Fraud     B. Fraud     C. Error     D. Fraud

5. AUDIT RISK

1. The risk of material misstatement of the financial statements prior to audit depends on which of the following?

A. Inherent risk, control risk and detection risk

B. Inherent risk and control risk

C. Audit risk

D. Control risk and detection risk

Answer: Inherent risk and control risk

2. The auditor can change the level of which TWO of the following risks for an audit engagement? 

A.Inherent risk

B.Detection risk

C.Control risk

D.Audit risk

Answer: Detection risk and Audit risk

3. Which of the following would not be expected to achieve an acceptable audit risk? 

A. High inherent risk, high control risk, low detection risk

B. High inherent risk, high control risk, low amount of audit work

C. Low inherent risk, low control risk, high detection risk

D. Low inherent risk, low control risk, high amount of audit work

Answer: High inherent risk, high control risk, low amount of audit work

4. Audit procedure performed by the auditor will reduce which of the following risk? 

A. Inherent risk, control risk and detection risk

B. Inherent risk and control risk

C. Control risk only

D.Detection risk only

Answer: Detection risk only

5. Which of the following would NOT contribute to inherent risk? 

A. High accounting staff turnover

B. Poor supervision of accounting staff

C. A new computerised accounting system

D. Complex transaction

Answer: Poor supervision of accounting staff