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Mock In class test

clara.azurmendi 25 perguntas

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Perguntas do quiz (25)

  1. 1The auditor has considerable responsibility for notifying users as to whether or not the statements are properly stated. This imposes upon the auditor a duty to:
    1. AProvide reasonable assurance that material misstatements will be detected.
    2. BBe a guarantor of the fairness in the statements.
    3. CBe equally responsible with management for the preparation of the financial statements.
    4. DBe an insurer of the fairness in the statements.
  2. 2When dealing with laws and regulations that do not have a direct effect on the financial statements, the auditor:
    1. AShould inquire of management about whether the entity is in compliance with such laws and regulations.
    2. BHas no responsibility to determine if any violations of these laws has occurred.
    3. CMust report all violations, including inconsequential violations, to the audit committee.
    4. DShould perform the same procedures as for violations having a direct effect on the financial statements.
  3. 3The following stages comprise a typical money laundering process. What is the right sequence of the process ?
    Creating layers of financial transactions
    2. Breaking up large amounts of cash into smaller sums and placing them into the financial system
    3. Integrating the money into the economic system as if it is "clean" and comes from legitimate sources
    1. A1,2 and 3
    2. B1, 3 and 2
    3. C2, 1 and 3
    4. D3, 1 and 2
  4. 4Which of the following considerations of fraud and error by the auditor is not required by ISA 240?
    1. AWhen the auditor encounters circumstances that may indicate that there is a material misstatement in the financial statements resulting from fraud or error, the auditor should inform regulatory institutions
    2. BBased on the risk assessment the auditor should design audit procedures to obtain reasonable assurance that material misstatements arising from fraud and error are detected
    3. CThe auditor should be satisfied that those charged with governance have been informed of any material weaknesses in internal control related to the prevention and detection of fraud
    4. DThe auditor should communicate to management any material weaknesses in internal control related to the prevention or detection of fraud and error
  5. 5If an auditor discovers fraud, an auditor should:
    1. AConduct further investigations
    2. BApproach the appropriate level of management
    3. CConsider withdrawing from the audit if the fraud is significant
    4. DAll of the above
  6. 6Financial involvement with a client will affect independence and may lead a reasonable observer to conclude that independence has been impaired. Which of the following is not a form of financial involvement with a client?
    1. ALoans to or from the client
    2. BFinancial interest resulting from being an administrator of any trust with a financial interest in the client
    3. CFinancial interest in a joint venture with a client
    4. DFees paid for audit engagement
  7. 7Which of the following matters is not ordinarily included in a management representation letter?
    1. AAmount of potential loss from litigation, including court costs
    2. BManagement's acknowledgment of its responsibility for the fair presentation of financial statements
    3. CDisclosure of compensating balances and other arrangements involving restrictions on cash balances
    4. DPlans or intentions that may affect the carrying value or classification of assets
  8. 8Which of the following would be considered a 'self-interest threat'?
    1. APotential employment with an assurance client
    2. BActing as the client's advocate in a legal proceeding
    3. CWhen a member of the assurance team was previously a director or officer of the assurance client
    4. DA member of the assurance team has a close family member who is a director or officer of the assurance client
  9. 9Which of the following is not a duty of the audit committee?
    1. ASpecial Investigations
    2. BReview of internal controls
    3. CMonitor the effectiveness of external auditor
    4. DLiaison with external controls
  10. 10When planning the audit, if the auditor has no reason to believe that illegal acts exist, the auditor should:
    1. AInclude audit procedures which have a strong probability of detecting illegal acts.
    2. BStill include some audit procedures designed specifically to uncover illegalities.
    3. CIgnore the issue.
    4. DMake inquiries of management regarding their policies for detecting and preventing illegal acts and regarding their knowledge of violations, and then rely on normal audit procedures to detect errors, irregularities, and illegalities

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Advanced Audit Principles and Practice Mock In class test
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English
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