CPA Exam Auditing & Attestation

nedtuohy
Quiz by , created about 5 years ago

Some sample questions for the auditing and attestation part of the CPA Exam

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nedtuohy
Created by nedtuohy about 5 years ago
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Question 1

Question
Which of the following circumstances most likely would cause an auditor to consider whether material misstatements exist in an entity's financial statements?
Answer
  • Supporting records that should be readily available are frequently not produced when requested.
  • Reportable conditions previously communicated have not been corrected.
  • Clerical errors are listed on a monthly computer-generated exception report.
  • Differences are discovered during the client's annual physical inventory count.

Question 2

Question
An auditor is testing internal control procedures that are evidenced on an entity's vouchers by matching random numbers with voucher numbers. If a random number matches the number of a voided voucher, that voucher ordinarily should be replaced by another voucher in the random sample if the voucher:
Answer
  • Constitutes an exception.
  • Has been properly voided.
  • Cannot be located
  • Represents an immaterial dollar amount.

Question 3

Question
In evaluating the reasonableness of an accounting estimate, an auditor most likely would concentrate on key factors and assumptions that are:
Answer
  • Consistent with prior periods.
  • Similar to industry guidelines.
  • Objective and not susceptible to bias.
  • Deviations from historical patterns.

Question 4

Question
An auditor may achieve audit objectives related to particular assertions by:
Answer
  • Performing analytical procedures
  • Adhering to a system of quality control
  • Preparing auditor working papers.
  • Increasing the level of detection risk.

Question 5

Question
Which of the following computer-assisted auditing techniques allows fictitious and real transactions to be processed together without client-operating personnel being aware of the testing process?
Answer
  • Integrated test facility.
  • Input controls matrix.
  • Parallel simulation.
  • Data entry monitor.