siddharth
11-02-09, 06:03 PM
Hi pals,
Questions
1) Which of the following audit procedures is primarily intended to provide evidence as to completeness?
a. Adding the debtor’s aged trial balance
b. Searching for unmatched goods received notes.
c. Confirming debtor’s balances with customers
d. Reviewing the outstanding cheque listing
2) The auditor will check balances from supplier’s statements to the bought ledger in order to
a. Verify the existence of creditors
b. Confirm that the recorded balances are obligations of the entity
c. Determine that the purchases were properly authorized
d. Ascertain the completeness of recorded creditors
3) Which of the following audit procedures is primarily intended to provide evidence as to existence?
a. comparing shipping documents to related sales invoices.
b. Recalculating depreciation expense
c. Confirming recorded debtors with the customers
d. Comparing sales invoices with sales orders
4) What does “sufficient appropriate “ audit evidence mean?
a. The amount of audit evidence that can be obtained given the time budget on the task
b. Adequate evidence has been obtained in the auditor’s professional judgment
c. All material errors have been detected
d. A qualified audit report does not need to be issued.
5) In verifying the valuation of work completed by a construction company, on a long-term building contract, which source of evidence would you consider as most reliable?
a. An independent architect called in to supply a valuation but who has not otherwise been involved with the contract.
b. An architect employed by other party to the contract who has been involved throughout in liaising with the company.
c. An architect employed by the company who has direct responsibility for building work on the contract.
d. An independent but unqualified building surveyor.
Answers will be posted on Sunday
Questions on Internal Control and Control Risk assessment will be posted on Sunday.
Hope to see to more responses
Questions
1) Which of the following audit procedures is primarily intended to provide evidence as to completeness?
a. Adding the debtor’s aged trial balance
b. Searching for unmatched goods received notes.
c. Confirming debtor’s balances with customers
d. Reviewing the outstanding cheque listing
2) The auditor will check balances from supplier’s statements to the bought ledger in order to
a. Verify the existence of creditors
b. Confirm that the recorded balances are obligations of the entity
c. Determine that the purchases were properly authorized
d. Ascertain the completeness of recorded creditors
3) Which of the following audit procedures is primarily intended to provide evidence as to existence?
a. comparing shipping documents to related sales invoices.
b. Recalculating depreciation expense
c. Confirming recorded debtors with the customers
d. Comparing sales invoices with sales orders
4) What does “sufficient appropriate “ audit evidence mean?
a. The amount of audit evidence that can be obtained given the time budget on the task
b. Adequate evidence has been obtained in the auditor’s professional judgment
c. All material errors have been detected
d. A qualified audit report does not need to be issued.
5) In verifying the valuation of work completed by a construction company, on a long-term building contract, which source of evidence would you consider as most reliable?
a. An independent architect called in to supply a valuation but who has not otherwise been involved with the contract.
b. An architect employed by other party to the contract who has been involved throughout in liaising with the company.
c. An architect employed by the company who has direct responsibility for building work on the contract.
d. An independent but unqualified building surveyor.
Answers will be posted on Sunday
Questions on Internal Control and Control Risk assessment will be posted on Sunday.
Hope to see to more responses