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AUDITING & ATTESTATION (AUD) 1. Which of the following circumstances most likely would cause an auditor to consider whether material misstatements exist in an entity's financial statements? 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. 2. 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: Constitutes an exception. Has been properly voided. Cannot be located. Represents an immaterial dollar amount. 3. In evaluating the reasonableness of an accounting estimate, an auditor most likely would concentrate on key factors and assumptions that are: Consistent with prior periods. Similar to industry guidelines. Objective and not susceptible to bias. Deviations from historical patterns. 4. An auditor may achieve audit objectives related to particular assertions by: Performing analytical procedures. Adhering to a system of quality control. Preparing auditor working papers. Increasing the level of detection risk. 5. 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? Integrated test facility. Input controls matrix. Parallel simulation. Data entry monitor. 6. An auditor should design the written audit plan so that All material transactions will be selected for substantive testing. Substantive tests prior to the balance sheet date will be minimized. Each account balance will be tested under either tests of controls or tests of transactions. The audit procedures selected will achieve specific audit objectives. 7. A successor auditor most likely would make specific inquiries of the predecessor auditor regarding The competency of the client's internal audit staff. Specialized accounting principles of the client's industry. Disagreements with management as to auditing procedures. The uncertainty inherent in applying sampling procedures. 8. Which of the following statements is correct with respect to audits of U.S. issuers? Audits of issuers must be conducted under SAS issued by the ASB. Audits of issuers must be conducted under AS issued by the PCAOB. Audits of issuers must be conducted under ISA issued by the PCAOB. Audits of issuers may now be conducted under any set of nationally recognized audit standards.
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