AUDIT pop test.docx
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AUDIT pop test.docx
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AUDITpoptest
HJCPAAUDITPOPTESTS
6thAug.2012
Question1:
Whenobtaininganunderstandingofanentity'sinternalcontrolprocedures,anauditorshouldconcentrateonthesubstanceoftheprocedures,ratherthantheirform,because:
A.Theproceduresmaybeoperatingeffectivelybutmaynotbedocumented.
B.Managementmayestablishappropriateproceduresbutnotenforcecompliancewiththem.
C.Theproceduresmaybesoinappropriatethatnorelianceiscontemplatedbytheauditor.
D.Managementmayimplementprocedureswhosecostsexceedtheirbenefits.
Question2:
Whichofthefollowingstatementsaboutinternalcontrolstructureiscorrect?
A.Aproperlymaintainedinternalcontrolstructurereasonablyensuresthatcollusionamongemployeescannotoccur.
B.Theestablishmentandmaintenanceoftheinternalcontrolstructureareimportantresponsibilitiesoftheinternalauditor.
C.Anexceptionallystronginternalcontrolstructureisenoughfortheauditortoeliminatesubstantivetestsonasignificantaccountbalance.
D.Thecost-benefitrelationshipisaprimarycriterionthatshouldbeconsideredindesigninganinternalcontrolstructure.
Question3:
Forcertaincontrols,suchassegregationofduties,documentaryevidencemaynotexist.Anauditorwouldmostlikelytesttheproceduresby:
A.Reperformanceandcorroboration
B.Observationandinquiry
C.Inspectionandvouching
D.Confirmationandrecomputation
Question4:
Regardlessoftheassessedlevelofcontrolrisk,anauditorwouldperformsome:
A.Testsofcontrolstodeterminetheeffectivenessofinternalcontrolpolicies
B.Analyticalprocedurestoverifythedesignofinternalcontrolprocedures
C.Substantiveteststorestrictdetectionriskforsignificanttransactionclasses
D.Dual-purposeteststoevaluateboththeriskofmonetarymisstatementandpreliminarycontrolrisk
Question5:
Whichofthefollowingstatementsconcerningmaterialweaknessesandsignificantdeficienciesiscorrect?
A.Anauditorshouldidentifyandcommunicatematerialweaknessesseparatelyfromsignificantdeficiencies.
B.Anauditormaystateinthecommunicationoninternalcontrolmattersthatnosignificantdeficiencieswerefound.
C.Anauditorshouldreportimmediatelymaterialweaknessesandsignificantdeficienciesdiscoveredduringanaudit.
D.Allsignificantdeficienciesarematerialweaknesses.
17thMay,2012
Question1
Inplanninganaudit,anauditorwouldmostlikelyobtainanunderstandingofacontinuingclient'sbusinessby
A.Reevaluatetheclient'sinternalcontrolenvironment.
B.Performingtestsofdetailsoftransactionsandbalances.
C.Readingspecializedindustryjournals.
D.Reviewingprior-yearworkingpapersandthepermanentfilefortheclient.
Question2
InaccordancewithSASNo.105(AUSection150),whichofthefollowingcorrectlydenotestherevisedwordingofthefirstgeneralstandardofauditing?
A.Theauditmustbeperformedbyapersonorpersonswithacollegedegreeinaccounting.
B.TheauditmustbeperformedbyapersonorpersonswhoarepartnersinaCPAfirm
C.Theauditmustbeperformedbyapersonorpersonshavingadequatetechnicaltrainingandproficiencyasanauditor.
D.Theauditshouldbeperformedbyapersonorpersonshavingadequatetechnicaltrainingandproficiencyasanauditor.
Question3
JaneEyreworksasastaffauditorfortheCPAfirmofEast&West.SheiscurrentlyworkingontheauditengagementoftheHitchcockCorporation.HerdaughterisemployedbyHitchcock.Herdaughteris27yearsoldandnotadependentofJaneEyre.ThefirmistryingtodeterminewhetherJaneEyremustberemovedfromtheauditteambecauseofalackofindependence.Inapplyingtheserules,whichdesignationisappliedtothedaughter?
A.Closerelative
B.Distantrelative
C.Memberofimmediatefamily
D.Generalmemberoffamily
Question4
Independenceofmind,asdefinedintheAICPA'sconceptualframework,isthestateofmindthatpermitsanindividualtoactwithallofthefollowingEXCEPT:
A.Objectivity
B.Professionalskepticism
C.Reasonablesuspicion
D.Integrity
Question5
LanaLilyandJillJazzareinadebateabouttheappropriateattitudeanauditorshouldhavewheninteractingwithclientpersonnelduringanaudit.EachclaimsthattheotherismisconstruingthedefinitionofprofessionalskepticismintheAICPAstandards.ThedefinitionofprofessionalskepticismincludesallofthefollowingelementsEXCEPT:
A.Possessingaquestioningmindduringtheaudit
B.Assumingthatmaterialmisstatementduetofraudispresentinthefinancialstatements
C.Objectiveandcriticalassessmentofauditevidence
D.Notbeinginfluencedbypastexperiencewiththeentityandbeliefsaboutmanagement'sintegrityandhonesty
5thMay,2012
Auditing&Attestation>AuditProfession&Planning-PartI>Audit-GeneralIssues
Question1
Whichofthefollowingfactorsmostlikelywouldcauseanauditornottoacceptanewauditengagement?
A.Concludingthattheentity'smanagementprobablylacksintegrity.
B.Thecloseproximitytotheendoftheentity'sfiscalyear.
C.Aninabilitytoperformpreliminaryanalyticalproceduresbeforeassessingcontrolrisk.
D.Aninadequateunderstandingoftheentity'sinternalcontrolstructure.
Question2
Theprimarypurposeofestablishingqualitycontrolpoliciesandproceduresfordecidingwhethertoacceptanewclientisto
A.Anticipatebeforeperforminganyfieldworkwhetheranunqualifiedopinioncanbeexpressed.
B.EnabletheCPAfirmtoattesttothereliabilityoftheclient.
C.SatisfytheCPAfirm'sdutytothepublicconcerningtheacceptanceofnewclients.
D.Minimizethelikelihoodofassociationwithclientswhosemanagementlacksintegrity.
Question3
Historically,mostmajorlawsuitsagainstCPAfirmshavedealtwith:
A.Disputesovertheaccuracyofbookkeepingservices.
B.Disputesoverincometaxpreparationservices.
C.DisputesarisingintheperformanceofMAScontracts.
D.Auditedandunauditedfinancialstatements.
Question4
Tosucceedinanactionagainsttheauditor,theclientcompanymustbeabletoshowthat:
A.Thereisaclosecausalconnectionbetweentheauditor'sbehaviorandthedamagessufferedbytheclient.
B.Theauditorwasgrosslynegligent.
C.Theauditorwasfraudulent.
D.Therewasawrittencontract.
Question5
Whichofthefollowingisanillustrationofaliabilitytoclientsundercommonlaw?
A.Federalgovernmentprosecutesauditorforknowinglyissuinganincorrectauditreport.
B.Clientsuesauditorfornotdiscoveringatheftofassetsbyanemployee.
C.Banksuesauditorfornotdiscoveringthatborrower'sfinancialstatementsaremisstated.
D.Combinedgroupofstockholderssueauditorfornotdiscoveringmateriallymisstatedfinancialstatements.
28thApril,2012
Auditing&Attestation>AuditProfession&Planning-PartI>Audit-GeneralIssues
Question1
ACPAismostlikelytorefertooneormoreofthethreegeneralauditingstandardsindetermining
A.Theintegrityoftheclient.
B.ThescopeoftheCPA'sauditingprocedures.
C.WhethertheCPAshouldundertakeanauditengagement.
D.ThenatureoftheCPA'sreportqualification.
Question2
Theauditworkperformedbyeachassistantshouldbereviewedtodeterminewhetheritwasadequatelyperformedandtoevaluatewhetherthe
A.Audithasbeenperformedbypersonshavingadequatetechnicaltrainingandproficiencyasauditors.
B.Auditproceduresperformedareapprovedintheprofessionalstandards.
C.Auditor'ssystemofqualitycontrolhasbeenmaintainedatahighlevel.
D.Resultsareconsistentwiththeconclusionstobepresentedintheauditor'sreport.
Question3
ThemembersofthePublicCompanyAccountingOversightBoardareappointedandoverseenby:
A.TheSecuritiesandExchangeCommission.
B.ByU.S.Congress.
C.TheAuditingStandardsBoard.
D.TheAmericanInstituteofCertifiedPublicAccountants.
Question4
TheSecuritiesandExchangeCommissioncanimposeallbutwhichofthefollowingsanctions?
A.SuspendaCPAfromauditingSECclients.
B.ProhibitaCPAfromacceptingnewSECclientsforaperiodoftime.
C.RevokeaCPAlicense.
D.RequireaCPAtoparticipateincontinuingprofessionaleducationsprogramsandmakechangesintheirpractice.
Question5
UndertheSecuritiesExchangeActof1934,whichtypeoforganizationisrequiredtosubmitauditedfinancialstatementstotheSEC?
A.Everycorporationwhichischarteredbyastategovernment.
B.Everycorporationwithsecuritiestradedonnationalandover-the-counter
C.Everycompanyissuingnewsecurities.
D.Everycorporation.
11thApril,2012
AUD:
AuditSampling:
AttributesSampling
Question1:
Inperformingtestsofcontrolsoverauthorizationofcashdisbursements,whichofthefollowingstatisticalsamplingmethodswouldbemostappropriate?
A.Variables.
B.Stratified.
C.Ratio.
D.Attributes.
Question2:
Anauditordesiredtotestcreditapprovalon10,000salesinvoicesprocessedduringtheyear.Theauditordesignedastatisticalsamplethatwouldprovide1%riskofassessingcontrolrisktoolow(99%confidence)thatnotmorethan7%ofthesalesinvoiceslackedapproval.
Theauditorestimatedfrompreviousexperiencethatabout2.5%ofthesalesinvoiceslackedapproval.Asampleof200invoiceswasexaminedand7ofthemwerelackingapproval.
Theauditorthendeterminedtheachievedupperprecisionlimittobe8%.
Theallowanceforsamplingriskwas
A.5.5%.
B.4.5%.
C.3.5%.
D.1%.
Question3:
Whichofthefollowingstatementsisordinarilycorrectaboutthesamplesizeinstatisticalsamplingwhentestingcontrols?
A.Theexpectedpopul
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