ACC311 Quiz 2 Solution and Discussion


  • Cyberian's Gold

    Quiz No.2 Total Questions : 10
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  • Cyberian's Gold


  • Cyberian's Gold

    Which one of the following statements is correct with respect to obtaining an understanding of a client? ACC311
    Auditors are not required to obtain an understanding with their clients

    Analytical procedures used in planning an audit should focus on identifying which one of the followings?

    Areas that may represent specific risks relevant to the audit
    Material weaknesses in the internal control structure
    The predictability of financial data form individual transactions
    The various assertions that are embodied in the financial report

    Which one of the following statements is TRUE about the auditors? ACC311
    The auditor is not required to apply all the risk assessment procedures for each aspect of the understanding required

    Which of the following is NOT one of the five major components of internal control?
    A. Risk assessment
    B. Control activities
    C. Information and communication system
    D. Human resource background checks

    Which one of the following is an appropriate form of documenting the auditor’s understanding of the client’s internal control system? ACC311
    Narratives

    Trend analysis and vertical analysis are two important examples of: ACC311
    Test of controls

    All of the following should be observed and inspected by the auditors during the risk assessment process of an entity EXCEPT: ACC311
    A. Observations of Activities and operations
    B. Inspection of Documents and records
    C. Reading Management reports
    D. Visit to other companies in the industry

    While considering internal control system of an entity, the auditor is basically concerned that the system provides reasonable assurance about which one of the following? ACC311
    That the management can not override the system
    Operational efficiency has been achieved according to management plans
    Errors have been prevented or detected
    Controls have not been circumvented by collusion

    The various methods of ascertaining and documenting the internal control system of an entity include all of the following EXCEPT: ACC311
    Organization charts

    If the auditor makes an assessment that there is a low level of control risk and inherent risk for a client, what would you expect from an auditor to do? ACC311
    Perform no substantive procedures



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