Auditors Finance Assingment Help With Solution
Multiple Choice Questions: Circle or highlight the best answer for each question
1. An auditor examines a sample of cancelled checks to verify that the checks were signed by two authorized people, in accordance with company policy. This is an example of a:
A. Test of a control
B. Substantive test
C. Cutoff test
D. Statistical test
2. Which of the following is the best procedure to test the completeness of accounts payable?
A. Examine cash payments after year-end
B. Confirm payables
C. Examine dates of sales orders
D. Foot the payables sub-ledger
3. If the auditor assesses the risk of misstatement of revenues as high, which type of strategy would she pursue?
A. Low risk strategy
B. Reliance strategy
C. Control strategy
D. Substantive strategy
4. Which of the following is not a specific procedure that contributes to good internal control over accounts receivable?
A. The approval of customer orders by the credit department.
B. Prenumbered shipping documents, sales invoices, and credit memoranda, and regular accounting for all numbers in the series.
C. Having authorized price lists for items sold.
D. Having one person responsible for recording credit memoranda and cash receipts for accounts receivable.
5. Which of the following is the most important audit procedure in the audit of inventories (i.e. addresses the most relevant assertion?
A. Agreement of invoices to shipping documents
B. Observation of the inventory count
C. Recomputing valuation of inventory using the appropriate cost flow assumption
D. Assessing the level of control risk as low
6. Auditors should perform audit procedures to identify and assess subsequent events:
A. Through year end
B. Through issuance of the audit report
C. Through the last day of field work
D. For a reasonable period after year end
7. Revenue cutoff procedures should be designed to test whether all revenues are:
A. Recorded in the accounting period in which the customer order was received.
B. Recorded in the accounting period in which the customer order was shipped.
C. Recorded at their net realizable value.
D. Recorded to reflect appropriate sales discounts.
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8. Which of the following audit procedures would provide the most reliable evidence that the entity has legal title to inventories?
A. Confirmation of inventories at locations outside the entity’s facilities.
B. Analytical review of inventory balances compared to purchasing and sales activities.
C. Observation of physical inventory counts.
D. Examination of paid vendors’ invoices.
9. The auditor was unable to observe the physical count of inventory. The client uses a perpetual inventory system. Control risk was assessed as high. What should the auditor do?
A. Issue a qualified opinion on the financial statements.
B. Vouch inventory purchases and sales to source documents as an alternative procedure.
C. Issue an adverse opinion on the financial statements.
D. Issue an unqualified opinion with an explanatory paragraph explaining the issue.
10. Which of the following is true relating to the auditors’ observation of the client’s inventory count?
A. The auditors should arrange for a specialist to count physical inventory.
B. If the auditor’s test counts identify errors in counting, the identified misstatement is projected to the population.
C. The auditors should determine in advance if the client’s counting procedures are appropriate.
D. The auditors must observe counting of inventory at each location where inventory is located.
11. One reason why auditors perform analytical procedures on the client’s long-term debt balances is to provide evidence that:
A. Aids the auditor in assessing inherent risk relating to long-term debt.
B. Long-term debt may be understated.
C. Long-term debt is properly classified.
D. The existence and obligation assertions are valid.
12. In assessing control risk for purchases, an auditor examines a sample of vouchers for evidence that they have been cancelled to prevent reuse. Which assertion would this test of controls most likely support?
13. When there are numerous property and equipment transactions during the year, an auditor who assessed control risk as high usually would plan to perform
A. Tests of controls and extensive tests of property and equipment balances at the end of the year.
B. Extensive tests of current year property and equipment transactions.
C. Tests of controls and limited tests of current year property and equipment transactions.
D. Analytical procedures for property and equipment balances at the end of the year.
14. The most relevant assertion for the audit of property, plant and equipment is
15. Which of the following situations would require adjustment of financial statement numbers if they occurred after the balance sheet date?
A. A merger announcement.
B. Bankruptcy of a major customer that owed immaterial amounts at the balance sheet date.
C. Signing of a new contract that could lead to a 25% increase in the revenues.
D. A financial penalty imposed by a regulatory body for infractions that occurred six months previously.
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