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Part I   Internal Control Procedures to Prevent and Detect Errors (2*10=20 points)

A CPA firm uses an audit checklist to consider potential misstatements and identify controls which might prevent or detect such errors. The engagement supervisor has instructed the audit assistant to use this checklist to evaluate a client’s internal controls. For each of the following potential errors, identify one control procedure that would most likely be effective in preventing or detecting the problem and select the appropriate control procedure from the list provided (A-L).  A control procedure may be selected once, more than once, or not at all.

Errors Controls

(choose from list A-L)

1. Credit sales are made to individuals with unsatisfactory credit ratings.  
2. Employees receive unauthorized rate increases.  
3. Vendor invoices are paid for more goods than were received.  
4. Fictitious employees are added to payroll.  
5. Sales invoices for goods are posted to incorrect customer accounts.  
6. Goods shipped to customers do not agree with goods ordered by customers.  
7. Customer checks are misappropriated before being forwarded to the cashier for deposit.  
8. The receiving clerk fails to count the goods received.  
9. Customer checks are received for less than the customers’ full account balances, but the customers’ full account balances are credited.  
10. Terminated employees remain on the payroll.  


  1. Approved sales orders are required for goods to be released from the
  2. Monthly statements are mailed to all customers with outstanding

  4. Shipping clerks compare goods received from the warehouse with approved sales orders.
  5. Customer orders are compared with the approved customer list.

  7. Supervisors approve time
  8. The personnel department authorizes all new

  10. The personnel supervisor’s password is required to make rate
  11. Exit interviews are required by the personnel department, which forwards documents to payroll.

  13. The vendor invoice, receiving report, and purchase order are matched before the voucher is approved for
  14. The voucher package and supporting documents are cancelled when checks are signed.

  16. The purchasing department sends a “blind” copy of the purchase order (i.e., without the quantity) to the receiving
  17. Total amounts posted to the accounts receivable ledger from remittance advices are compared with the validated bank deposit

Part II   Evidence of Errors and Financial Statement Assertions (2*7=14 points)

The audit assistant collected the following evidence of errors during an audit.  Identify the financial statement assertion affected by each error by selecting the appropriate option from the list provided below the table (A-E). An Assertion may be selected once, more than once, or not at all.

Evidence of Errors Assertions
1. The assistant noted on a cash confirmation from a bank that there was an outstanding short-term loan at December 31, which was not recorded by the client.  
2. The current portion of long-term debt was excluded from the current liabilities section of the balance sheet, and was included with long term liabilities instead.  
3. The assistant found a number of shipping documents for which there were no related sales invoices.  
4. During the year the client purchased a truck from a private individual, but legal title was not obtained.  
5. During her observation of the client’s inventory, the assistant noted a few items in the back of the storeroom that appeared to be rather old. Upon further investigation, the items were deemed to be obsolete and worthless.  
6. The assistant selected several older assets from the client’s asset ledger, but was unable to locate those assets for physical inspection. The accounting manager indicated that the assets had been disposed of during the year.  
7. The client bought a piece of property five years ago for investment purposes. The property has quadrupled in value since that time, so the client has written up the investment to more closely reflect its current market value.  The client uses U.S. GAAP.  


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Five Financial Statement Assertions (CoVER U)

  1. Completeness
  2. Valuation and allocation
  3. Existence
  4. Rights and obligations
  5. Understandability and classification


Part III   Professional Responsibilities (2*5=10 points)
Jones & Associates, CPAs were recently hired to perform an audit of the financial statements of Heavy Metal Costruction, Inc. (HMC). Upon completion of the audit engagement, HMC’s Audit Committee identified the items below as discussion points for their upcoming meeting.
Please identify whether the selected item/event is a violation of the AICPA Code of Professional Conduct.

Item/Event AICPA Code Violation?

(Violation or No Violation)

1. Prior to being hired by HMC, the managing partner of the audit firm met the CEO of the company to discuss the potential audit engagement. At the start of the meeting, the managing partner explained that all of the professional auditors at Jones are members of the AICPA and that while the founder, William Jones, recently passed away, the audit firm continues to be named Jones & Associates, CPAs.  
2. The wife of the partner in-charge of the audit engagement recently inherited a large stock portfolio from her deceased relative that includes 50,000 shares of HMC common stock. While aware of this, the partner in-charge did not disclose this to the audit firm or client.  
3. On January 15th a junior auditor on the engagement requested and received documentation from the controller. Two months have since passed and, while several requests have been made by the controller’s group for this documentation over the past several weeks, the documentation has neither been returned nor has there been any follow up communication made to the company by the audit team.  
4. After year-end, a team of four auditors arrive at HMC to perform extensive audit work over the next six weeks. While the audit supervisor is involved in the preliminary audit planning phase, she does not review the audit work papers during the rest of engagement due to the high level of confidence she has in her supporting audit staff.  
5. Several months after the audit closing, the partner in-charge received a subpoena to testify regarding a lawsuit involving HMC. The partner in-charge subsequently provided that the HMC audit work papers to the legal defense team.  


Part IV   Audit Research (3+3=6 points)

  1. An Auditor may decide to make use of a specialist in obtaining sufficient appropriate audit evidence in certain circumstances that are material to the fair presentation of the financial statements. What guidance is provided by current auditing standards (check PCAOB website) regarding the types of matters that the auditor may decide require him or her to consider using the work of a specialist? Please identify the source and copy the appropriate paragraph at below.


  1. Your client has suggested to you that his previous auditor did not confirm accounts receivable. Search the professional standards to determine whether there are any circumstances in which an auditor need not request the confirmation of accounts receivable. Select the appropriate paragraph (s) in AU330 and copy the contents at below.


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