aaa practice exam

Q1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2: Which of the following is normally the most reliable source of audit evidence? a- Banker’s statements b- Minutes of Board Meeting c- Oral confirmation from the management. d- Internal audit reports of the company Q3: Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 only

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Auditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal…

Ahmed CPA fimm is providing bookkeeping services to an insurance company, the CPA firm is recommending the insurance company to potential customérs for an increase in the insurance coverage in return. This practice is considered: Select one: Oa.A violation of the contingent fees rule of conduct ObA violation of the commissions and referral fees rule of conduct OCA violation of the independence rule of conduct Oa Acceptable and there is no violation

Which of the following services provides the lowest level of assurance on a financial statement Select one: a. Neither service provides assurance on financial statements b. review c. Each service provides the same level of assurance on financial statements d. audit

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Question 5 Which ONE of the following should be carried out after the audit firm has accepted an engagement as auditor? A Contact the outgoing auditors to ascertain if there are any reasons they should not accept the assignment B Ensure the audit firm has the experience and resources to conduct the assignment C Perform checks to ensure that there are no legal or ethical reasons why the new audit firm cannot act as auditor D Submit a letter of engagement to the directors

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Course Name: Auditing (Accounting) Write a concise answer between 500 to 550 words for each question. 2. The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain absolute assurance that the financial statements are free from material misstatement due to fraud or error. Why

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2 The two main types of assurance level that auditors can perform are ________ and __________ High (Audit) Moderate (Review) Negative assurance Positive assurance   Question 2 options:   a)  B & C   b)  A & C   c)  A & B   d)  C & D

Balance sheet Claims, litigations, and assessments Disclosure checklist Factual Hr Misstatements PayMaster Pro for a Qualified or adverse Representation letter Subsequent event

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Financial audit Q&A What is the name of accounts that has materiality limit of 1/2% to 1% applied?

A. acritical analysis of some of the complexities and key issues involved in impairment testing especially in light of the COVID-19 pandemic. In your analysis, you can refer to one or more publications issued by the 'Big 4' firms, accounting professional bodies or academic journals. For the Part A of the report requirements, you need research on complexities with impairment testing. Here you will need to look at reports released by the Big 4 accounting firms or the professional accounting bodies like CPA, CA or ACCA. Briefly summarise what the key complexities could be. For example, you need to calculate recoverable amount for impairment testing which is fair value less costs to sell or value in use. Given the uncertainties posed by COVID, perhaps it is hard to calculate future cash flows for value in use, or fair values might no longer be available, or risk or interest rates might be of concern. need to analyse and summarise what key accounting bodies and accounting professionals have…

Question 1 For each of the following scenarios, indicate whether in your opinion it is a violation of the HKICPA Code of Ethics. Specifically, for each scenario, choose one of the following options: (1)not likely to ·be a violation; (2) likely to be aviolation; or (3) clearly a violation. For each- scenario, clearly explain your reasoning. 3. Chan and Mo, CPAS, perform the annual financial statement audit for SoCal Ltd. Ann Mo, the partner in charge of the SoCal audit, owns shares in the Greenfield Investment Company. Greenfieldowns approximately ten percent of the outstanding common stock of SoCal·Ltd. Approximately 60percent of SoCal's common stock is owned by another large investment- fund that is independent of Chan and Mo, CPAS. Consequently, Greenfieldcannot exert significant controlover SoCal. The amount of Ann Mo's investment in Greenfieldis immaterial to her net worth. .. 4. David Lam, CPA, is assignedto serve as the audit manager on the Safety Bank engagement. Davidrecently…

Negative Assurance in Review Reports. One portion of the report on a review services engagement is the following: “Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformitywith generally accepted accounting principles [or another framework for financial reporting].”Required:a. Is this paragraph a “negative assurance” given by the accountants?b. Why is negative assurance generally prohibited in audit reports?c. What justification is there for permitting negative assurance in a review services report on unaudited financial statements and on interim financial information?

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AUDITING Answer the following questions and explain the correct answers per item. Also explain why the other choices are incorrect 1. An accountant agrees to the client's request to change an engagement from a review to a compilation of financial statements. The compilation report should include: A. No reference to the original engagement. B. Reference to a departure from PSAs. C. Scope limitations that may have resulted in the change of engagement. D. Information about review procedures already performed. 2. The Philippine Framework for Assurance Engagements identifies two types of assurance engagements a practitioner is permitted to perform: a reasonable assurance engagement and a limited assurance engagement. Which of the following is the objective of a limited assurance engagement? A. A reduction in assurance engagement risk to a very low level in the circumstances of the engagement as a basis for a disclaimer of the practitioner's conclusion. B. A reduction in assurance engagement…

Adverse Basis for mod paragraph Cpa firm Disclaimer of opinion Expressing opinion Management I modified Unqualified Update

Under which of the following circumstances may member May charge a client a contingent fee? Group of answer choices a. May audits ABC Co. and wishes to charge it a contingent fee for the audit work. b. May audits ABC Co. and wishes to charge it a contingent fee for separate consulting work. c. May is examining prospective financial information for XYZ Co. and wishes to charge it a contingent fee for unrelated consulting services. d. May prepares TUV Co.’s tax returns and wishes to charge it a contingent fee for nontax consulting services.

Multiple choice 1. A change in measurement basis is most likely a. change in accounting policy. c. error. b. change in accounting estimate. d. any of these 2. A correction of prior period error is accounted for by a. retrospective application. b. retrospective restatement. c. prospective application. d. impracticable application. 3. Which of the following is a change in accounting estimate? a. Change from the cost model to the fair value model of measuring investment property. b. Change in business model for classifying financial assets resulting to the reclassification of a financial asset from being measured at amortized cost to fair value. c. Change in the method of recognizing revenue from long term construction contracts. d. Change in the depreciation method, useful life or residual value of an item of property, plant and equipment. 4. These result from new information or new developments. a. Changes in accounting estimates b. Changes in accounting policies C.…

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2. An audit firm is required to perform a risk assessment in order to determine whether to accept the new client or continue with repeat clients annually.   Question 2 options:   a) True   b) False

Question 6 Which ONE of the following best describes professional scepticism? An auditor should: A After obtaining an explanation from a client always confirm this with another member of staff B Not believe anything that management tells him/her, without speaking to a third party C Apply a questioning mind to the information and evidence he/she obtains D Always consider the worst outcome H 111

PLEASE ANSWER NO. 87. Examples of various threats to independence Self-interest  Self-review  Familiarity  Advocacy (2) Intimidation (2) 8. Three (3) categories of safeguards related to the different threats in no. 7 9. Two (2) options of a public accountant when the safeguards in no.8 are not effective to eliminate or reduce threatsPLEASE ANSWER NO. 8

Auditing and Assurance Services T321 Which one of the following services provides a moderate level of assurance about the client's financial statements? Select one: O a. review O b. forecasts and projections O c. compliance O d. audit