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- S1: The subsequent events period extends to the date of management representation letter and the auditor’s report. S2: The failure of management to provide a management representation letter is considered a scope limitation on the audit.a. Only S1 is true.b. Only S2 is true.c. Both S1 and S2 are true.d. Both S1 and S2 are false.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 only5. All of these reasons are important to discuss the types of service with management before performing the audit work, except ___________ Question 5 options: a) To avoid misunderstanding b) To charge more audit hours and fees c) To prepare the auditor for the job d) To determine the audit procedures required
- 7. S1: Analytical procedures are required to be performed during the completion phase of the audit. S2: The entity’s objectives have direct relationship with the controls that it implements. Group of answer choices Only S2 is correct. Both S1 and S2 are incorrect. Only S1 is correct. Both S1 and S2 are correct. 8 S1: If the engagement is revised from an audit to agreed-upon procedures, the new engagement should not mention the original engagement. S2: Compliance audits are used to determine adherence to rules and regulations set by higher authority. Group of answer choices Both S1 and S2 are incorrect. Only S1 is correct. Both S1 and S2 are correct. Only S2 is correct. 9. S1: Auditing became only feasible during the invention of the computers. S2: Substantive audit procedures are audit procedures performed to obtain understanding of the entity and its environment. Group of answer choices Both S1 and S2 are incorrect. Both S1 and S2 are correct. Only S2 is correct. Only…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) FalseQuestion 9 To test the reasonableness of the turnaround time of the applicable business process review, what tool can be used by the internal auditor? Group of answer choices Forcefield analysis Control sheets Check sheets Time and motion study
- 8 S1: If the engagement is revised from an audit to agreed-upon procedures, the new engagement should not mention the original engagement. S2: Compliance audits are used to determine adherence to rules and regulations set by higher authority. Group of answer choices Both S1 and S2 are incorrect. Only S1 is correct. Both S1 and S2 are correct. Only S2 is correct.Q.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 only3 All of these steps will help an auditor minimize litigation risks when performing the audit work, except ___________ Question 3 options: a) Have enough legal fees ready b) Maintain proper documentation and working papers c) Maintaining independence d) Perform quality audit work
- {Auditing} 7. Assume, Mr. Anwar is appointed as an auditor in Al-Noor Company. He intends to understand the mind set of managers and owners in the company. From the following options choose the evaluation tool which may assist auditor to understand the managers and owners: a. Test Control b. Interview employees c. Observe process d. None of the options29. S1. When the chief audit executive concludes that management has accepted a level of risk that may be unacceptable to the organization, the chief audit executive must discuss the matter with middle management. S2. The scope of the engagement must include consideration of relevant systems, records, personnel, and physical properties, including those under the control of third parties. Which of the following statements is/are true? Group of answer choices Statement II only Statements I and II Statement I only None of the statementsCase 7.1 Anne Aylor Inc. Determination of Planning Materiality and Performance Materiality by Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt Please answer what is required number 1 and 2 REQUIRED [1] Review Exhibits 1 and 2; audit memos G-3 and G-4; and audit schedules G-5, G-6 and G-7. Based on your review, answer each of the following questions: [a] Why are different materiality bases considered when determining planning materiality? [b] Why are different materiality thresholds relevant for different audit engagements? [c] Why is the materiality base that results in the smallest threshold generally used for planning purposes? [d] Why is the risk of management fraud considered when determining performance materiality? [e] Why might an auditor not use the same performance materiality amount or percentage of account balance for all financial statement accounts? [f] Why does the combined total of individual account performance materiality commonly exceed the…
