 Show
DE LA SALLE UNIVERSITY MANILA RVR – COB DEPARTMENT OF ACCOUNTANCY REVDEVT 1st Term AY 15 - 16 Auditing Theory Prof. Francis H. Villamin AT – Quizzer 6 “Audit Planning” 1. Planning an audit involves I. Establishing the overall audit strategy for the engagement II. Developing an audit plan a. I only b. II only c. Both I and II d. Neither I nor II 2. Which of the following activities should be performed by the auditor at the beginning of the current audit engagement? I. Perform procedures regarding the continuance of the client relationship and the specific audit engagement. II. Evaluate compliance with the requirements of the Code of Ethics for Professional Accountants in the Philippines, including independence. III. Establish an understanding of the terms of the engagement. a. I and II only b. II and III only c. I and III only d. I, II, and III 3. Adequate planning helps to ensure that a. b. c. d. Appropriate attention is devoted to important areas of the audit NoYes Yes No Potential problems are identified and resolved on a timely basis Yes Yes No No The audit engagement is properly organized and managed Yes Yes No No 4. Which of the following statements concerning audit planning is incorrect? a. Planning is a discrete phase of an audit. b. Planning is a continual and iterative process. c. In a recurring audit, planning often begins shortly after (or in connection with) the completion of the previous audit and continues until the completion of the current audit engagement. d. In planning an audit, the auditor considers the timing of certain planning activities and audit procedures that are to be completed prior to the performance of further audit procedures. 5. In performing an audit of financial statements, the auditor should obtain a sufficient knowledge of a client’s business and industry to a. Develop an attitude of professional skepticism concerning management’s financial statement assertions. b. Make constructive suggestions concerning improvements to the client’s internal control. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated. d. Understand the events and transactions that may have an effect on the client’s financial statements. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Which of the following procedures would an auditor most likely perform in the planning phase?The correct answer is (A.) Make a preliminary judgment about materiality. An auditor is most likely to plan about the materiality of auditing in the planning stage.
Which of the following procedures would an auditor most likely perform in planning a FS audit?Which of the following procedures would an auditor most likely perform in planning a financial statement audit? Comparing the financial statements with anticipated results.
What happens in the planning stage of an audit?05 Planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan, which includes, in particular, planned risk assessment procedures and planned responses to the risks of material misstatement.
Which of the following procedures would a CPA most likely perform during audit planning?Which of the following procedures would a CPA most likely perform during the planning stage of the audit? Evaluate the reasonableness of management's allowance for doubtful accounts.
|
Which of the following procedures would an auditor most likely perform in the planning stage?
zusammenhängende Posts
Urheberrechte © © 2024 WIKIFI Inc.
