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Chapter13final

CHAPTER13

Multiple-ChoiceQuestions

1.

easy

Alistingofallthethingswhichtheauditorwilldotogathersufficient,competentevidenceisthe:

b

a.auditstrategy.

b.auditprogram.

c.auditprocedure.

d.auditriskmodel.

2.

easy

Shownbelow（1through5）arethefivetypesoftestswhichauditorsusetodeterminewhetherfinancialstatementsarefairlystated.Whichthreearesubstantivetests?

b

1.procedurestoobtainanunderstandingofinternalcontrol

2.testsofcontrols

3.testsoftransactions

4.analyticalprocedures

5.testsofdetailsofbalances

a.1,2,and3.

b.3,4,and5.

c.2,3,and5.

d.2,3,and4.

3.

easy

Collectively,proceduresperformedtoobtainanunderstandingoftheentityanditsenvironment,includinginternalcontrols,representtheauditor’s:

c

a.auditstrategy.

b.testsofcontrols.

c.riskassessmentprocedures.

d.testsoftransactions.

4.

Forefficiency,testsofcontrolsarefrequentlydoneatthesametimeas:

easy

a.analyticalprocedures.

c

b.compliancetests.

c.testsoftransactions.

d.testsofdetailsofbalances.

5.

easy

Whichofthefollowingproceduresarefrequentlyperformedinresponsetotheauditor’sassessmentoftheriskofmaterialmisstatement?

d

a.Analyticalprocedures

b.Testsoftransactions

c.Testsofdetailsofbalances

d.Alloftheabove

6.

Inwhichstage（s）ofanauditcananalyticalproceduresbeperformed?

easy

a.Intheplanningstage.

d

b.Inconjunctionwithtestsoftransactionsandtestsofdetailsofbalances.

c.Inthecompletionstage.

d.Duringallthreestages.

7.

Testsofcontrolsmayincludewhichofthefollowingtypesofevidence?

easy

a.Observation

d

b.Reperformance

c.Observation

d.Alloftheabove

8.

Thepurposeoftestsofcontrolsistoprovidereasonableassurancethatthe:

easy

a.accountingtreatmentoftransactionsandbalancesisvalidandproper.

b

b.internalcontrolproceduresarefunctioningasintended.

c.entityhascompliedwithGAAPdisclosurerequirements.

d.entityhascompliedwithrequirementsofqualitycontrol.

9.

Inthecontextofanauditoffinancialstatements,substantivetestsareauditproceduresthat:

easy

a.maybeeliminatedundercertainconditions.

c

b.aredesignedtodiscoversignificantsubsequentevents.

c.maybeeithertestsoftransactions,testsofbalances,oranalyticaltests.

d.willincreaseproportionatelywiththeauditor’srelianceoninternalcontrol.

10.

Whichofthefollowingisnotusefulforobtaininganunderstandingofinternalcontrols?

medium

a.Makeinquiriesoftheclient’spersonnel.

c

b.Examinedocumentsandrecords.

c.Readindustrytrademagazines.

d.Observeclientactivitiesandoperations.

11.

Asystemwalkthroughisusedto:

medium

a.testbalances.

c

b.testdetailsoftransactions.

c.gainanunderstandingofinternalcontrols.

d.achievealloftheabove.

12.（Public）

PCAOBStandard2_______theauditortoperformwalkthroughsofsignificantprocesses.

medium

a.encourages

b

b.requires

c.doesnotallow

d.permits

13.

Themostimportantconsiderationindevelopingtheauditplanandauditprogramisthe:

medium

a.client’ssize.

d

b.client’sindustry.

c.auditfirm’savailablepersonnel.

d.theauditriskmodelusedinitsplanningform.

14.

Testsofcontrolsaredirectedtowardthecontrol’s:

medium

a.efficiency.

b

b.effectiveness.

c.efficiencyandeffectiveness.

d.costbenefitratio.

15.

medium

Whentheauditorfindsthattherearemissingcontrolsinanareaoftheaccountingsystem,theauditprograminthatareawouldbemodifiedinsuchawayasto:

d

a.increasetheamountoftestsofcontrols.

b.increasetherelianceontestsofcontrols.

c.causetheissuanceofaqualifiedoradverseopinion.

d.eliminatetheneedforatestofcontrols.

16.

medium

Aproceduredesignedtotestformonetarymisstatementsdirectlyaffectingthecorrectnessoffinancialstatementbalancesisa:

b

a.testofcontrols.

b.substantivetest.

c.testofattributes.

d.monetary-unitsamplingtest.

17.

Whichofthefollowingisnotappropriateforpurposesoftestingtheeffectivenessofcontrols?

medium

a.Makeinquiriesofclientpersonnel.

b

b.Evaluatepriorexperiencewiththeclient.

c.Observecontrol-relatedactivities.

d.Reperformclientprocedures.

18.

Whichofthefollowingisnotadirectresultofperforminganalyticalprocedures?

medium

a.Identifyareasofpotentialmisstatements.

d

b.Reducedetailedaudittests.

c.Understandtheclient’sbusiness.

d.Identifyspecificerrorsintheaccounts.

19.

medium

Ifnomaterialdifferencesarefoundusinganalyticalproceduresandtheauditorconcludesthatmisstatementsarenotlikelytohaveoccurred:

a

a.othertestsmaybereduced.

b.itwillbenecessarytoincreasethetestsofbalances.

c.itwillnotbenecessarytoperformtestsofbalances.

d.itwillbenecessarytoincreasethetestsoftransactions.

20.

Theprimaryemphasisinmosttestsofdetailsofbalancesisonthe:

medium

a.balancesheetaccounts.

a

b.incomestatementaccounts.

c.cashflowstatementaccount.

d.alloftheabove.

21.

Analyticalproceduresaredefinedintheauditingstandardsas:

medium

a.compliancetests.

b

b.substantivetests.

c.testsofcontrols.

d.helpfulproceduresnotpossessingthevalidityofothertestsavailabletotheauditor.

22.

Testsoftransactionsareusedtodeterminewhether___________havebeensatisfied.

medium

a.compliancetestrequirements.

c

b.balancecoveragerequirements.

c.transaction-relatedauditobjectives.

d.anyoftheabove

23.

Whichofthefollowingstatementsisnottrue?

medium

a.Analyticalproceduresemphasizetheoverallreasonablenessoftransactionsandbalances.

b

b.Testsofcontrolsareconcernedwithevaluatingwhethercontrolsaresufficientlyeffectivetojustifyreducingcontrolriskandtherebyreducinganalyticalreviewprocedures.

c.Substantivetestsoftransactionsemphasizetheverificationoftransactionsrecordedinthejournalsandthenpostedinthegeneralledger.

d.Testsofdetailsofbalancesemphasizetheendingbalancesinthegeneralledger.

24.

Whichofthefollowingaudittestsisusuallytheleastcostlytoperform?

medium

a.Analyticalprocedures.

a

b.Testsofcontrols.

c.Testsofbalances.

d.Substantivetestsoftransactions.

25.

Whichofthefollowingaudittestsisusuallythemostcostlytoperform?

medium

a.Analyticalprocedures.

c

b.Testsofcontrols.

c.Testsofbalances.

d.Substantivetestsoftransactions.

26.

Analyticalproceduresmustbeperformedin:

medium

a.theplanningandtestingstages.

c

b.conjunctionwithtestsoftransactionsandtestsofdetailsofbalances.

c.theplanningandcompletionstages.

d.theplanning,testingandcompletionstages.

27.

Whichofthefollowingtestscommonlyoccurtogether?

medium

a.Substantivetestsoftransactionsandtestsofcontrols.

a

b.Substantivetestsoftransactionsandobtaininganunderstandingofinternalcontrols.

c.Analyticalproceduresandtestsofcontrols.

d.Alloftheabovecommonlyoccurtogether.

28.

Whichofthefollowingrelationshipsbetweentypesoftestsandauditevidenceisnotcorrect?

medium

a.Testsofdetailsanddocumentation.

c

b.Testsofcontrolsandobservation.

c.Testsofdetailsandobservation.

d.Substantivetestsoftransactionsandreperformance

29.

medium

Testsofcontrolsaregenerallyviewedaslessexpensivethantestsofdetails.Whichofthefollowingisnotareasonthattestsofcontrolsarelessexpensive?

d

a.Auditorsgenerallymakeinquiriesandobservationsoftheclientresultinginlittleauditortimebeinginvested.

b.Testsofcontrolsareoftendoneonalargenumberofitemsinaveryshortperiodoftime.

c.Auditsoftwareoftenmakestestingcontrolsveryeasyandfast.

d.Alloftheabovearereasonsthattestsofcontrolsarelessexpensivethantestsofdetails.

30.

Anincreasedextentoftestsofcontrolsismostlikelytooccurwhen:

medium

a.itisafirst-yearaudit.

c

b.theauditorisdoinga“fraudaudit.”

c.controlsareeffectiveandthepreliminarycontrolriskassessmentislow.

d.controlsareineffectiveandthepreliminarycontrolriskassessmentishigh.

31.

Manyauditorsperformextensiveanalyticalproceduresonauditsbecause:

medium

a.theyarerequiredbyGAAS.

c

b.theypinpointerrorsinaccounts.

c.theyindicateareasofpotentialriskandmisstatement.

d.alloftheabove.

32.（Public）

medium

Whichofthefollowingtypesofprocedureswillbeperformedinanauditofinternalcontroloverfinancialreporting?

c

a.Procedurestoobtainanunderstandingofinternalcontrol

b.Testsofcontrols

c.Bothaandb

d.Eitheraorb,butnotboth

33.

Testsofdetailsofbalancesfocuson:

medium

a.beginningoftheyearbalances.

b

b.endoftheyearbalances.

c.transactiondetailsfortheperiodunderaudit.

d.alloftheabove.

34.

AuditorswhotestmanualcontrolsthatrelyonIT-generatedreportsmustconsider:

medium

a.thebenefitsofrelyingonIT-generatedreports.

d

b.theeffectivenessofmanagement’sreview.

c.thecontrolsrelatedtotheaccuracyoftheinformationinthereport.

d.bothbandc.

35.

medium

Whenanauditorbelievesthatanalyticalproceduresindicateareasonablepossibilityofmisstatement,theauditormay: