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chapter8GE
AuditingandAssuranceServices,14e,GlobalEdition（Arens）
Chapter8AuditPlanning
LearningObjective8-1
1）Ameasureofhowwillingtheauditoristoacceptthatthefinancialstatementsmaybemateriallymisstatedaftertheauditiscompletedandanunqualifiedopinionhasbeenissuedisthe:
A）inherentrisk.
B）acceptableauditrisk.
C）statisticalrisk.
D）financialrisk.
Answer:
B
Terms:
Measureofhowwillingauditoristoacceptthatthefinancialstatementsmaybemateriallymisstatedafterauditiscompleted
Diff:
Easy
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
2）Ameasureoftheauditor'sassessmentofthelikelihoodthattherearematerialmisstatementsinanaccountbeforeconsideringtheeffectivenessoftheclient'sinternalcontroliscalled:
A）controlrisk.
B）acceptableauditrisk.
C）statisticalrisk.
D）inherentrisk.
Answer:
D
Terms:
Ameasureofauditor'sassessmentoflikelihoodthattherearematerialmisstatementsinanaccountbeforeconsideringinternalcontrol
Diff:
Easy
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
3）Wheninherentriskishigh,therewillneedtobe:
A）
Alowerassessmentofauditrisk
Moreevidenceaccumulatedbytheauditor
Yes
Yes
B）
Alowerassessmentofauditrisk
Moreevidenceaccumulatedbytheauditor
No
No
C）
Alowerassessmentofauditrisk
Moreevidenceaccumulatedbytheauditor
Yes
No
D）
Alowerassessmentofauditrisk
Moreevidenceaccumulatedbytheauditor
No
Yes
Answer:
D
Terms:
Inherentriskishigh
Diff:
Easy
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
4）Inwhatordershouldthefollowingstepsoccur?
A.assessclientbusinessrisk
B.understandtheclient'sbusinessandindustry
C.performpreliminaryanalyticalprocedures
D.assessacceptableauditrisk
A）D,B,C,A
B）B,A,D,C
C）B,D,A,C
D）D,C,B,A
Answer:
B
Terms:
Stepsinplanninganaudit
Diff:
Moderate
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
5）Theauditorusesknowledgegainedfromtheunderstandingoftheclient'sbusinessandindustrytoassess:
A）clientbusinessrisk.
B）controlrisk.
C）inherentrisk.
D）auditrisk.
Answer:
A
Terms:
Firststandardoffieldwork;Properplanning
Diff:
Challenging
Objective:
LO8-1
AACSB:
Analyticskills
6）Therearethreemainreasonswhyanauditorshouldproperlyplanauditengagements.Discusseachofthesereasons.
Answer:
Threereasonswhyanauditorshouldproperlyplanauditengagementsare:
•Toenabletheauditortoobtainsufficientcompetentevidenceforthecircumstances.Thisisessentialforminimizinglegalliabilityandmaintainingagoodprofessionreputation.
•Tohelpkeepauditcostsreasonable.Giventhecompetitiveauditingenvironment,keepingcostsreasonablehelpsthefirmobtainandretainclients.
•Toavoidmisunderstandingswiththeclient.Thisisimportantforgoodclientrelations.
Terms:
Reasonsauditorshouldproperlyplanauditengagement
Diff:
Moderate
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
7）Whenanauditordecidesthereishigherinherentriskforanaccount,onepotentialeffectisthatmoreauditevidencewillberequiredforthataccount.
A）True
B）False
Answer:
A
Terms:
Inherentrisk
Diff:
Easy
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
8）Asacceptableauditriskisdecreased,thelikelycostofconductinganauditincreases.
A）True
B）False
Answer:
A
Terms:
Acceptableauditrisk
Diff:
Easy
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
9）Acceptableauditriskisameasureoftheauditor'swillingnesstoacceptthatthefinancialstatementsdonotcontainmaterialmisstatementsaftertheauditiscompletedandaqualifiedauditreporthasbeenissued.
A）True
B）False
Answer:
B
Terms:
Acceptableauditrisk
Diff:
Moderate
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
10）Twomajorfactorsthataffectacceptableauditriskarethelikelyusersofthefinancialstatementsandthelikelihoodofissuinganunqualifiedauditopinion.
A）True
B）False
Answer:
B
Terms:
Acceptableauditrisk
Diff:
Moderate
Objective:
LO8-1
AACSB:
Reflectivethinkingskills
LearningObjective8-2
1）Oneofthepurposesofanengagementletteristoavoidmisunderstandingswiththeclient.Thisisimportantfor:
A）
Goodclientrelations
Facilitatinghigh-qualityworkatareasonablecost
Yes
Yes
B）
Goodclientrelations
Facilitatinghigh-qualityworkatareasonablecost
No
No
C）
Goodclientrelations
Facilitatinghigh-qualityworkatareasonablecost
Yes
No
D）
Goodclientrelations
Facilitatinghigh-qualityworkatareasonablecost
No
Yes
Answer:
A
Terms:
Engagementletter
Diff:
Easy
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
2）Theauditorislikelytoaccumulatemoreevidencewhentheauditisforacompany:
A）
Whichhaslargeamountsofdebt
Whichistobesoldinthenearfuture
Yes
Yes
B）
Whichhaslargeamountsofdebt
Whichistobesoldinthenearfuture
No
No
C）
Whichhaslargeamountsofdebt
Whichistobesoldinthenearfuture
Yes
No
D）
Whichhaslargeamountsofdebt
Whichistobesoldinthenearfuture
No
Yes
Answer:
A
Terms:
Auditorsaccumulatemoreevidencewhenauditisforcompany
Diff:
Easy
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
3）Initialauditplanninginvolvesfourmatters.Whichofthefollowingisnotoneofthese?
A）Developanoverallauditstrategy.
B）Requestthatbankbalancesbeconfirmed.
C）Scheduleengagementstaffandauditspecialists.
D）Identifytheclient'sreasonfortheaudit.
Answer:
B
Terms:
Initialauditplanning
Diff:
Easy
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
4）RodgersCPAhasrequestedpermissiontocommunicatewithpredecessorauditorinordertoreviewcertainworkpapersforhighriskaccountsforanewauditclient.ThenewauditclientsrefusaltoallowthiscommunicationtooccurwouldimpactRodgersdecisionconcerning:
A）theauditor'sabilitytodesignaudittests.
B）possiblescopeexceptionduetolackofaccess.
C）integrityofmanagementconcerningpossibleaccountingmisstatements.
D）violationoftheGAAPrulesconcerningconsistencyandcomparabilityoffinancialinformation.
Answer:
C
Terms:
Newauditclientsrefusaltoallowcommunicationbetweenpredecessorandsuccessorauditors
Diff:
Easy
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
5）Asuccessorauditormayperformwhichofthefollowingforanewauditclient?
A）
Speaktolocalattorneys,banksandotherbusinessesregardingthecompany'sreputation
Speaktothepredecessorauditorsaboutdisagreementstheyhadwithmanagement
Yes
Yes
B）
Speaktolocalattorneys,banksandotherbusinessesregardingthecompany'sreputation
Speaktothepredecessorauditorsaboutdisagreementstheyhadwithmanagement
No
No
C）
Speaktolocalattorneys,banksandotherbusinessesregardingthecompany'sreputation
Speaktothepredecessorauditorsaboutdisagreementstheyhadwithmanagement
Yes
No
D）
Speaktolocalattorneys,banksandotherbusinessesregardingthecompany'sreputation
Speaktothepredecessorauditorsaboutdisagreementstheyhadwithmanagement
No
Yes
Answer:
A
Terms:
Successorauditormayperformcommunicationfornewauditclient
Diff:
Moderate
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
6）Whichofthefollowingisnotcorrectregardinganauditor'sdecisionthataloweracceptableauditriskisappropriate?
A）Moreevidenceisaccumulated.
B）Lessevidenceisaccumulated.
C）Specialcareisrequiredinassigningexperiencedstaff.
D）Reviewofauditdocumentationisperformedbypersonnelnotassignedtotheengagement.
Answer:
B
Terms:
Loweracceptableauditrisk
Diff:
Moderate
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
7）Awrittenunderstandingdetailingwhattheauditorswilldoindeterminingifthefinancialstatementsarefairrepresentationsofthecompany'sfinancialstatementsandwhattheauditorexpectsfromtheclientinperforminganauditwillnormallybeexpressedinthe:
A）managementletterrequestedbytheauditor.
B）engagementletter.
C）AuditPlan.
D）AuditStrategyfortheclient.
Answer:
B
Terms:
Writtenunderstandingdetailingwhatauditorwilldoandwhatauditorexpectsfromclientinperformingaudit
Diff:
Moderate
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
8）Ifanauditorisrequestedtoperformnonauditservicesforapubliccompanyauditclient,whoisresponsibleforagreeingtothoseserviceswiththeauditfirm?
A）theclient'smanagement
B）theclient'schiefexecutiveofficer
C）theclient'schieffinancialofficer
D）theclient'sauditcommittee
Answer:
D
Terms:
Responsibilityforagreeingnonauditservicesforapubliccompanyauditclient
Diff:
Moderate
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
Topic:
SOX
9）Whichofthefollowingstatementsistrueregardingcommunicationsbetweenpredecessorandsuccessorauditors?
A）Theburdenofinitiatingthecommunicationrestswiththepredecessor.
B）Thepredecessor'sresponsecanbelimitedtostatingthatnoinformationwillbeprovided.
C）Thepredecessorshouldcommunicatewiththesuccessoronlyiftheclientispublic.
D）Theremustbecommunicationbetweenthepredecessorandsuccessorifthesuccessoristoaccepttheengagement.
Answer:
B
Terms:
Communicationsbetweenpredecessorandsuccessorauditors
Diff:
Moderate
Objective:
LO8-2
AACSB:
Reflectivethinkingskills
10）Thepurposeofanengagementletteristo:
A）documenttheCPAfirm'sresponsibilitytoexternalusersoftheauditedfinancialstatements.
B）documentthetermsoftheengagement.
C）notifytheauditstaffofanupcom
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