AUDIT pop test.docx

AUDIT pop test.docx

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AUDITpoptest

HJCPAAUDITPOPTESTS

6thAug.2012

Question1:

Whenobtaininganunderstandingofanentity'sinternalcontrolprocedures,anauditorshouldconcentrateonthesubstanceoftheprocedures,ratherthantheirform,because:

A.Theproceduresmaybeoperatingeffectivelybutmaynotbedocumented.

B.Managementmayestablishappropriateproceduresbutnotenforcecompliancewiththem.

C.Theproceduresmaybesoinappropriatethatnorelianceiscontemplatedbytheauditor.

D.Managementmayimplementprocedureswhosecostsexceedtheirbenefits.

Question2:

Whichofthefollowingstatementsaboutinternalcontrolstructureiscorrect?

A.Aproperlymaintainedinternalcontrolstructurereasonablyensuresthatcollusionamongemployeescannotoccur.

B.Theestablishmentandmaintenanceoftheinternalcontrolstructureareimportantresponsibilitiesoftheinternalauditor.

C.Anexceptionallystronginternalcontrolstructureisenoughfortheauditortoeliminatesubstantivetestsonasignificantaccountbalance.

D.Thecost-benefitrelationshipisaprimarycriterionthatshouldbeconsideredindesigninganinternalcontrolstructure.

Question3:

Forcertaincontrols,suchassegregationofduties,documentaryevidencemaynotexist.Anauditorwouldmostlikelytesttheproceduresby:

A.Reperformanceandcorroboration

B.Observationandinquiry

C.Inspectionandvouching

D.Confirmationandrecomputation

Question4:

Regardlessoftheassessedlevelofcontrolrisk,anauditorwouldperformsome:

A.Testsofcontrolstodeterminetheeffectivenessofinternalcontrolpolicies

B.Analyticalprocedurestoverifythedesignofinternalcontrolprocedures

C.Substantiveteststorestrictdetectionriskforsignificanttransactionclasses

D.Dual-purposeteststoevaluateboththeriskofmonetarymisstatementandpreliminarycontrolrisk

Question5:

Whichofthefollowingstatementsconcerningmaterialweaknessesandsignificantdeficienciesiscorrect?

A.Anauditorshouldidentifyandcommunicatematerialweaknessesseparatelyfromsignificantdeficiencies.

B.Anauditormaystateinthecommunicationoninternalcontrolmattersthatnosignificantdeficiencieswerefound.

C.Anauditorshouldreportimmediatelymaterialweaknessesandsignificantdeficienciesdiscoveredduringanaudit.

D.Allsignificantdeficienciesarematerialweaknesses.

17thMay,2012

Question1

Inplanninganaudit,anauditorwouldmostlikelyobtainanunderstandingofacontinuingclient'sbusinessby

A.Reevaluatetheclient'sinternalcontrolenvironment.

B.Performingtestsofdetailsoftransactionsandbalances.

C.Readingspecializedindustryjournals.

D.Reviewingprior-yearworkingpapersandthepermanentfilefortheclient.

Question2

InaccordancewithSASNo.105（AUSection150）,whichofthefollowingcorrectlydenotestherevisedwordingofthefirstgeneralstandardofauditing?

A.Theauditmustbeperformedbyapersonorpersonswithacollegedegreeinaccounting.

B.TheauditmustbeperformedbyapersonorpersonswhoarepartnersinaCPAfirm

C.Theauditmustbeperformedbyapersonorpersonshavingadequatetechnicaltrainingandproficiencyasanauditor.

D.Theauditshouldbeperformedbyapersonorpersonshavingadequatetechnicaltrainingandproficiencyasanauditor.

Question3

JaneEyreworksasastaffauditorfortheCPAfirmofEast&West.SheiscurrentlyworkingontheauditengagementoftheHitchcockCorporation.HerdaughterisemployedbyHitchcock.Herdaughteris27yearsoldandnotadependentofJaneEyre.ThefirmistryingtodeterminewhetherJaneEyremustberemovedfromtheauditteambecauseofalackofindependence.Inapplyingtheserules,whichdesignationisappliedtothedaughter?

A.Closerelative

B.Distantrelative

C.Memberofimmediatefamily

D.Generalmemberoffamily

Question4

Independenceofmind,asdefinedintheAICPA'sconceptualframework,isthestateofmindthatpermitsanindividualtoactwithallofthefollowingEXCEPT:

A.Objectivity

B.Professionalskepticism

C.Reasonablesuspicion

D.Integrity

Question5

LanaLilyandJillJazzareinadebateabouttheappropriateattitudeanauditorshouldhavewheninteractingwithclientpersonnelduringanaudit.EachclaimsthattheotherismisconstruingthedefinitionofprofessionalskepticismintheAICPAstandards.ThedefinitionofprofessionalskepticismincludesallofthefollowingelementsEXCEPT:

A.Possessingaquestioningmindduringtheaudit

B.Assumingthatmaterialmisstatementduetofraudispresentinthefinancialstatements

C.Objectiveandcriticalassessmentofauditevidence

D.Notbeinginfluencedbypastexperiencewiththeentityandbeliefsaboutmanagement'sintegrityandhonesty

5thMay,2012

Auditing&Attestation>AuditProfession&Planning-PartI>Audit-GeneralIssues

Question1

Whichofthefollowingfactorsmostlikelywouldcauseanauditornottoacceptanewauditengagement?

A.Concludingthattheentity'smanagementprobablylacksintegrity.

B.Thecloseproximitytotheendoftheentity'sfiscalyear.

C.Aninabilitytoperformpreliminaryanalyticalproceduresbeforeassessingcontrolrisk.

D.Aninadequateunderstandingoftheentity'sinternalcontrolstructure.

Question2

Theprimarypurposeofestablishingqualitycontrolpoliciesandproceduresfordecidingwhethertoacceptanewclientisto

A.Anticipatebeforeperforminganyfieldworkwhetheranunqualifiedopinioncanbeexpressed.

B.EnabletheCPAfirmtoattesttothereliabilityoftheclient.

C.SatisfytheCPAfirm'sdutytothepublicconcerningtheacceptanceofnewclients.

D.Minimizethelikelihoodofassociationwithclientswhosemanagementlacksintegrity.

Question3

Historically,mostmajorlawsuitsagainstCPAfirmshavedealtwith:

A.Disputesovertheaccuracyofbookkeepingservices.

B.Disputesoverincometaxpreparationservices.

C.DisputesarisingintheperformanceofMAScontracts.

D.Auditedandunauditedfinancialstatements.

Question4

Tosucceedinanactionagainsttheauditor,theclientcompanymustbeabletoshowthat:

A.Thereisaclosecausalconnectionbetweentheauditor'sbehaviorandthedamagessufferedbytheclient.

B.Theauditorwasgrosslynegligent.

C.Theauditorwasfraudulent.

D.Therewasawrittencontract.

Question5

Whichofthefollowingisanillustrationofaliabilitytoclientsundercommonlaw?

A.Federalgovernmentprosecutesauditorforknowinglyissuinganincorrectauditreport.

B.Clientsuesauditorfornotdiscoveringatheftofassetsbyanemployee.

C.Banksuesauditorfornotdiscoveringthatborrower'sfinancialstatementsaremisstated.

D.Combinedgroupofstockholderssueauditorfornotdiscoveringmateriallymisstatedfinancialstatements.

28thApril,2012

Auditing&Attestation>AuditProfession&Planning-PartI>Audit-GeneralIssues

Question1

ACPAismostlikelytorefertooneormoreofthethreegeneralauditingstandardsindetermining

A.Theintegrityoftheclient.

B.ThescopeoftheCPA'sauditingprocedures.

C.WhethertheCPAshouldundertakeanauditengagement.

D.ThenatureoftheCPA'sreportqualification.

Question2

Theauditworkperformedbyeachassistantshouldbereviewedtodeterminewhetheritwasadequatelyperformedandtoevaluatewhetherthe

A.Audithasbeenperformedbypersonshavingadequatetechnicaltrainingandproficiencyasauditors.

B.Auditproceduresperformedareapprovedintheprofessionalstandards.

C.Auditor'ssystemofqualitycontrolhasbeenmaintainedatahighlevel.

D.Resultsareconsistentwiththeconclusionstobepresentedintheauditor'sreport.

Question3

ThemembersofthePublicCompanyAccountingOversightBoardareappointedandoverseenby:

A.TheSecuritiesandExchangeCommission.

B.ByU.S.Congress.

C.TheAuditingStandardsBoard.

D.TheAmericanInstituteofCertifiedPublicAccountants.

Question4

TheSecuritiesandExchangeCommissioncanimposeallbutwhichofthefollowingsanctions?

A.SuspendaCPAfromauditingSECclients.

B.ProhibitaCPAfromacceptingnewSECclientsforaperiodoftime.

C.RevokeaCPAlicense.

D.RequireaCPAtoparticipateincontinuingprofessionaleducationsprogramsandmakechangesintheirpractice.

Question5

UndertheSecuritiesExchangeActof1934,whichtypeoforganizationisrequiredtosubmitauditedfinancialstatementstotheSEC?

A.Everycorporationwhichischarteredbyastategovernment.

B.Everycorporationwithsecuritiestradedonnationalandover-the-counter

C.Everycompanyissuingnewsecurities.

D.Everycorporation.

11thApril,2012

AUD:

AuditSampling:

AttributesSampling

Question1:

Inperformingtestsofcontrolsoverauthorizationofcashdisbursements,whichofthefollowingstatisticalsamplingmethodswouldbemostappropriate?

A.Variables.

B.Stratified.

C.Ratio.

D.Attributes.

Question2:

Anauditordesiredtotestcreditapprovalon10,000salesinvoicesprocessedduringtheyear.Theauditordesignedastatisticalsamplethatwouldprovide1%riskofassessingcontrolrisktoolow（99%confidence）thatnotmorethan7%ofthesalesinvoiceslackedapproval.

Theauditorestimatedfrompreviousexperiencethatabout2.5%ofthesalesinvoiceslackedapproval.Asampleof200invoiceswasexaminedand7ofthemwerelackingapproval.

Theauditorthendeterminedtheachievedupperprecisionlimittobe8%.

Theallowanceforsamplingriskwas

A.5.5%.

B.4.5%.

C.3.5%.

D.1%.

Question3:

Whichofthefollowingstatementsisordinarilycorrectaboutthesamplesizeinstatisticalsamplingwhentestingcontrols?

A.Theexpectedpopul