Question 21 (1 point)

The working papers are

Question 21 options:

a)

Property of the auditor although prepared by the client

b)

Used primarily as a basis for the partners to reward the work of managers, seniors and staff

c)

The primary means of documenting that an adequate audit was conducted in accordance with GAAS

d)

The property of the client

e)

Only required in a limited number of audit engagements

Question 22 (1 point)

Which of the following is not one of the criteria considered when determining the reliability of audit evidence?

Question 22 options:

a)

Sufficiency of the audit evidence

b)

Independence of the information provider

c)

All of these options are criteria for determining reliability

d)

Auditor's direct knowledge

e)

Objectivity of the audit evidence

Question 23 (1 point)

There will be heavy emphasis on tests of controls when

Question 23 options:

a)

The auditor is doing a "fraud audit"

b)

There are no internal controls

c)

Controls are effective and assessed control risk is low

d)

The audit is a new engagement

e)

Controls are ineffective and assessed control risk is high

Question 24 (1 point)

Which of the following is one of the methods that an auditor assesses the adequacy of the client's closing procedures?

Question 24 options:

a)

Review how many bank accounts the client uses

b)

None of options are correct

c)

Trace transactions around year-end documents to determine appropriate dates

d)

Send confirmations to the client's lawyer to confirm if there are any lawsuits

e)

Observe how the client prepares their annual report

Question 25 (1 point)

Which of the following audit tests would be regarded as a "test of controls"?

Question 25 options:

a)

Discussing the valuation of inventory with the client

b)

Examining the bank reconciliation to ensure the person preparing it is a different person from the cash accountant for segregation of duties purposes

c)

None of these options are correct

d)

Counting the quantities in the warehouse and comparing them to the perpetual records to verify amounts.

e)

Reviewing an aging of receivables with the credit manager to assess the collectability of receivables

Could you answer whose questions? only need answers