(a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways.
Required:
Explain the importance of audit planning. (5 marks)
(b) You are the audit senior in charge of the audit of Swandive Co (Swandive), and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerk’s own bank account. This clerk has subsequently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department.
Required:
Describe procedures which should be undertaken during the audit of wages as a result of the manager’s assessment of the increased risk of fraud. (5 marks)
第1题
port to the finance director as they understand internal controls and are best placed to implement any recommendations in a timely manner (2) Companies are not required to establish and maintain an internal audit function
A.1 only
B.2 only
C.Both 1 and 2
D.Neither 1 nor 2
第2题
g the inventory cycle of their client whilst attending the inventory count? (1) Observe whether the client’s staff are following the inventory count instructions (2) Review inventory present in the warehouse for evidence of damage or obsolescence (3) Obtain a sample of the last goods received notes and goods despatched notes and follow through to ensure inclusion in the correct accounting period (4) Inspect and review management’s inventory count instructions
A.2 and 3
B.1 and 4
C.1 and 2
D.3 and 4
第3题
r going concern, if any, is/are correct? (1) Where management is unwilling to make their assessment of the company’s ability to continue as a going concern, the auditor should include an emphasis of matter paragraph in the audit report (2) Where the use of the going concern assumption is inappropriate, the auditor should include a qualified opinion in the audit report
A.1 only
B.2 only
C.Both 1 and 2
D.Neither 1 nor 2
第4题
rent risk and control risk.
A.True
B.False
第5题
internal control questionnaires?
A.They may contain a large number of irrelevant controls
B.It can be difficult to identify missing controls
C.They are time consuming to complete
第6题
Which of the following is NOT a responsibility of the auditor?
A.To provide an opinion on the truth and fairness of the financial statements
B.To conduct an audit in accordance with International Standards on Auditing
C.To express an opinion on the company’s going concern status
第7题
ct; voluntary disclosure of information may be necessary in certain situations. For which TWO of the following situations should an auditor make VOLUNTARY disclosure? (1) If an auditor knows or suspects his client is engaged in money laundering (2) Where disclosure is made to non-governmental bodies (3) Where it is in the public interest to disclose (4) If an auditor suspects his client has committed terrorist offences
A.1 and 4
B.1 and 3
C.2 and 4
D.2 and 3
第8题
Which of the following is NOT an audit software technique?
A.Using computer programs to extract a sample for a receivables circularisation
B.Running a computer program to test the addition of the cash book
C.Using a computer to perform an analytical review comparison of administration expenses against the prior year
D.Entering a sample of dummy sales orders through the computer system which takes customers over their credit limit to ensure the system rejects the orders
第9题
ction?
A.There will always be a reduction in costs
B.Provides access to specialist skills
C.Can provide access to an internal audit team immediately
第10题
rade receivables? (1) Agreeing a sample of goods despatched notes to sales invoices and to the sales ledger (2) Undertaking a receivables circularisation (3) Review of post year-end cash receipts, if these relate to year-end receivables follow through to the sales ledger (4) Recalculating the allowance for uncollectible accounts
A.1 and 3
B.2 and 4
C.2 and 3
D.1 and 4
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