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Questions and Answers
Which of the following analyses appearing in a predecessor's working papers is the successor auditor least likely to be interested in reviewing?
Which of the following analyses appearing in a predecessor's working papers is the successor auditor least likely to be interested in reviewing?
- Analysis of noncurrent balance sheet accounts.
- Analysis of current balance sheet accounts.
- Analysis of contingencies. (correct)
- Analysis of income statement accounts.
In an internal audit, the audit supervisor determines that working papers are complete when:
In an internal audit, the audit supervisor determines that working papers are complete when:
- Only after the auditor who prepared the working papers has signed and dated them.
- Working papers refer to the steps outlined in the audit program.
- Proper cross-references to other working papers are noted.
- Satisfied that the audit objectives have been met and the working papers support the conclusions. (correct)
Standardized working papers are often used, chiefly because they allow working papers to be prepared more:
Standardized working papers are often used, chiefly because they allow working papers to be prepared more:
- Neatly
- Accurately
- Professionally
- Efficiently (correct)
Ordinarily, the audit may use schedules, analyses and other documentation prepared by entity personnel in order to:
Ordinarily, the audit may use schedules, analyses and other documentation prepared by entity personnel in order to:
Which of the following would the auditor be LEAST likely to do when assessing control risk for substantive tests?
Which of the following would the auditor be LEAST likely to do when assessing control risk for substantive tests?
Which of the following is the LEAST important step in testing the purchasing function?
Which of the following is the LEAST important step in testing the purchasing function?
Which of the following is not generally included in the working papers file?
Which of the following is not generally included in the working papers file?
The form and content of working papers are affected by all of the following, EXCEPT:
The form and content of working papers are affected by all of the following, EXCEPT:
Which of the following is not a factor that affects the form and content of working papers?
Which of the following is not a factor that affects the form and content of working papers?
Which of the following is NOT generally included in the auditor's permanent files?
Which of the following is NOT generally included in the auditor's permanent files?
Which of the following is not a factor that affects the form and content of working papers?
Which of the following is not a factor that affects the form and content of working papers?
Which of the following is not generally included in the auditor's permanent files?
Which of the following is not generally included in the auditor's permanent files?
What is the audit procedure least likely to be performed assuming a low assessed level of control risk?
What is the audit procedure least likely to be performed assuming a low assessed level of control risk?
Which of the following is likely to produce the least reliable audit evidence when auditing the maintenance department?
Which of the following is likely to produce the least reliable audit evidence when auditing the maintenance department?
Which auditing procedure is ordinarily performed last?
Which auditing procedure is ordinarily performed last?
Before applying substantive tests to the details of asset accounts at an interim date, an auditor should assess what?
Before applying substantive tests to the details of asset accounts at an interim date, an auditor should assess what?
What should an auditor conduct before applying principal substantive tests to account details at an interim date?
What should an auditor conduct before applying principal substantive tests to account details at an interim date?
In auditing, which action should be taken after reading minutes of directors' meetings but before confirming accounts payable?
In auditing, which action should be taken after reading minutes of directors' meetings but before confirming accounts payable?
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