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    Auditing Reviewer 3

    Uploaded by

    Sheena Clata
    1. An audit program setting forth in detail the procedures necessary to accomplish the engagements objectives is required documentation in an audit according to generally accepted auditing standards. 2. All audits are attest engagements, but not all attest engagements are audits. 3. A successor auditor would normally perform inquiry of the predecessor auditor regarding the client after acceptance of an audit client.

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    Auditing Reviewer 3

    Uploaded by

    Sheena Clata
    625 views3 pages
    1. An audit program setting forth in detail the procedures necessary to accomplish the engagements objectives is required documentation in an audit according to generally accepted auditing standards. 2. All audits are attest engagements, but not all attest engagements are audits. 3. A successor auditor would normally perform inquiry of the predecessor auditor regarding the client after acceptance of an audit client.

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    AUDITING REVIEWER 3

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    1. An audit program setting forth in detail the procedures necessary to accomplish the engagements objectives is required documentation in an audit according to generally accepted auditing standards. 2. All audits are attest engagements, but not all attest engagements are audits. 3. A successor auditor would normally perform inquiry of the predecessor auditor regarding the client after acceptance of an audit client.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    625 views3 pages

    Auditing Reviewer 3

    Uploaded by

    Sheena Clata
    1. An audit program setting forth in detail the procedures necessary to accomplish the engagements objectives is required documentation in an audit according to generally accepted auditing standards. 2. All audits are attest engagements, but not all attest engagements are audits. 3. A successor auditor would normally perform inquiry of the predecessor auditor regarding the client after acceptance of an audit client.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 3

    1.

    Which of the following is required documentation in an audit in accordance generally


    accepted auditing standards?

    a. An audit program setting forth in detail the procedures necessary to


    accomplish the engagements objectives.
    b. An internal control questionnaire identifying policies and procedures that assure
    specific objectives will be achieved
    c. A planning memorandum establishing the timing of the audit procedures and
    coordinating the assistance of entity personnel
    d. A flowchart or narrative of the information system describing the recording and
    classification of transactions for financial reporting

    2. Which of the following statements best describes the logical relationship among
    audits, attest engagements, and assurance engagements?

    a. All assurance engagements, including audits, involve attestation


    b. All audits are attest engagements, but not all attest engagements are audits
    c. An audit provides assurance but does not involve attestation
    d. All attest engagements are audits, but not all audits are attest engagements

    3. Which of the following would a successor auditor normally perform after acceptance
    of an audit client?

    a. Inquiry of predecessor auditor regarding the client


    b. Inquiry of bankers regarding the client
    c. Review of predecessor audit working papers
    d. Review the SEC filings of the client

    4. Auditing is a systematic process that includes all of the following except

    a. Communicating results to users


    b. Providing important managerial decisions for a client
    c. Comparing evidence regarding assertions to certain established criteria
    d. Obtaining and evaluating evidence

    5. The auditor’s opinion

    a. Guarantees the credibility of the financial statements


    b. Is an assurance as to the future viability of the entity
    c. Certifies the correctness of the financial statements
    d. Is not an assurance as to the efficiency with which management has
    conducted the affairs of the entity

    6. The Chairperson of the AASC shall be appointed by

    a. The Professional Regulation Commission


    b. The President of the Republic of the Philippines
    c. The Philippine Institute of Certified Public Accountants
    d. The Professional Regulatory Board of Accountancy

    7. Which of the following is a correct statement?

    a. When it is deemed necessary to expose for a comment on proposed


    interpretations of statements, the exposure period is understandably
    shorter than those of the regular drafts of standards
    b. AASC should normally expose a proposed interpretation of statement
    c. To make the statement on Philippine Standards on Auditing operative, the final
    statement shall be submitted to the Board of Accountancy for approval
    d. AASC should normally expose its opinion on specific queries from practicing
    CPA

    8. Which of the following is least likely considered by the auditor in developing the
    overall audit plan?

    a. The involvement of other auditors in the audit of major component of financial


    statements
    b. The general level of competence of audit assistants
    c. Understanding of the accounting and internal control systems
    d. Relevant risk and materiality

    9. Which of the following is true?

    a. A financial audit is designed to determine if the company is acquiring resources


    at the lowest cost
    b. Both external and internal auditors can provide management advice to the
    company
    c. External auditors may perform operational audits and internal auditors may
    perform financial audits
    d. The criteria for any audit (an operational audit or financial audit) are GAAP

    10. Which type of auditor would typically perform an operational audit?

    a. Governmental auditor
    b. External auditor
    c. Both Governmental and Internal auditor
    d. Internal auditor

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