A-51

Which of the following BEST (select one) describes the purpose of the audit work program? a) To communicate the results of the audit. b) To document the plan, scope and objectives of the audit. c) To document that sufficient and reliable evidence was obtained to support the audit objectives. d) To verify and substantiate the results of the preliminary field work.

Which of the following BEST describes the purpose of the audit planning phase? a) To determine the timing of the audit work. b) To communicate the results of the audit. c) To document the scope, objective(s), preliminary risk assessment and plan for the audit. d) To document the plan for substantive audit requirements.

Which of the following BEST (select one) describes the purpose of preliminary planning: a) To gain an understanding of detailed testing requirements such as sample sizes. b) To formulate a preliminary assessment of the key risks and controls in the area under review in order to formulate the audit scope and objectives. c) To provide management with a timeline of audit activity. d) To determine and plan for substantive audit requirements.

Which of the following is the major purpose of performing analytical procedures in internal audits?  a. To perform additional audit procedures. b. To plan the audit engagement. c. To obtain audit evidence. d. To study relationships among elements of  information.

During an audit, the internal auditor should consider the following factor(s) in determining the extent to which analytical procedures should be used: a. Adequacy of the system of internal control. b. Significance of the area being examined. c. Precision with which the results of analytical audit procedures can be predicted. d. All of the above.

Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The substantive procedures stage of the audit. (3) Near the end of the audit.

Discuss briefly:  - The implementation of the overall audit strategy.

Why are audit objectives important in planning and performing an audit? Is it possible for audit objectives to change once field work begins?