13. Current audit files typically include all the following except: A. Audit program. B. Review notes. C. Internal control documents. D. Current ycar's financial statcments.
13. Current audit files typically include all the following except: A. Audit program. B. Review notes. C. Internal control documents. D. Current ycar's financial statcments.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:13. Current audit files typically include all the following except:
A. Audit program.
B. Review notes.
C. Internal control documents.
D. Current ycar's financial statements.
14. Auditors place more emphasis on
A. occurrence
B. completeness
C. accuracy
D. classification
assertion when auditing expenses.
15. Recording fictitious sales transactions violates the
A. occurrence
B. completeness
C. accuracy
D. classification
assertion of sales.
16. An auditor has the responsibility to actively search for subsequent events that occur prior
to the:
A. client visit date.
B. date of the auditor's report.
C. balance sheet date.
D. date of the management representation letter.
17. When there is a material non-adjusting subsequent event noticed by the auditor, the
auditor should consider:
A. to issue unqualified opinion as it is non-adjusting event.
B. to issuc qualificd opinion since it is matcrial.
C. the adequacy of disclosure in footnotes.
D. the effect to the financial statement users.
18. Confirmation is most effective when it is used to confirm:
A. asset.
B. liabilities.
C. equity.
D. both asset and liabilities.
19. Internal control of a company includes all the following except
A. Bank reconciliation.
B. Credit approval.
C. Access control of warchouse.
D. Insurance against loss due to theft.
20. Internal control questionnaire belongs to the
clients' internal control.
evidence used for understanding
A. Confirmation
B. Observation
C. Inspection
D. Inquiry
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