Test Bank For Principles of Auditing & Other Assurance Services with Connect 20th Edition
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Test Bank For Principles of Auditing & Other Assurance Services with Connect 20th Edition
Chapter 05
Audit Evidence and Documentation
True / False Questions
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1. |
The professional standards consider calculating depreciation expense a “routine” transaction. |
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2. |
The most reliable form of documentary evidence generally is considered to be documents created by the client. |
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3. |
A vendor’s invoice is an example of documentary evidence created by a third party and held by the client. |
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4. |
In performing analytical procedures, the auditors may use dollar amounts, physical quantities, or percentages. |
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5. |
The primary purpose of a letter of representations is to obtain additional evidence about specific accounts. |
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6. |
The auditors should propose an adjusting journal entry for all material related-party transactions. |
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7. |
When the risk of material misstatement for an account is high, the auditors may perform additional substantive procedures to restrict detection risk to a lower level. |
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8. |
Working papers of continuing audit interest usually are filed with the administrative working papers. |
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9. |
The use of lead schedules is designed to increase the detail of the working trial balance. |
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10. |
Adjusting journal entries are ordinarily recorded by the client, while reclassifying journal entries need not be recorded. |
Multiple Choice Questions
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11. |
To be effective, analytical procedures performed near the end of the audit should be performed by A. The partner performing the quality review of the audit. B. A beginning staff accountant who has had no other work related to the engagement. C. A manager or partner who has a comprehensive knowledge of the client’s business and industry. D. The CPA firm’s quality control manager. |
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12. |
The components of the risk of misstatement are: Inherent Risk Control Risk Detection Risk A. Yes Yes Yes B. Yes Yes No C. Yes No No D. No Yes Yes
A. Option A B. Option B C. Option C D. Option D |
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