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INSTRUCTIONS: CHOOSE THE BEST ANSWER FOR EACH OF THE FOLLOWING. FULLY SHADE ONLY ONE
BOX FOR EACH ITEM. STRICTLY NO ERASURES ALLOWED.
1. Which of the following statements ordinarily is not included among the written client representation made
by the client chief executive officer and their chief financial officer?
a. There are no unasserted claims or assessments that our lawyer has advised us are probable of
assertion and must be disclosed.
b. We have no plans or intentions that may materially affect the carrying value or classification of assets
and liabilities.
c. No events have occurred subsequent to the balance sheet date that would require adjustment to, or
disclose in, financial statements.
d. Sufficient evidential mater has been available to the auditor to permit the issuance of an unmodified
opinion.
2. When an auditor test the internal controls of a computerized accounting system, which of the following is
true of the test data approach?
a. Test data are coded to a dummy subsidiary so they can be extracted from the system under actual
operating conditions.
b. Test data programs need not be tailor-made by the auditor for each clients computer application.
c. Test data programs usually consist of all possible valid and invalid conditions regarding compliance
with internal controls.
d. Test data are processed with the clients computer and the result are compared with the auditors
predetermined results.
3. Which of the following is most likely to be a response to the auditors assessment that the risk of material
misstatement due to fraud for the existence of inventory is high?
a. Perform analytical procedures rather than taking test counts.
b. Request that inventories be counted prior to year-end.
c. Request that inventory counts at the various locations be counted on different dates so as to allow the
same auditor to be present at every count.
d. Observe test counts of inventory at certain locations on an unannounced basis.
4. The adverse effects of events causing an auditor to believe there is substantial doubt about an entitys
ability to continue as a going concern would most likely be mitigated by evidence relating to the
a. Ability to expand operations into new product lines in the future.
b. Feasibility of plans to purchase leased equipment at less than market value.
c. Marketability of assets that management plan to sell.
d. Committed arrangements to convert preference shares to long-term debt.
5. VGR Corporation has numerous customers. A customer file is kept on disk. Each customer file contains
name, address, client limit, and account balance. The auditor wishes to test this file to determine whether
credit limits are being exceeded. The best procedure for the auditor to follow would be to
a. Develop test data that would cause some account balances to exceed the credit limit and determine if
the system properly detect such situation.
b. Develop program to compare credit limits with account balances and print out the details of any
account with a balance exceeding its credit limit.
c. Request a printout of all account balances so they can be manually checked against the credit limits.
d. Request a printout of a sample account balances so they can be individually checked against the
credit limits.
6. All registered CPAs shall obtain and use a seal which shall be circular in form with a smaller circle within
bearing the registrants name, registration number and title. Which of the following is correct?
a. Engraved in the lower portion of the space between the circles is the CPAs name.
b. Engraved in the middle of the smaller circle are the letters CPA.
c. Engraved in the middle of the smaller circle are the CPAs name and registration number.
d. Engraved in the middle of the smaller circle is the CPAs name.
7. Which of the following statements best describes why the auditors examination cannot reasonably be
expected to bring all acts of noncompliance with existing laws and regulations by the client to the
auditors attention?
a. Acts of noncompliance by clients often relates to accounting aspect rather than operating aspect.
b. Noncompliance may involve conduct designed to conceal it, such as collusion, forgery, deliberate
failure to record transactions, senior management override of controls, or intentional
misrepresentations being made to the auditor.
c. Noncompliance may be perpetrated by the only person in the clients organization with access to both
assets and the accounting records.
d. The clients internal control may be so strong that the auditor performs only minimal substantive
testing.
8. All CPAs who are considered in the practice of accountancy shall abide by the requirements, rules and
regulations on continuing professional education. For this purpose, it is required that all registered CPAs
must complete a minimum of
a. 60 credit units in 3 years
b. 30 credit units in 3 years
c. 45 credit units in 3 years
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