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AT-3rdBatch-1stPB - Page 1 of 12 CEBU CPAR CENTER Mandaue...

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Page 1 of 12 CEBU CPAR CENTER Mandaue City, Cebu AUDITING THEORY FIRST PREBOARD EXAMINATION INSTRUCTIONS: CHOOSE THE BEST ANSWER FOR EACH OF THE FOLLOWING. MARK THE LETTER OF YOUR CHOICE WITH A VERTICLE LINE ON THE ANSWER SHEET PROVIDED. STRICTLY NO ERASURES ARE ALLOWED. 1. The current period’s auditor who did not audit the prior period’s financial statements. a. Existing auditor c. Incoming auditor b. Continuing auditor d. Predecessor auditor 2. They are not presented as complete financial statements capable of standing alone, but are an integral part of the current period financial statements intended to be read only in relationship to the current period figures. a. Corresponding figures c. Prior period figures b. Comparative financial statements d. Comparatives 3. Comprises officers and others who also perform senior managerial functions. a. Management c. Audit committee b. Governance d. Board of directors 4. It exists when other information, not related to matters appearing in the audited financial statements, is incorrectly stated or presented. a. Material inconsistency c. Material weaknesses b. Material misstatement of fact d. Misstatement 5. A document, ordinarily issued by an entity on an annual basis, which includes its financial statements together with the audit report thereon. 6. When the professional accountant has obtained sufficient appropriate evidence to be satisfied that the subject matter is plausible in the circumstances, he or she can provide what level of assurance? 7. Which statement is correct regarding assurance engagements? AT-3 rd Batch-1stPB
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