Topic 12 Sales and Collection Cycle Transactions
Adapted 14-23: The following questions deal with audit evidence for the sales and collection cycle. Choose the
1. Auditors sometimes use comparison of ratios as audit evidence. For example, a
TOPIC 16 AUDIT COMPLETION OTHER
Adapted 24-21: The following questions deal with contingent liabilities. Choose the best response.
1. The audit step most likely to reveal the existence of contingent liabilities is
a) a review of vouchers paid during the m
Topic 10: Fieldwork - Internal Controls
Adapted 10-35: Each of the following internal controls has been taken from a standard internal control questionnaire used by a
CPA firm for assessing control risk in the payroll and personnel cycle.
TOPIC 5: Evidence Adapted 7-28 The following are examples of audit procedures:
1. Review the accounts receivable with the credit manager to evaluate their collectibility.
2. Stand by the payroll time clock to determine whether any employee "punches in" mo
Name (Last Name First): _
Individual Assignment #2:
Using Analytical Procedures as Substantive Tests
The assignment must be typed Must show typed computations.
The following grade scale will be used: A+ (26 points
TOPIC 17 AUDIT COMPLETION REPORTING
Adapted 3-23 The following questions concern unqualified audit reports. Choose the best response.
1. Which of the following statements about a combined report on the financial statements and internal control over financ
Topic 15 - Cash
Adapted 23-11: Distinguish between lapping and kiting.
Adapted 23-18: The following questions deal with auditing year-end cash.
Choose the best response.
1. A CPA obtains a January 10 cutoff bank statement for a client dir
Topic 14-Acquisition and Payment Cycle
Adapted 8-27: The following questions concern the use of analytical procedures during the planning phase
of an audit. Select the best response.
1. Analytical procedures used in planning an audit should focus on ident
Topic 13: Inventory and Warehousing Cycle
Adapted Ch. 21-27: You encountered the following situations during the December 31, physical inventory of
Latner Shoe Distributor Company:
a. Latner maintains a large portion of the shoe merchandise in 10
TOPIC 9: TOC and STOT Sampling
Adapted 15-22 thru 24: The following questions concern sampling for attributes. Choose the best response.
1. An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor
TOPIC 08 Planning Testing Types and Audit Plan
Adapted 13-22: The following questions concern types of audit tests. Choose the best response.
1. The auditor looks for an indication on duplicate sales invoices to see whether the invoices have been verified
TOPIC 7-Planning Risk
Adapted 9-23 to 9-25: The following questions deal with materiality and risk. Choose the best
1. Which of the following statements is not correct about materiality?
a) The concept of materiality recognizes that some matters
Adapted 9-23 The following questions deal with materiality. Choose the best response.
1. Which one of the following statements is correct concerning the concept of materiality?
a) Materiality is determined by reference to guidelines es
Audit Topic 04 - Planning Management Assertions and Audit Objective
Adapted 6-28 The following are specific balance-related audit objectives applied to the audit of accounts
receivable (a through h) and management assertions about account balances. The li
TOPIC 3 Cycles The following general ledger accounts are included in the trial
balance for our audit client:
General Ledger Account
Allowance for doubtful accounts
Section: _ Name: _
Individual Assignment #5: Cash
The assignment must be typed Show Typed Computations.
The following grade scale will be used: A+ (10 points), A (9), A- (8), B+(7), B (6), B- (5), C+ (4), C (3), C(2), D+ (1), F (0 points)