1) Before accepting an engagement to audit a new client, an auditor should:a) make inquiries of predecessor auditorb) pr...

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ACCOUNTING AUDIT- Before accepting an engagement

April 14, 2018

1) Before accepting an engagement to audit a new client, an auditor should:

a) make inquiries of predecessor auditor

b) preparing a planning memo documenting preliminary audit plan

c) document their understanding of company's system of internal control

d) Establish the level of materiality for engagement

2) Matching the assertion related to purchasing to the PCAOB catergory

-------- all recorded purchases represent actual transaction 1) Existence/occurence

-------- all purchase commitments have been included in the footnotes to financial statement 2) Completeness

--------all purchase made in the period were recorded 3) valuation

4) Presentation and disclosure

5) Rights an obligation

3) Complete the following statement

when inhernet risk increase, detection risk ------------ 1) increase

when control risk decrease, audit risk ---------- 2) decrease

3) no change

4) Indicate whether the following procedure are preventive, detective or corrective control or are not control at all

a) sales people track the time they spend with each customer

b) a physical inventory count is taken quarterly

c) warehouse clerk check the quantities on incoming shipment and sign the packing slips before forward them to accounting

5) indicate whether the following statement is true or false

a) the auditor doesn't need to understand internal control to assess the inherent risk

b) preparing accurate financial statement is the responsibility of management

c) the audit financial statement is a type of attest service

d) when test of control have been performed, control risk must be assesses at a level less than maximum










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