17) 17) The auditor is not required to ask the predecessor auditor about A) fact

Question

17) 17) The auditor is not required to ask the predecessor auditor about A) facts that might bear on the integrity of management B) disagreements the predecessor may have had with management about accounting principles and audit procedures the predecessors understanding about the reasons for the change of auditors D)the fees charged for the previous audit. 18) The confirmation of an account payable balance selected from the general ledger 18) provides primary evidence reganding which management asserntion? A) Completeness C) Existence B) Allocation D) Valuation 19) For which of the following judgments may an independent auditor share responsibility 1) with an entity's intemal auditor who is assessed to be both competent and objective? A) Assessment of inherent risk, no; assessment of control risk, no. B) Assessment of inberent risk, no, assessment of control risk, yes. C) Assessment of inherent risk, yes; assessment of control risk, yes D) Assessment of inherent risk, yes; assessment of control risk, no. 20) Inquiries of warehouse personnel concerning possible obsolete or slow moving 20) inventory items provide assurance about the PCAOB assertion of A) existence. B) valuation. C) completeness. D) rights and obligations. E) presentation 21) Which reporting options do auditors have if the client's financial statements are not presented according to the applicable financial framework (e.g. GAAP, IFRS? 21) A) Unmodified opinion or disclaimer of opinion B) Unmodified opinion or adverse opinion C) Qualified opinion or disclaimer of opinion D) Qualified opinion or adverse opinion 22) Which of the following explanations best describes why an auditor may decide to 22) reduce tests of details for a particular audit objective? A) Audit staff are experienced in performing the planned procedures. B) There were many transactions posted to the account during the period. C) Analytical procedures have revealed no unusual or unexpected results. D) The audit is being performed soon after the balance sheet date.

Explanation / Answer

17) Answer : Option (D) the fee charged for the previous audit

18) Answer : Option (C) Existence

19) Answer : Option (A) Assement of inherent risk, no; Assement of control risk, no

20) Answer: Option (B) Valuation

21) Answer: Option (D) Qualified opinion or adverse opinion

22) Answer: Option (C) Analytical procedures have revealed no unusual or unexpected results.

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