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D. Auditors should update and improve the skills required for the
financial statements.
statements.
audit?
B. Audit testing can be better focused on key risk areas in the final audit.
detected.
investigated thoroughly.
5. Which of the following would NOT form part of the review carried out by a
senior member of the audit team or the audit engagement partner at the end
of the audit as part of the quality control process under ISSAI 1220?
implemented.
D. Ensuring that all matters raised by the audit team have been
internal audit findings. With this objective in mind, place the following four
options for internal audit reporting in order of preference from most to least
preferred.
A. 1, 2, 3, 4.
B. 4, 3, 2, 1.
C. 4, 2, 3, 1.
D. 2, 4, 1, 3.
A. Benchmarking the prices paid for raw materials against those achieved
same area.
suspected fraud?
fraud.
criminal proceedings.
suspected to be on-going.
D. To implement appropriate control measures to ensure that
changing it.
B. The output from such data retrieval is audit evidence; if a test discovers
faulty data, the auditor has proved that a weakness has affected the
have been there for the whole accounting period under review, and
10. Which of the following are ALL identified by ISSAI 1315 as assertions about
accuracy.
11. Which one of the following factors would lead an auditor to question the
that all staff on the client’s staff list have received a payment
12. You are testing the valuation of the trade payables balance in an audit client’s
statement of financial position. Which of the following tests would provide the
13. Which of the following does NOT describe a category of sampling risk?
A. The sample selected is too small and therefore the auditor does not
they test.
economic decisions of users taken on the basis of the financial statements and
statements. Which of the following statements best describes these errors and
omissions?
15. A public hospital has failed to apply accounting standards correctly in that it
has not made provisions for cost overruns in respect of a building scheme
which commenced during the financial year. Which of the following responses
A. Adverse opinion.
D. Disclaimer opinion.
16. Which one of the following statements about International Standards for
(ISAs) is correct?
A. Each ISSAI contains the full verbatim text of the related ISA
entities.
B. Each ISSAI is an adaptation of the relevant ISA to suit the
17. Which of the following types of risk assessment procedures are NOT required
by ISSAI 1315?
D. Analytical procedures.
18. Which of the following are ALL matters which must be considered when
evaluating the objectivity of the internal audit function under ISSAI 1610?
recommendations made.
recommendations made.
recommendations made.
19. According to ISSAI 1500 which of the following techniques can ALL be used to
recalculation.
recalculation.
D. Inspection; reperformance; inquiry; external confirmation; analytical
procedures.