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Chapter 6 Audit Planning, Understanding the Client, Assessing Risks, an
Responding
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1. Audit committees should be made up of the most qualified directors regard-
less of whether they are part of management of the company.
True False: FALSE
2. Analytical procedures are seldom used for planning an audit engagement
because they are substantive procedures.
True False: FALSE
3. Preliminary arrangements with clients should be set forth in the manage-
ment letter.
True False: FALSE
4. An audit plan includes a detailed listing of the audit procedures to be
performed in the verification of items in the financial statements.
True False: FALSE
5. The auditors' tests of controls are designed to substantiate the fairness of
specific financial statement accounts.
True False: FALSE
6. At least a portion of the auditors' consideration of internal control usually
is performed at an interim date rather than at the balance sheet date.
True False: TRUE
7. The substantive approach to an audit is appropriate for many small busi-
nesses.
True False: TRUE
8. Confirming a bank account establishes existence but not rights to the cash
balance.
True False: FALSE
9. The completeness of recording of assets is generally verified by tracing
from the source documents to the recorded entry.
True False: TRUE
10. Vouching the acquisition of assets is an audit procedure that is often
performed to establish the valuation of the assets.
True False: TRUE
11. Which of the following factors most likely would cause a CPA to not accept
a new audit engagement?
A. The prospective client has fired its prior auditor.
B. The CPA lacks a thorough understanding of the prospective client's opera-
tions and industry.
C. The CPA is unable to review the predecessor auditor's working papers.
D. The prospective client is unwilling to make financial records available to the
CPA.: D. The prospective client is unwilling to make financial records available to the
CPA.
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Responding
12. Which of the following factors most likely would heighten an auditor's
concern about the risk of fraudulent financial reporting?
A. Large amounts of liquid assets that are easily convertible into cash.
B. Low growth and profitability as compared to other entity's in the same
industry.
C. Financial management's participation in the initial selection of accounting
principles.
D. An overly complex organizational structure involving unusual lines of
authority.: D. An overly complex organizational structure involving unusual lines of
authority.
13. Which of the following factors would most likely cause a CPA to decide not
to accept a new audit engagement?
A. Lack of understanding of the potential client's internal auditors' comput-
er-assisted audit techniques.
B. Management's disregard for internal control.
C. The existence of related party transactions.
D. Management's attempt to meet earnings per share growth rate goals.: B.
Management's disregard for internal control.
14. Which of the following matters is generally included in an auditor's en-
gagement letter?
A. Limitations of the engagement.
B. Factors to be considered in establishing preliminary judgments about
materiality.
C. Management's liability for illegal acts committed by its employees.
D. The auditor's responsibility to obtain negative assurance relating to the
occurrence of illegal acts.: A. Limitations of the engagement.
15. Which of the following would heighten an auditor's concern about the risk
of fraudulent financial reporting?
A. Inability to generate positive cash flows from operations, while reporting
large increases in earnings.
B. Management's lack of interest in increasing the dividend paid on common
stock.
C. Large amounts of liquid assets that are easily convertible into cash.
D. Inability to borrow necessary capital without obtaining waivers on debt
covenants.: A. Inability to generate positive cash flows from operations, while
reporting large increases in earnings.
16. To best test existence, an auditor would sample from the:
A. General Ledger to source documents.
B. General Ledger to the financial statements.
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Responding
C. Source documents to the general ledger.
D. Source documents to journals.: A. General Ledger to source documents.
17. The auditors' understanding established with a client should be estab-
lished through a(an)
A. Oral communication with the client.
B. Written communication with the client.
C. Written or oral communication with the client.
D. Completely detailed audit plan.: B. Written communication with the client.
18. Which of the following would be least likely to be considered an audit
planning procedure?
A. Use an engagement letter.
B. Develop the overall audit strategy
C. Perform the risk assessment.
D. Develop the audit plan.: C. Perform the risk assessment.
19. While assessing the risks of material misstatement auditors identify risks,
relate risk to what could go wrong, consider the magnitude of risks and
A. Assess the risk of misstatements due to illegal acts.
B. Consider the complexity of the transactions involved.
C. Consider the likelihood that the risks could result in material misstate-
ments.
D. Determine materiality levels.: C. Consider the likelihood that the risks could
result in material misstatements.
20. Which of the following is correct concerning requirements about auditor
communications about fraud?
A. Fraud that involves senior management should be reported directly to the
audit committee regardless of the amount involved.
B. All fraud with a material effect on the financial statements should be
reported directly by the auditor to the Securities and Exchange Commission.
C. Fraud with a material effect on the financial statements should ordinarily be
disclosed by the auditor through use of an "emphasis of a matter" paragraph
added to the audit report.
D. The auditor has no responsibility to disclose fraud outside the entity under
any circumstances.: A. Fraud that involves senior management should be reported
directly to the audit committee regardless of the amount involved.
21. A predecessor auditor is required to attempt to initiate communication
with the successor auditor:
Prior to the Successor's Acceptance of the Engagement: YES NO
Subsequent to the Successor's Acceptance of the Engagement: YES NO: NO
NO
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Responding
22. Which measure of materiality (or both) considers quantitative considera-
tions?
Planning: YES NO
Evaluation: YES NO: YES YES
23. Which of the following factors most likely would lead a CPA to conclude
that a potential audit engagement should not be accepted?
A. There are significant related party transactions that management claims
occurred in the ordinary course of business.
B. Internal control activities requiring the segregation of duties are subject to
management override.
C. Management continues to employ an inefficient system of information
technology to record financial transactions.
D. It is unlikely that sufficient evidence is available to support an opinion on
the financial statements.: D. It is unlikely that sufficient evidence is available to
support an opinion on the financial statements.
24. In using the information on the statement of cash flows while obtaining an
understanding of a profitable, growing company, which of the following would
ordinarily be least surprising to an auditor?
A. Decreases in accounts payable.
B. Decreases in accounts receivable.
C. Negative cash flows from investing.
D. Negative operating cash flows.: C. Negative cash flows from investing.
25. Audits of financial statements are designed to obtain reasonable assur-
ance of detecting material misstatements due to:
Errors: YES NO
Misappropriation of Assets: YES NO: YES YES
26. Which of the following is not one of the assertions made by management
about an account balance?
A. Relevance.
B. Existence.
C. Valuation.
D. Rights and obligations.: A. Relevance.
27. When a company has changed auditors, according to the Professional
Standards:
A. The successor auditor has the responsibility to initiate contact with the pre-
decessor auditor to ask about the client before the engagement is accepted;
the predecessor has no responsibility to initiate this contact, even when aware
of matters bearing on the integrity of management.
B. The predecessor must respond fully to all inquiries made by the successor
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Responding
auditor.
C. The successor must discuss with the predecessor matters bearing on the
engagement prior to accepting the engagement.
D. The successor may choose not to attempt any communication with the
predecessor auditor.: A. The successor auditor has the responsibility to initiate
contact with the predecessor auditor to ask about the client before the engagement
is accepted; the predecessor has no responsibility to initiate this contact, even when
aware of matters bearing on the integrity of management.
28. Which of the following procedures is not performed as a part of planning
an audit engagement?
A. Reviewing the working papers of the prior year.
B. Performing analytical procedures.
C. Confirmation of all major accounts.
D. Designing an audit program.: C. Confirmation of all major accounts.
29. The risk of a material misstatement occurring in an account, assuming an
absence of internal control, is referred to as:
A. Account risk.
B. Control risk.
C. Detection risk.
D. Inherent risk.: D. Inherent risk.
30. Which of the following is least likely to be considered a financial statement
audit risk factor?
A. Management operating and financing decisions are dominated by top
management.
B. A new client with no prior audit history.
C. Rate of change in the entity's industry is rapid.
D. Profitability of the entity relative to its industry is inconsistent.: A. Manage-
ment operating and financing decisions are dominated by top management.
31. Which of the following is an example of fraudulent financial reporting?
A. Company management falsifies inventory count tags thereby overstating
ending inventory and understating cost of goods sold.
B. An employee diverts customer payments to his personal use, concealing
his actions by debiting an expense account, thus overstating expenses.
C. An employee steals inventor and the "shrinkage" is recorded in cost of
goods sold.
D. An employee "borrows" tools from the company and neglects to return
them; the cost is reported as a miscellaneous operating expense.: A. Company
management falsifies inventory count tags thereby overstating ending inventory and
understating cost of goods sold.
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Responding
32. Which of the following is most likely to be considered a risk factor relating
to fraudulent financial reporting?
A. Low turnover of senior management.
B. Extreme degree of competition within the industry.
C. Capital structure including various operating subsidiaries.
D. Sales goals in excess of any of the preceding three years.: B. Extreme degree
of competition within the industry.
33. Which of the following conditions identified during the audit increases the
risk of employee fraud?
A. Large amounts of cash in the bank.
B. Existence of a mandatory vacation policy for employees performing key
functions.
C. Inventory items of small size, but high value.
D. Presence of reconciling items on a client prepared year-end proof of cash.-
: C. Inventory items of small size, but high value.
34. Which of the following statements is accurate about "fraud risk factors"
considered when conducting an audit?
A. Factors whose presence indicates that fraud exists.
B. Factors whose presence often have been observed in circumstances where
frauds have occurred.
C. Factors whose presence will require modification to planned audit proce-
dures.
D. Factors obtained during the audit which lead to required communications
with the audit committee.: B. Factors whose presence often have been observed
in circumstances where frauds have occurred.
35. Which of the following is not an example of a likely adjustment in the
auditors' overall audit approach when significant risk is found to exist?
A. Apply increased professional skepticism about material transactions.
B. Increase the assessed level of detection risk.
C. Assign personnel with particular skill to areas of high risk.
D. Obtain increased evidence about the appropriateness of management's
selection of accounting principles.: B. Increase the assessed level of detection
risk.
36. Which of the following is least likely to be required on an audit?
A. Evaluate the business rationale for significant, unusual transactions.
B. Make a legal determination of whether fraud has occurred.
C. Review accounting estimates for biases.
D. Test appropriateness of journal entries and adjustments.: B. Make a legal
determination of whether fraud has occurred.
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Responding
37. Which of the following is (are) considered a further audit procedure(s) that
may be designed after assessing the risks of material misstatement?
Substantive Tests of Details: YES NO
Substantive Analytical Procedures: YES NO: YES YES
38. Which of the following circumstances would an auditor most likely con-
sider a risk factor relating to misstatements arising from fraudulent financial
reporting?
A. Several members of management have recently purchased additional
shares of the entity's stock.
B. Several members of the board of directors have recently sold shares of the
entity's stock.
C. The entity distributes financial forecasts to financial analysts that predict
conservative operating results.
D. Management is interested in maintaining the entity's earnings trend by
using aggressive accounting practices.: D. Management is interested in main-
taining the entity's earnings trend by using aggressive accounting practices.
39. A successor auditor is required to attempt communication with the prede-
cessor auditor prior to
A. Performing test of controls.
B. Testing beginning balances for the current year.
C. Making a proposal for the audit engagement.
D. Accepting the engagement.: D. Accepting the engagement.
40. If the business environment is experiencing a recession, the auditor most
likely would focus increased attention on which of the following accounts?
A. Purchase returns and allowances.
B. Allowance for doubtful accounts.
C. Common stock.
D. Noncontrolling interest of a subsidiary purchased during the year.: B. Al-
lowance for doubtful accounts.
41. The risk that the auditors' procedures will lead them to conclude that a
material misstatement does not exist in an account balance when in fact such
a misstatement does exist is referred to as:
A. Account risk.
B. Control risk.
C. Detection risk.
D. Inherent risk.: C. Detection risk.
42. Which of the following statements is correct regarding the auditor's deter-
mination of materiality?
A. The planning level of materiality should normally be the larger of the amount
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Responding
considered for the balance sheet versus the income statement.
B. The auditors' planning level of materiality may be disaggregated into small-
er "tolerable misstatements" for the various accounts.
C. Auditors may use various rules of thumb to arrive at an evaluation level of
materiality, but not for determining the planning level of materiality.
D. The amount used for the planning should equal that used for evaluation.: B.
The auditors' planning level of materiality may be disaggregated into smaller "toler-
able misstatements" for the various accounts.
43. The auditors must consider materiality in planning an audit engagement.
Materiality for planning purposes is:
A. The auditors' preliminary estimate of the largest amount of misstatement
that would be material to any one of the client's financial statements.
B. The auditors' preliminary estimate of the smallest amount of misstatement
that would be material to any one of the client's financial statements.
C. The auditors' preliminary estimate of the amount of misstatement that
would be material to the client's balance sheet.
D. An amount that cannot be quantitatively stated since it depends on the
nature of the item.: B. The auditors' preliminary estimate of the smallest amount of
misstatement that would be material to any one of the client's financial statements.
44. Which of the following topics is not normally included in an engagement
letter?
A. The auditors' preliminary assessment of internal control.
B. The auditors' estimate of the fee for the engagement.
C. Limitations on the scope of the engagement.
D. A description of responsibility for the detection of fraud.: A. The auditors'
preliminary assessment of internal control.
45. Which of the following is most likely to be an overall response to fraud
risks identified in an audit?
A. Only use certified public accountants on the engagement.
B. Place increased emphasis on the audit of objective transactions rather than
subjective transactions.
C. Supervise members of the audit team less closely and rely more upon
judgment.
D. Use less predictable audit procedures.: D. Use less predictable audit proce-
dures.
46. Which of the following is not an assertion that is made in the financial
statements by management concerning each major account balance?
A. Completeness.
B. Rights and obligations.
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Responding
C. Legality.
D. Valuation.: C. Legality.
47. Tests for unrecorded assets typically involve tracing from:
A. Source documents to recorded journal entries.
B. Source documents to observations.
C. Recorded journal entries to documents.
D. Recorded journal entries to observations.: A. Source documents to recorded
journal entries.
48. Tracing from source documents forward to ledgers is most likely to ad-
dress which assertion related to posted entries:
A. Completeness.
B. Existence.
C. Rights.
D. Valuation.: A. Completeness.
49. Determining that receivables are presented at net-realizable value is most
directly related to which management assertion?
A. Existence.
B. Rights.
C. Valuation.
D. Presentation and disclosure.: C. Valuation.
50. Which of the following is not a general objective for the audit of asset
accounts?
A. Establishing existence of assets.
B. Establishing proper valuation of assets.
C. Establishing proper liabilities relating to assets.
D. Establishing the completeness of assets.: C. Establishing proper liabilities
relating to assets.
51. Which of the following is not used by auditors to establish the complete-
ness of recorded assets?
A. Assessing control risk.
B. Tracing from source documents to entries in the accounting records.
C. Performing analytical procedures.
D. Vouching transactions.: D. Vouching transactions.
52. To test for unsupported entries in the journals, the direction of audit testing
should be to the:
A. Ledger entries.
B. Journal entries.
C. Original source documents.
D. Financial statements.: C. Original source documents.
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Responding
53. A form filed with the SEC when a company changes auditors is a:
A. Form 8-K.
B. Form 10-K.
C. Form S-1.
D. Form B-1.: A. Form 8-K.
54. Which of the following is least likely to render material a quantitatively
small misstatement material?
A. Affects the registrant's compliance with regulatory requirements.
B. Masks a change in earnings or other trends.
C. Arises from an item not capable of precise measurement.
D. The Transaction involves a related party.: D. The Transaction involves a related
party.
55. A successor auditor has accepted an engagement that was previously
performed by a predecessor auditor and, prior to accepting the engagement,
has communicated with the predecessor. When the successor believes that
the predecessor has performed satisfactory previous audits, which of the
following is correct?
A. A second communication is required and must include details of previous
audits.
B. Ordinarily the successor auditors may be able to accept the opening
balances of the current year with a minimum of verification work.
C. Absent ongoing litigation, a predecessor must provide all working papers
requested by the predecessor.
D. The client should be informed of the need to perform a detailed audit of all
opening balances.: B. Ordinarily the successor auditors may be able to accept the
opening balances of the current year with a minimum of verification work.
56. The first standard of field work recognizes that early appointment of the
independent auditors has many advantages to the auditors and the client.
Which of the following advantages is least likely to occur as a result of early
appointment of the auditors?
A. The auditors will be able to plan the audit work so that it may be done
expeditiously.
B. The auditors will be able to complete substantive procedures prior to
year-end.
C. The auditors will be able to better plan for the observation of the physical
inventories.
D. The auditors will be able to perform the examination more efficiently and
will be finished at an early date after the year-end.: B. The auditors will be able
to complete substantive procedures prior to year-end.
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Responding
57. Preliminary arrangements agreed to by the auditors and the client should
be reduced to writing by the auditors. The best place to set forth these
arrangements is in:
A. A memorandum to be placed in the permanent section of the auditing
working papers.
B. An engagement letter.
C. A client representation letter.
D. A confirmation letter attached to the constructive services letter.: B. An
engagement letter.
58. The auditors are planning an audit engagement for a new client in a
business that is unfamiliar to the auditors. Which of the following would be
the most useful source of information for the auditors during the preliminary
planning stage when they are trying to obtain a general understanding of audit
problems that might be encountered?
A. Client manuals of accounts and charts of accounts.
B. AICPA Industry Audit Guides.
C. Prior-year working papers of the predecessor auditors.
D. Latest annual and interim financial statements issued by the client.: C.
Prior-year working papers of the predecessor auditors.
59. The auditors will not ordinarily initiate discussion with the audit committee
concerning the:
A. Extent to which the work of internal auditors will influence the scope of the
examination.
B. Extent to which change in the company's organization will influence the
scope of the examination.
C. Details of potential problems which the auditors believe might cause a
qualified opinion.
D. Details of the procedures which the auditors intend to apply.: D. Details of
the procedures which the auditors intend to apply.
60. Which statement is correct relating to a potential successor auditor's
responsibility for communicating with the predecessor auditors in connection
with a prospective new audit client?
A. The successor auditors have no responsibility to contact the predecessor
auditors.
B. The successor auditors should obtain permission from the prospective
client to contact the predecessor auditors.
C. The successor auditors should contact the predecessors regardless of
whether the prospective client authorizes contact.
D. The successor auditors need not contact the predecessors if the succes-
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Responding
sors are aware of all available relevant facts.: B. The successor auditors should
obtain permission from the prospective client to contact the predecessor auditors.
61. Which of the following situations would most likely require special audit
planning by the auditors?
A. Some items of factory and office equipment do not bear identification
numbers.
B. Depreciation methods used on the client's tax return differ from those used
on the books.
C. Assets costing less than $500 are expensed even though the expected life
exceeds one year.
D. Inventory is comprised of precious stones.: D. Inventory is comprised of
precious stones.
62. When planning an audit, an auditor should:
A. Consider whether the extent of substantive procedures may be reduced
based on the results of the internal control questionnaire.
B. Make preliminary judgments about materiality levels for audit purposes.
C. Conclude whether changes in compliance with prescribed control proce-
dures justifies reliance on them.
D. Prepare a preliminary draft of the management representation letter.: B.
Make preliminary judgments about materiality levels for audit purposes.
63. An auditor who accepts an audit engagement and does not possess the
industry expertise of the business entity, should:
A. Engage financial experts familiar with the nature of the business entity.
B. Obtain a knowledge of matters that relate to the nature of the entity's
business.
C. Refer a substantial portion of the audit to another CPA who will act as the
principal auditor.
D. First inform management that an unqualified opinion cannot be issued.: B.
Obtain a knowledge of matters that relate to the nature of the entity's business.
64. With respect to the auditor's planning of a year-end audit, which of the
following statements is always true?
A. An engagement should not be accepted after the fiscal year-end.
B. An inventory count must be observed at the balance sheet date.
C. The client's audit committee should not be told of any specific audit proce-
dures which will be performed.
D. It is an acceptable practice to carry out parts of the examination at interim
dates.: D. It is an acceptable practice to carry out parts of the examination at interim
dates.
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Responding
65. Hawkins requested permission to communicate with the predecessor au-
ditor and review certain portions of the predecessor auditor's working papers.
The prospective client's refusal to permit this will bear directly on Hawkins'
decision concerning the:
A. Adequacy of the preplanned audit program.
B. Ability to establish consistency in application of accounting principles
between years.
C. Apparent scope limitation.
D. Integrity of management.: D. Integrity of management.
66. The auditor faces a risk that the audit will not detect material misstate-
ments in the financial statements. In regard to minimizing this risk, the auditor
primarily relies on:
A. Substantive procedures.
B. Tests of controls.
C. Internal control.
D. Statistical analysis.: A. Substantive procedures.
67. An abnormal fluctuation in gross profit that might suggest the need for
extended audit procedures for sales and inventories would most likely be
identified in the planning phase of the audit by the use of:
A. Tests of transactions and balances.
B. An assessment of internal control.
C. Specialized audit programs.
D. Analytical procedures.: D. Analytical procedures.
68. Before accepting an audit engagement, a successor auditor should make
specific inquiries of the predecessor auditor regarding the predecessor's:
A. Awareness of the consistency in the application of generally accepted
accounting principles between accounting periods.
B. Evaluation of all matters of continuing accounting significance.
C. Opinion of any subsequent events occurring since the predecessor's audit
report was issued.
D. Understanding as to the reasons for the change of auditors.: D. Understand-
ing as to the reasons for the change of auditors.
69. Which of the following is least likely to be included in an auditor's inquiry
of management while obtaining information to identify the risks of material
misstatement due to fraud?
A. Are all financial reporting operations at one location?
B. Does it have knowledge of fraud or suspect fraud?
C. Does it have programs to mitigate fraud risks?
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Responding
D. Has it reported to the audit committee the nature of the company's internal
control?: A. Are all financial reporting operations at one location?
70. An auditor selects a sample from the file of shipping documents to de-
termine whether invoices were prepared. This test is performed to satisfy the
audit objective of:
A. Accuracy.
B. Completeness.
C. Control.
D. Existence.: B. Completeness.
71. Individuals who commit fraud are ordinarily able to rationalize the act and
also have an:
Incentive: YES NO
Opportunity: YES NO: YES YES
72. Which of the following is not a required source of information for the
auditors' assessment of fraud risk?
A. Discussion among audit team members.
B. Fraud risk factors.
C. Results of tests of controls.
D. Inquiry of management and others.: C. Results of tests of controls.
73. Auditors must assess fraud risk on every audit and respond to the risks
that are identified. Which of the following is not a procedure required to further
address the fraud risk of management override of internal control?
A. Reviewing accounting estimates for biases.
B. Examining physical controls over assets.
C. Evaluating the business rationale for significant unusual transactions.
D. Examining journal entries and other adjustments for evidence of fraud.: B.
Examining physical controls over assets.
74. Engagement letters are used by most auditors in performing professional
services.
a. Describe the purpose of an engagement letter.
b. List four items that are normally included in an engagement letter.: a. The
purpose of an engagement letter is to establish a written contract between the
auditors and the client. Thus, the letter tends to prevent misunderstandings between
those two parties.
b. Items that are normally included in an engagement letter include (only four
required):
• Name of the entity and statements to be examined.
• Scope of services.
• Description of responsibility for detecting fraud.
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Responding
• Obligations of the client's staff to prepare schedules.
• Fee or method of determining fee.
• Provision for client's acceptance signature.
• Management's obligation to conclude about the materiality of misstatements not
recorded.
75. As a part of the planning process, the auditors often prepare an audit plan,
an audit program, and a time budget.
a. Describe an audit plan and explain its purpose.
b. Describe an audit program and explain its purpose.
c. Describe a time budget and explain its purpose.: a. The audit plan is an
overview of the engagement, outlining the nature and characteristics of the client
and its environment and the overall audit strategy. The audit plan documents the
major considerations in planning the engagement.
b. The audit program is a detailed listing of audit procedures to be performed in the
engagement. It is a tool for scheduling and controlling the work.
c. The time budget includes an estimate of the time required for each audit task. It
serves as a basis for the fee estimate, controls the audit work, and may be used to
evaluate performance by the audit staff.
76. Many auditors take an approach to assessing the risk of material misstate-
ment by beginning with an assessment of business risks.
a. Define business risks.
b. Why have auditors found it effective to take the approach of assessing
business risks?
c. Identify a business risk and explain how it might affect the auditor's audit
procedures.: a. Business risks are those that threaten management's ability to
achieve the organization's objectives.
b. Auditors have found this approach effective because significant business risks
often create related risks of material misstatement (inherent risks) that the auditors
should address in designing their audit procedures.
c. Students may provide a number of examples. The textbook provides the following:
Assume that the auditors have identified as a significant business risk and audit
risk that sales personnel, informally or through written side agreements, may be
modifying the terms of contracts with customers which may affect the amount of
revenue that should be recognized. The auditors must design tests that are focused
on determining whether such modifications of terms have been made, perhaps by
obtaining tailored confirmations from customers about the existence of such side
agreements.
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Chapter 6 Audit Planning, Understanding the Client, Assessing Risks, an

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