Auditingtest bank chapter 7.docx
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Auditingtest bank chapter 7.docx
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Auditingtestbankchapter7
AuditingandAssuranceServices,15e(Arens)
Chapter7AuditEvidence
LearningObjective7-1
1)Allevidencemusthavethesamelevelofpersuasiveness.
A)True
B)False
Answer:
B
Terms:
Auditevidence
Diff:
Easy
Objective:
LO7-1
AACSB:
Reflectivethinkingskills
2)Auditorsuseevidencetohelpthemdrawconclusions.
A)True
B)False
Answer:
A
Terms:
Auditevidence
Diff:
Easy
Objective:
LO7-1
AACSB:
Reflectivethinkingskills
LearningObjective7-2
1)Auditorsmustmakedecisionsregardingwhatevidencetogatherandhowmuchtoaccumulate.Whichofthefollowingisadecisionthatmustbemadebyauditorsrelatedtoevidence?
A)
Samplesize
Timingofauditprocedures
Yes
Yes
B)
Samplesize
Timingofauditprocedures
No
No
C)
Samplesize
Timingofauditprocedures
Yes
No
D)
Samplesize
Timingofauditprocedures
No
Yes
Answer:
A
Terms:
Decisiontobemadebyauditorsrelatedtoevidence
Diff:
Easy
Objective:
LO7-2
AACSB:
Reflectivethinkingskills
2)Auditproceduresareconcernedwiththenature,extent,andtimingingatheringauditevidence.Which,ofthefollowing,istrueastothetimingofauditprocedures?
A)
Priortothefiscalyear-endoftheclient
Subsequenttothefiscalyear-endoftheclient
Yes
Yes
B)
Priortothefiscalyear-endoftheclient
Subsequenttothefiscalyear-endoftheclient
No
No
C)
Priortothefiscalyear-endoftheclient
Subsequenttothefiscalyear-endoftheclient
Yes
No
D)
Priortothefiscalyear-endoftheclient
Subsequenttothefiscalyear-endoftheclient
No
Yes
Answer:
A
Terms:
Timingofauditprocedures
Diff:
Easy
Objective:
LO7-2
AACSB:
Reflectivethinkingskills
3)A(n)________isthedetailedinstructionthatexplainstheauditevidencetobeobtainedduringtheaudit.
A)auditobjectives
B)auditprocedure
C)auditassertion
D)auditprogram
Answer:
B
Terms:
Auditevidenceandauditprocedures
Diff:
Easy
Objective:
LO7-2
AACSB:
Analyticskills
4)Whichofthefollowingisnotoneofthefourdecisionsaboutwhatevidencetogatherandhowmuchofittoaccumulate?
A)Whichauditprocedurestouse
B)Whichaccountsmustagreetothegeneralledger
C)Whentoperformtheprocedures
D)Whatsamplesizetoselectforagivenprocedure
Answer:
B
Terms:
Auditevidenceandauditprocedures
Diff:
Easy
Objective:
LO7-2
AACSB:
Analyticskills
5)Anauditprogramisthelistofauditproceduresforanauditareaoranentireaudit.
A)True
B)False
Answer:
A
Terms:
Auditprogram
Diff:
Easy
Objective:
LO7-2
AACSB:
Reflectivethinkingskills
LearningObjective7-3
1)Auditevidencehastwoprimaryqualitiesfortheauditor;relevanceandreliability.Giventhechoicesbelow,whichprovidestheauditorwiththemostreliableauditevidence?
A)Generalledgeraccountbalances
B)Confirmationofaccountsreceivablebalancereceivedfromacustomer
C)Internalmemoexplainingtheissuanceofacreditmemo
D)Copyofmonth-endadjustingentries
Answer:
B
Terms:
Auditevidencequalitiesofrelevanceandreliability
Diff:
Easy
Objective:
LO7-3
AACSB:
Analyticskills
2)Whichofthefollowingisnotacharacteristicofthereliabilityofevidence?
A)Effectivenessofclientinternalcontrols
B)Educationofauditor
C)Independenceofinformationprovider
D)Timeliness
Answer:
B
Terms:
Characteristicofreliabilityofevidence
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
3)Theauditormustgathersufficientandappropriateevidenceduringthecourseoftheaudit.Sufficientevidencemust:
A)bewelldocumentedandcross-referencedintheauditdocuments.
B)bebasedonsourcesthatareexternaltocompany.
C)provideevidencethatproveordisproveanauditobjective/assertion.
D)bepersuasiveenoughtoenabletheauditortoissueanauditreport.
Answer:
D
Terms:
Sufficientevidence
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
4)Auditevidenceobtaineddirectlybytheauditorwillnotbereliableif:
A)theauditorlacksthecompetencetoevaluatetheevidence.
B)itisprovidedbytheclient'sattorney.
C)theclientdeniesitsveracity.
D)itisimpossiblefortheauditortoobtainadditionalcorroboratoryevidence.
Answer:
A
Terms:
Auditevidenceobtaineddirectlybyauditor
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
5)Appropriatenessofevidenceisameasureofthe:
A)quantityofevidence.
B)qualityofevidence.
C)sufficiencyofevidence.
D)meaningofevidence.
Answer:
B
Terms:
Appropriatenessofevidence
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
6)Whichofthefollowingstatementsregardingtherelevanceofevidenceiscorrect?
A)Toberelevant,evidencemustpertaintotheauditobjectiveoftheevidence.
B)Toberelevant,evidencemustbepersuasive.
C)Toberelevant,evidencemustrelatetomultipleauditobjectives.
D)Toberelevant,evidencemustbederivedfromasystemincludingeffectiveinternalcontrols.
Answer:
A
Terms:
Relevanceofevidence
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
7)Twodeterminantsofthepersuasivenessofevidenceare:
A)competenceandsufficiency.
B)relevanceandreliability.
C)appropriatenessandsufficiency.
D)independenceandeffectiveness.
Answer:
C
Terms:
Determinantsofpersuasivenessofevidence
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
8)Thetwocharacteristicsoftheappropriatenessofevidenceare:
A)relevanceandtimeliness.
B)relevanceandaccuracy.
C)relevanceandreliability.
D)reliabilityandaccuracy.
Answer:
C
Terms:
Appropriatenessofevidence
Diff:
Easy
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
9)Whichofthefollowingformsofevidencewouldbeleastpersuasiveinformingtheauditor'sopinionaboutmarketablesecuritiesandotherinvestmentsheldbythecompany?
A)Responsestoauditor'squestionsbythepresidentandcontrollerregardingtheinvestmentsaccount
B)Correspondencewithastockbrokerregardingthequantityofclient'sinvestmentsheldinstreetnamebythebroker
C)Minutesoftheboardofdirectorsauthorizingthepurchaseofstockasaninvestment
D)Theauditor'scountofmarketablesecurities
Answer:
A
Terms:
Leastpersuasiveformofevidence
Diff:
Moderate
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
10)Whichofthefollowingstatementsisnotcorrect?
A)Itispossibletovarythesamplesizefromoneunitto100%oftheitemsinthepopulation.
B)Thedecisionofhowmanyitemstotestshouldnotbeinfluencedbytheincreasedcostsofperformingtheadditionaltests.
C)Thedecisionofhowmanyitemstotestmustbemadebytheauditorforeachauditprocedure.
D)Thesamplesizeforanygivenprocedureislikelytovaryfromaudittoaudit.
Answer:
B
Terms:
Testingofitems;Samplesize
Diff:
Moderate
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
11)Forauditevidencetobecompellingtotheauditoritmustbesufficientandappropriate.Whichstatementbelowisnotcorrectregardingtheappropriatenessofauditevidence?
A)Themoreeffectivetheinternalcontrolsystem,themoreassuranceitprovidestheauditoraboutthereliabilityoffinancialreportingbytheclient.
B)Anauditor'sopinion,tobeeconomicallyusefulandprofitabletotheauditingfirmneedstobeformedwithinareasonabletimeandbasedonevidenceobtainedthatassuresprofitsfortheauditingfirm.
C)Evidenceobtainedfromindependentsourcesoutsidetheentityisgenerallymorereliablethanevidencesecuredsolelywithintheentity.
D)Theindependentauditor'sdirectpersonalknowledge,obtainedthroughinquiry,observationandinspection,isgenerallymorepersuasivethaninformationobtainedindirectly.
Answer:
B
Terms:
Appropriatenessofauditevidence
Diff:
Moderate
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
12)Whichofthefollowingisacorrectstatementregardingauditevidence?
A)Alargesampleofevidenceprovidedbyanindependentpartyisalwaysconsideredpersuasiveevidence.
B)Asmallsampleofonlyoneortwopiecesofhighlyappropriateevidenceisalwaysconsideredpersuasiveevidence.
C)Theauditormustobtainasufficientamountofrelevantandreliableevidencetoformanopiniononthefairnessofthefinancialstatements.
D)Evidenceisusuallymorereliableforbalancesheetaccountswhenitisobtainedwithinsixmonthsofthebalancesheetdate.
Answer:
C
Terms:
Purposesofauditdocumentation
Diff:
Moderate
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
13)Whichofthefollowingisthemostobjectivetypeofevidence?
A)Aletterwrittenbytheclient'sattorneydiscussingthelikelyoutcomeofoutstandinglawsuits
B)Thephysicalcountofsecuritiesandcash
C)Inquiriesofthecreditmanageraboutthecollectabilityofnoncurrentaccountsreceivable
D)Observationofcobwebsonsomeinventorybins
Answer:
B
Terms:
Mostobjectivetypeofevidence
Diff:
Moderate
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
14)Whichitemsaffectthesufficiencyofevidencewhenchoosingasample?
A)
Selectingitemswithahighlikelihoodofmisstatement
Therandomnessoftheitemsselected
Yes
Yes
B)
Selectingitemswithahighlikelihoodofmisstatement
Therandomnessoftheitemsselected
No
No
C)
Selectingitemswithahighlikelihoodofmisstatement
Therandomnessoftheitemsselected
Yes
No
D)
Selectingitemswithahighlikelihoodofmisstatement
Therandomnessoftheitemsselected
No
Yes
Answer:
C
Terms:
Sufficiencyofevidencewhenchoosingasample
Diff:
Moderate
Objective:
LO7-3
AACSB:
Reflectivethinkingskills
15)Determinewhichoft
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