Quality Control and Engagement Standards- Test 7

Performing analytical procedures may be though of as a four-phase process. the first phase is:

Which of the following statements in not true of analytical procedures as substantive tests?

Which of the following would NOT be considered n analytical procedure?

Which of the following procedures do general analytical procedures not include?

Of the following types of analytical procedure, which one uses the most variables?

Which of the following is false?

While determining the sample size for tests of controls, an increase in the auditor’s desired level of assurance that the tolerable rate of deviation is not exceeded by the actual rate of deviation in the population will:

A monetary amount set by the auditor in respect of which the auditor seeks to obtain an appropriate level of assurance that the monetary amount set by the auditor is not exceeded by the actual misstatement in the population is know as:

As per the requirement of SA 530, if the audit procedure is not applicable to the selected item, the auditor

As per the requirements of SA 530, if the auditor is unable to apply the designed audit procedures, or suitable alternative procedures, to a selected item, the auditor

While determining the sample size for tests of details. an increase in the auditor’s assessment of the risk of material misstatement will:

Which among the following will have negligible effect on determination of sample size in case of tests of details?

Which among the following will have effect of decrease in sample size in case of tests of details?

Management’s identification of transactions, events and conditions that give rise to the need for accounting estimates is likely to be bases on:

The susceptibility of an accounting estimate and related disclosures to an inherent lack of precision in its measurement is known as:

For some accounting estimates, there may be relatively high estimation uncertainty, particularly, where they are based on significant assumptions. Which of the following estimates falls in this category?

Which of the following requires fair value accounting estimates?

For accounting estimates that give rise to significant risks, the auditor shall obtain sufficient appropriate audit evidence whether_________are in according with the requirements of the applicable financial reporting framework:

As per the requirements of SA 540, the auditor shall evaluate, based on the audit evidence, wether the accounting estimates in the financial statements are___________.

As per the requirements of SA 540, bases on the audit evidence obtained, the auditor may conclude that the evidence points to an accounting estimate that differs from management’s point estimate. Where the audit evidence supports a point estimate, the difference between the auditor’s point estimate and management’s point estimate constitutes_________.

Where management has changed an accounting estimate, or the method in making it, from the prior period based on a subjective assessment that there has been a change in circumstances, the auditor may

As per SA 550 “Related Parties”, if the auditor identifies related parties or significant related party transactions that management has not previously identified or disclosed to the auditor, the auditor shall:

If the auditor identifies related parties or significant related party transactions that management has not previously identified or disclosed to the auditor, the auditor shall:

For identified significant related party transactions outside the entity’s normal course of business, the auditor shall evaluate whether

If the auditor identifies significant transactions outside the entity’s normal course of business when performing the audit procedures, the auditor shall

As per SA 560, subsequent events are events occurring between the date of the financial statements and the___________and facts that become known to the auditor after the date of the auditor’s report.

SA 560 “Subsequent Events” deals with the auditor’s responsibilities as to:

As per SA 560, if auditor identifies events or conditions that require adjustments or disclosures in the financial statements, the auditor

If a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor_____________.

If a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor shall _________.