Which of the following procedures would an auditor most likely perform in planning a FS audit?

Audit Planning

1. 1. Adequate planning of the audit work helps the auditor of accomplishing the following objectives, except:

a. Gathering of all corroborating audit evidence.

b. Ensuring that appropriate attention is devoted to important areas of the audit.

c. Identifying the areas that need a service of an expert.

d. The audit work is completed efficiently.

2. 1. A measure of how willing the auditor is to accept that the financial statements may be materially misstated after the

audit is completed and an unmodified opinion has been issued is the

A. Inherent risk.

B. Acceptable audit risk.

C. Control risk.

D. Detection risk.

3. 1. The development of a general strategy and a detailed approach for the expected nature, timing, and extent of audit

refers to:

a. Supervision

b. Audit procedures

c. Directing

d. Planning

4. 1. This refers to the development of a general strategy and a detailed approach for the expected nature, timing and

extent of audit refers to:

A. Supervision

C. Audit planning

B. Direction

D. Pre-engagement

5. 1. Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about

materiality?

A. The anticipated sample size of the planned substantive tests.

B. The entity's annualized interim financial statements.

C. The results of the internal control questionnaire.

D. The contents of the management representation letter.

6. 2. Proper planning assures that (select the exception):

A. Appropriate attention is devoted to important areas of the audit.

B. Potential problems ate Identified.

C. Work is completed expeditiously,

D. An unqualified opinion is expressed.

7. 2. The auditor should consider the nature, extent, and timing of the work to be performed and should prepare a written

audit program for every audit. Which audit standard is most closely related to this requirement?

a. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor. b.

In all matters relating to the assignment, an independent mental attitude is to be maintained by the auditor(s).

c. Due professional care is to be exercised in the planning and performance of the audit and preparation of the report.

d. The work is to be adequately planned and assistants, if any, are to be properly supervised.

8. 2. The extent of planning will vary according to any of the following, except:

a. Size of the audit client.

b. Auditor's experience with the entity and knowledge of the business.

c. The nature and complexity of the audit engagement

d. The assessed level of control risk.

9 . 2. Which of the following is not one of the three primary objectives of effective internal control?

A. Reliability of financial reporting.

B. Efficiency and effectiveness of operations.

C. Compliance with laws and regulations.

D. Assurance of elimination of business risk.

10. 2. Which of the following statements concerning materiality is not correct?

Which of the following procedures would an auditor most likely perform in planning a financial audit?

Which of the following procedures would an auditor most likely perform in auditing the statement of cash flows?

Which of the following procedures would an auditor most likely perform to test controls relating to?

Which of the following is an auditor least likely to perform as part of the planning for a financial report audit?