Auditing & Attestation Mini Exam 24 — AUD — Auditing & Attestation Mini Exams

Questions in this quiz (10)

1. Which of the following is a key consideration when evaluating the sufficiency of audit evidence?

   • The cost of obtaining the evidence.
   • The relevance and reliability of the evidence.
   • The client's preference for procedures.
   • The auditor's workload.

2. An auditor performs confirmations of receivables. Which assertion is primarily tested?

   • Existence
   • Completeness
   • Valuation
   • Presentation

3. Which of the following is required for audit workpapers?

   • They must include forecasts.
   • They must support the auditor's conclusions.
   • They must be signed by management.
   • They must follow a strict template.

4. Which of the following is NOT typically part of inventory observation?

   • Observing count procedures.
   • Performing test counts.
   • Evaluating costing methods.
   • Inspecting inventory.

5. Which of the following is audit evidence obtained through inquiry?

   • Confirming balances.
   • Observing inventory.
   • Reviewing contracts.
   • Asking management about controls.

6. Which factor most increases reliability of audit evidence?

   • Timeliness.
   • Independence of source.
   • Ease of access.
   • Client involvement.

7. Which of the following is NOT included in audit documentation?

   • Audit procedures performed.
   • Evidence obtained.
   • Auditor conclusions.
   • Client internal memos unrelated to audit.

8. If no response is received to a confirmation, what should the auditor do?

   • Assume balance is correct.
   • Perform alternative procedures.
   • Issue opinion immediately.
   • Ignore nonresponse.

9. Which best describes sufficient appropriate audit evidence?

   • Only detailed evidence.
   • Only external evidence.
   • Adequate quantity and quality.
   • Evidence documented only.

10. Reviewing lease agreements is an example of which audit procedure?

    • Observation.
    • Inspection of documents.
    • Inquiry.
    • Reperformance.