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CPA AUD mini exam #15.

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CPA AUD mini exam #15.

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Mini exam covering CPA AUD topics including audit risk, internal controls, audit procedures, evidence, reporting, and professional responsibilities.

"},"excerpt":{"rendered":"

CPA AUD mini exam #15.

"},"featured_media":0,"featured_media_url":"$undefined","acf":{"duree_estimee":15,"niveau_difficulte":"$undefined","categorie":"AUD — Auditing & Attestation Mini Exams","nombre_questions":10,"score_minimum":80,"ordre_questions":"Aleatoire","questions":[{"id":"cmom0hxrh006yjo04ai9bl9pb","texte_question":"

Which of the following best describes the primary purpose of tests of details in an audit?

","type_question":"QCM","explication":"

Tests of details are substantive procedures. They are designed to detect material misstatements in account balances and transactions. They do not evaluate control effectiveness or assess fraud risk directly. Therefore, their primary purpose is detecting misstatements.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"To evaluate internal control effectiveness","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"To detect material misstatements in account balances","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"To assess fraud risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

To understand the entity’s operations

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri0073jo042jzstl5s","texte_question":"

An auditor is performing substantive testing on inventory. Which procedure would be most effective for testing the existence assertion?

","type_question":"QCM","explication":"

Existence is best tested by physically verifying assets. Observing the physical inventory count provides direct evidence that inventory exists. Other procedures relate to valuation or completeness. Therefore, observation is most effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Tracing inventory records to shipping documents","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Observing the physical inventory count","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Reviewing inventory turnover ratios","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Recalculating inventory costs

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri0078jo04o9ud8tw5","texte_question":"

In audit sampling, the risk that the auditor’s procedures fail to detect a misstatement that exists in a sample is known as:

","type_question":"QCM","explication":"

Detection risk is the risk that audit procedures fail to detect a material misstatement. It includes both sampling and non-sampling risk. Sampling risk specifically relates to using a sample instead of the entire population. Therefore, failure to detect is detection risk.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Sampling risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Detection risk","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Non-sampling risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Control risk

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri007djo048ybgrrgl","texte_question":"

When performing analytical procedures during the final review stage, the auditor identifies an unexpected decrease in inventory turnover. What is the most appropriate response?

","type_question":"QCM","explication":"

Unexpected fluctuations require investigation. The auditor must obtain explanations and corroborate them with additional evidence. Ignoring or accepting explanations without verification is inappropriate. Therefore, further investigation is required.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Conclude the financial statements are accurate","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Investigate the cause through additional procedures","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Accept management’s explanation without verification","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Ignore the fluctuation if immaterial

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri007ijo0462i6z5ms","texte_question":"

Which of the following is a substantive analytical procedure?

","type_question":"QCM","explication":"

Substantive analytical procedures involve evaluating financial relationships. Comparing current-year to prior-year amounts is a common analytical procedure. Observation and confirmations are not analytical procedures. Therefore, comparison is the correct example.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Comparing current-year expenses to prior-year amounts","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Observing control procedures","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Confirming receivables with customers","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Inspecting supporting documents

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri007njo04vkdz33ld","texte_question":"

An auditor is testing the valuation of goodwill which involves significant management judgment. Which procedure would be most effective?

","type_question":"QCM","explication":"

Goodwill valuation involves significant estimates and assumptions. The auditor must evaluate management’s assumptions and impairment models. Other procedures do not directly address valuation. Therefore, evaluating assumptions is most effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Confirming goodwill balances with third parties","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Recalculating amortization expense","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Evaluating management’s assumptions and impairment analysis","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Performing analytical procedures on revenue

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri007sjo045pzs1ye0","texte_question":"

In audit sampling, which of the following would most likely result in a larger sample size?

","type_question":"QCM","explication":"

Sample size increases when expected misstatement increases. Higher expected error rates require more evidence to reach a conclusion. Higher tolerable misstatement would reduce sample size. Therefore, higher expected misstatement increases sample size.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Higher tolerable misstatement","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Lower assessed risk of material misstatement","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Higher expected misstatement rate","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Greater reliance on controls

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri007xjo04a07klxct","texte_question":"

Which of the following is NOT considered a substantive procedure?

","type_question":"QCM","explication":"

Substantive procedures include tests of details and analytical procedures. Tests of controls evaluate internal control effectiveness, not account balances. Therefore, tests of controls are not substantive procedures.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Substantive analytical procedures","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Tests of details

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Tests of controls","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Confirmation of balances

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri0082jo04g6t1cgoi","texte_question":"

An auditor is testing revenue for completeness. Which procedure would be most effective?

","type_question":"QCM","explication":"

Completeness is tested by tracing from source documents to accounting records. Tracing shipping documents to recorded sales ensures all shipments are recorded. Vouching tests existence, not completeness. Therefore, tracing is most effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Vouching sales invoices to shipping documents","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Tracing shipping documents to recorded sales

","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Confirming receivable balances","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Reviewing revenue trends

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0hxri0087jo04kkx934ek","texte_question":"

When using audit sampling to test the valuation of receivables, which method would be most appropriate?

","type_question":"QCM","explication":"

Monetary-unit sampling focuses on larger dollar amounts. It is effective for testing valuation and overstatement. It gives greater weight to larger balances. Therefore, it is appropriate for receivables valuation.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Random sampling","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Block sampling","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Systematic sampling","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Monetary-unit sampling

","correcte":true,"explication":"","imageUrl":"$undefined"}]}]},"categories":["aud-auditing-attestation-mini-exams"],"date":"2026-04-30T01:51:05.218Z","modified":"2026-04-30T21:44:38.957Z"}}]]}]}]]