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CPA AUD mini exam #17.

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CPA AUD mini exam #17.

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

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

CPA AUD mini exam #17.

"},"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":"cmom0ito0008cjo043zo6x63m","texte_question":"

In audit sampling, tolerable misstatement refers to:

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

Tolerable misstatement is the maximum misstatement the auditor is willing to accept. It is set during planning and relates to materiality. If exceeded, it may affect the audit opinion. Therefore, it represents the maximum acceptable misstatement.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The misstatement identified in the sample","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"The projected misstatement to the population","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The maximum misstatement acceptable without affecting the opinion

","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

The smallest detectable misstatement

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito0008hjo04zwhmbyaz","texte_question":"

Which of the following procedures best tests the existence assertion for inventory?

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

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

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

Observing the physical inventory count

","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Confirming inventory balances with suppliers

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito0008mjo04m4fa277z","texte_question":"

Which of the following is NOT part of performing analytical procedures?

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

Analytical procedures involve developing expectations, comparing data, and investigating differences. Confirmations are substantive procedures, not analytical procedures. Therefore, confirming balances is not part of analytical procedures.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Developing expectations","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Comparing expectations to recorded amounts

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Investigating differences

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Confirming balances with third parties

","correcte":true,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito0008rjo04dff0wju5","texte_question":"

An auditor is using audit sampling to test the completeness of a public company’s accounts payable. The auditor selects a sample of 60 transactions and finds that 4 liabilities were unrecorded. What should the auditor do next?

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

Misstatements identified in a sample must be projected to the population. This helps determine whether the financial statements are materially misstated. The auditor cannot conclude without projection. Therefore, projection is required.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"

Conclude that liabilities are fairly stated

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Project the misstatement to the entire population","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Ignore the misstatements as immaterial

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Reduce the sample size for further testing

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito1008wjo04sx9yuqxb","texte_question":"

Which of the following is a key advantage of tests of details?

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

Tests of details provide direct evidence about account balances and transactions. They are more reliable than analytical procedures for specific assertions. They do not eliminate audit risk but reduce it. Therefore, they provide direct evidence.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"

They require less time than analytical procedures

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"They provide direct evidence about account balances","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

They eliminate audit risk

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

They are only used in planning

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito10091jo04f1rthuxd","texte_question":"

In substantive testing, which of the following procedures would be most effective for testing the existence assertion for liabilities?

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

Existence for liabilities is tested by vouching recorded amounts to supporting documents. This ensures liabilities actually exist. Reviewing subsequent disbursements tests completeness. Therefore, vouching is most effective for existence.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Vouching recorded liabilities to supporting invoices","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Reviewing subsequent cash disbursements","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Confirming liabilities with creditors

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Performing analytical procedures on liability trends

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito10096jo04fjvdb70d","texte_question":"

An auditor is evaluating the results of audit sampling for a test of details. The projected misstatement exceeds the tolerable misstatement. What should the auditor conclude?

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

If projected misstatement exceeds tolerable misstatement, the population may be materially misstated. The auditor cannot conclude the population is fairly stated. Additional procedures or adjustments are required. Therefore, the population is considered materially misstated.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The population is fairly stated","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"The population is materially misstated","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

The sample size was too large

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The procedures performed were excessive

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito1009bjo04a2xk4hl4","texte_question":"

Which of the following best describes the concept of expectation precision in analytical procedures?

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

Expectation precision refers to how close the auditor’s expectation is to the actual recorded amount. More precise expectations increase the effectiveness of analytical procedures. Less precise expectations reduce reliability. Therefore, it relates to closeness between expectation and actual.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The level of detail in audit documentation","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"The closeness of the auditor’s expectation to the actual amount","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

The cost associated with performing procedures

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The number of accounts tested

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito1009gjo04o0exfh4l","texte_question":"

An auditor is performing substantive testing on a public company’s inventory valuation. The company uses complex costing methods and estimates for obsolescence. Which procedure would be most effective for testing the valuation assertion?

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

Valuation testing focuses on accuracy of amounts and estimates. Recalculating costs and reviewing obsolescence reserves directly tests valuation. Observation tests existence, not valuation. Therefore, recalculation and evaluation of estimates is most effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Confirming inventory quantities with third parties","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Recalculating inventory costs and reviewing obsolescence reserves","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Performing analytical procedures on inventory turnover

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Observing the physical inventory count

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom0ito1009ljo04f510gr18","texte_question":"

In audit sampling, the risk that the auditor’s procedures will not detect a misstatement that exists in a sample is known as:

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

Sampling risk arises because only a subset of the population is tested. It is the risk that the sample is not representative of the population. This may lead to failure to detect misstatements. Therefore, this is sampling risk.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Inherent risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Detection risk

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Sampling risk

","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Control risk

","correcte":false,"explication":"","imageUrl":"$undefined"}]}]},"categories":["aud-auditing-attestation-mini-exams"],"date":"2026-04-30T02:05:33.742Z","modified":"2026-04-30T21:45:20.304Z"}}]]}]}]]