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CPA AUD mini exam #19.

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CPA AUD mini exam #19.

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

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

CPA AUD mini exam #19.

"},"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":"cmom56gim0000l504itbrmeld","texte_question":"

Which of the following is a key advantage of using tests of details over analytical procedures?

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

Tests of details provide direct evidence about account balances and transactions. They are more precise than analytical procedures for verifying specific assertions. They do not eliminate detection risk or guarantee efficiency. Therefore, their main advantage is direct evidence.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"They require less documentation","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"They provide direct evidence regarding account balances","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"They eliminate detection risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

They are always more cost-effective

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gim0005l504t2c54noh","texte_question":"

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

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

Rights and obligations relate to ownership or responsibility for liabilities. Examining contracts and loan agreements verifies that the entity is responsible for the liabilities. Other procedures do not directly address legal obligations. Therefore, examining contracts is most effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Reviewing vendor statements","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Confirming balances with creditors","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Examining contracts and loan agreements","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Performing analytical procedures on liabilities

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gim000al504odr41zte","texte_question":"

An auditor is performing analytical procedures on a public company’s financial statements and notes that inventory turnover has significantly decreased compared to the prior year. What should the auditor do next?

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

Unexpected fluctuations identified through analytical procedures require investigation. The auditor must obtain explanations and corroborate them with evidence. Accepting explanations without verification is not appropriate. Therefore, the auditor should investigate further.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Conclude that inventory is overstated","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Investigate the cause of the decrease","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Accept management’s explanation without further testing","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Document the finding and proceed

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin000fl504965xextd","texte_question":"

In audit sampling, the risk that the auditor will incorrectly conclude that a material misstatement exists when it does not is known as:

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

Alpha risk is the risk of incorrect rejection. It occurs when the auditor concludes that a misstatement exists when it does not. Beta risk is the opposite, failing to detect a misstatement. Therefore, this is alpha risk.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Alpha risk","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"Beta risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Sampling risk","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Detection risk

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin000kl5047pb0x4xp","texte_question":"

Which of the following is a key consideration when selecting audit procedures?

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

Audit procedures should be based on assessed risks. The auditor selects procedures to address risks of material misstatement. Personal experience or fee arrangements are not appropriate drivers. Therefore, assessed risk is key.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The auditor’s personal experience only","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"The assessed level of risk of material misstatement","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"The client’s preferred procedures","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The audit fee arrangement

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin000pl5040hptp14u","texte_question":"

An auditor is performing substantive testing on a public company's expenses. The company has a history of understatement of liabilities. Which procedure would be most effective for testing the completeness assertion?

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

Completeness for liabilities is best tested by identifying unrecorded obligations. Reviewing subsequent cash disbursements helps detect liabilities that existed but were not recorded. Vouching tests existence, not completeness. Therefore, reviewing subsequent disbursements is most effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"Vouching recorded expenses to invoices","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Confirming expense balances with vendors","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Reviewing subsequent cash disbursements","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Performing analytical procedures on expense trends

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin000ul504eigyn924","texte_question":"

In audit sampling, the confidence level refers to:

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

Confidence level represents the likelihood that the auditor’s conclusion is correct. It reflects the reliability of the sampling results. Higher confidence reduces sampling risk. Therefore, it refers to the likelihood the conclusion is correct.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The probability that the sample is free of misstatement","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"The likelihood that the auditor’s conclusion is correct","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"The size of the population tested","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The difference between expected and actual results

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin000zl504vorm3bie","texte_question":"

An auditor is evaluating the results of audit sampling for a test of controls. The sample deviation rate is significantly below the tolerable rate. What should the auditor conclude?

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

If deviation is below tolerable rate, the control can be relied upon. This indicates controls are operating effectively. No immediate need to expand testing. Therefore, the control is effective.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The control is ineffective","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The control is effective

","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"The sample size is insufficient","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

Additional procedures are required

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin0014l5046fu0330u","texte_question":"

Which of the following best describes the concept of sufficiency in audit evidence?

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

Sufficiency relates to the quantity of audit evidence obtained. It is affected by risk and materiality. More risk requires more evidence. Therefore, sufficiency refers to quantity.

","points":1,"temps_limite":"$undefined","reponses":[{"texte":"The quality of evidence obtained","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"The quantity of evidence obtained","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"The source of the evidence","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"

The timing of evidence collection

","correcte":false,"explication":"","imageUrl":"$undefined"}]},{"id":"cmom56gin0019l504m7hf343k","texte_question":"

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

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

Completeness for liabilities focuses on unrecorded obligations. Reviewing subsequent cash disbursements helps identify liabilities that should have been recorded. Other procedures focus on existence or valuation. Therefore, reviewing disbursements is most effective.

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

Confirming balances with creditors

","correcte":false,"explication":"","imageUrl":"$undefined"},{"texte":"Reviewing subsequent cash disbursements","correcte":true,"explication":"","imageUrl":"$undefined"},{"texte":"

Performing analytical procedures on liabilities

","correcte":false,"explication":"","imageUrl":"$undefined"}]}]},"categories":["aud-auditing-attestation-mini-exams"],"date":"2026-04-30T21:46:53.650Z","modified":"2026-04-30T23:55:41.469Z"}}]]}]}]]