Auditing and Historical Economic Information Essay

This question newspaper must be

returned. Candidates are not

permitted to take out any portion

of it from the examination room.

STUDENT'S LABEL........................................... OTHER BRANDS......................................................... STUDENT QUANTITY.................................................

MOCK FINAL EXAMINATION TERM 2, 2009

PAPER A

Unit:

ACCG340 Auditing and Assurance Services

Time Allowed:

2 hours additionally 10 minutes reading time

Count of Concerns:

FIVE (5)

Instructions:

Answer question one particular on the computer marking sheet offered.

Answer questions two to three in the space provided with this paper (Paper A). Get suggestions 4 to 5 in the space provided in Paper W.

Answer all questions. All pamphlets must be came back.

Materials allowed:

Dictionaries aren't permitted.

Calculators are not acceptable.

QUESTION NUMBER

MARKS OFFERED

1

16

2

12

3

nineteen

4

18

5

15

TOTAL

seventy five

STUDENT'S REPORT

QUESTION you (16 Marks)

MARK THE BEST ANSWER ON THE PC MARKING PIECE PROVIDED 1: To which assurance engagements will the Framework pertaining to Assurance Proposal apply? A: Audits of historical economic information

M: Reviews of historical financial information

C: Assurance engagements other than audits or evaluations of famous financial data D: All the above.

a couple of: Which of the following body monitors the operation from the Australian Accounting Standards Plank?

A: Aussie Stock Exchange

W: Financial Confirming Council

C: Australian Investments and Assets Commission

G: Auditing and Assurance Criteria Board

3: Ethics requires:

A: Familiarity with moral rules.

B: Skill in applying moral principles.

C: The introduction of virtues within individuals.

Deb: All of the previously mentioned.

4: Prevalent law:

A: Requires the auditor guarantee their job.

B: Needs that the auditor performs their particular work with thanks care. C: Requires which the auditor finds out all fraudulence.

D: Requires that the auditor check every transactions.

a few: Which from the following procedures would a great auditor almost certainly perform to verify management's assertion of completeness?

A: Compare a sample of shipping documents to related product sales invoices. B: Observe the client's distribution of payroll cheques.

C: Verify a sample of recorded receivables by immediate communication while using debtors. Deb: Review standard bank confirmations for indications of kiting. 6: An auditor who detects that the consumer has committed an against the law act would be most likely to withdraw through the engagement when the:

A: Against the law act affects the auditor's ability to rely on management illustrations. B: Illegal act features material financial report effects.

C: Against the law act has received widespread publicity.

D: Auditor cannot realistically estimate the effect of the against the law act on the financial statement.

2

7: Your examine client includes a new supervision incentive system in place which includes a bonus determined on the basis of the rise in net profit in the previous yr. The basis with the bonus will stay the same for the next three (3) years. The client has had a poor season and will not really meet their budget or perhaps last year's net revenue. Which with the following symbolizes an inherent risk? A: Too little provisions.

N: Next year's expenses taken up this year.

C: Next year's sales inaccurately taken up this year.

D: Overstatement of borrowers.

8: How does the magnitude of hypostatic tests required to constitute enough appropriate review evidence vary with the auditor's assessment of control risk? A: At random

B: Disproportionately

C: Immediately

D: Inversely

9: A process that would probably be used by simply an auditor in executing tests of controls that involve segregation of features and that leave no audit trail is: A: Remark.

B: Inspection.

C: Getting back together.

D: Re-performance.

10: A great auditor figured no extreme costs intended for idle flower were billed to products on hand. This conclusion most likely...

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