Auditing > QUESTION PAPER (QP) > Auditing 300 Mock Examination Paper | Download for quality grades | (All)

Auditing 300 Mock Examination Paper | Download for quality grades |

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PART A: MULTIPLE CHOICE QUESTIONS (25 MARKS) ANSWER ALL QUESTIONS. EACH QUESTION IS WORTH 1 MARK. Part A consists of twenty-five (25) multiple-choice questions. On the General Purpose Answer Sheet provided, please indicate the answer you believe to the best response to each multiple-choice question. 1. What type of audit activity enables the auditor to express an opinion as to whether the financial report is prepared, in all material respects, in accordance with an identified financial reporting framework? a. compliance audit. b. financial report audit. c. performance audit. d. comprehensive audit. 2. An assurance engagement has all of the following characteristics except: a. an identifiable subject matter which is capable of consistent evaluation or measurement against a set of identified and suitable criteria. b. a probability assessment of the practitioner’s conclusion. c. sufficient evidence in support of the practitioner’s conclusion. d. a written assurance report of the practitioner’s conclusion. 3. Which of the following bodies monitors the operation of the Auditing and Assurance Standards Board? a. Financial Reporting Council. b. Companies Auditors and Liquidators Disciplinary Board. c. Australian Securities Exchange. d. All of the given answers are correct. 4. Independence is t he co r ner sto ne of the auditing profession. Which o f t he following is self-review threat? a. a guarantee from an officer of an assurance client. b. p e r f o r m i n g services for an assurance client that directly affects the subject matter of the assurance engagement. c. long association of a senior member of an assurance team with the assurance client. d. pressure to reduce inappropriately the extent of work performed in order to reduce fees. 5. Investors shift financial responsibility for audited financial information to the auditor in order to lower the expected loss from litigation or related settlements. This describes which theory of auditing? a. explanatory. b. agency. c. information hypothesis. d. insurance hypothesis. Auditing 300 Mock Examination Paper Page 2 of 11 6. The work of an internal auditor can be used to complement, but not substitute for, the work of the independent auditor. Which of the following factors is not relevant in determining the effect of an internal auditor's work on the audit?

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