External Auditing Exam Solutions
Course Introduction
External Auditing is a comprehensive course that introduces students to the principles, concepts, and procedures of auditing performed by independent auditors. The course covers the regulatory framework, ethical responsibilities, and professional standards governing external audit engagements, emphasizing the auditor's role in evaluating the fairness of financial statements and ensuring compliance with accounting standards. Students will explore audit planning, risk assessment, evidence collection, internal control evaluation, and the preparation of audit reports. Practical case studies and real-world scenarios are incorporated to develop critical thinking and decision-making skills necessary for effectively assessing audit risk and forming audit opinions.
Recommended Textbook
Auditing and Assurance Services 17th edition by Alvin A. Arens
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26 Chapters
3526 Verified Questions
3526 Flashcards
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Chapter 1: The Demand for Audit and Other Assurance Services
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) List and discuss the three primary requirements to become a CPA.
Answer: The three primary requirements for becoming a CPA are:
Educational requirement. Normally, an undergraduate degree or a graduate degree with a major in accounting, including a minimum number of accounting credits is required. Most states now require 150 semester hours for licensure. Some states require fewer credits before taking the examination, but require 150 semester credits before receiving the CPA certificate.
Uniform CPA examination requirement. This is a four-part, computer-based examination with components on auditing and attestation, financial accounting and reporting, regulation, and business environment and concepts. Some states also require a separate ethics requirement.
Experience requirement. The experience requirement varies from state to state with some states requiring no experience, while other states require up to two years of audit experience.
Q2) Audits and some types of attestation services are no longer limited by regulation to licensed CPAs.
A)True
B)False
Answer: False
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Chapter 2: The CPA Profession
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) The PCAOB requires annual inspections of other registered accounting firms that audit less than 100 publicly listed companies at least once every 3 years.
A)True
B)False
Answer: True
Q2) The Public Company Accounting Oversight Board (PCAOB) provides oversight to auditors of publicly traded and private companies.
A)True
B)False
Answer: False
Q3) International Standards on Auditing (ISAs) override a country's regulations governing the audit of financial or other information.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Audit Reports
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) The audit report date is the date the auditor completed audit procedures in the field.
A)True
B)False
Answer: True
Q2) When a company's financial statements contain a departure from GAAP with which the auditor concurs, the departure should be explained in
A) the scope paragraph.
B) an introductory paragraph.
C) the opinion paragraph.
D) a separate paragraph.
Answer: D
Q3) Auditors should issue a disclaimer of opinion when there is a highly material client-imposed scope restriction.
A)True
B)False
Answer: True
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Chapter 4: Professional Ethics
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Under the Form of Organization and Name rule, a CPA firm is prohibited from practicing as a limited liability partnership.
A)True B)False
Q2) It is a violation of the rules of conduct if someone does something on behalf of a member that is a violation if the member does it.
A)True B)False
Q3) A CPA firm
A) can sell securities to a client for whom they perform an attestation service.
B) can receive a commission for a client that they are engaged to perform an attestation service for.
C) cannot receive a referral fee for recommending the services of another CPA. D) can receive a commission from a nonattestation client as long as the situation is disclosed.
Q4) Imprisonment for a period of six months or longer will result in automatic expulsion from the AICPA.
A)True B)False
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Chapter 5: Legal Liability
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) Discuss each of the four defenses a CPA firm can normally use when facing legal claims by clients.
Q2) If the CPA negligently failed to properly prepare and file a client's tax return, the CPA may be liable for
A) the penalties the client owes the IRS.
B) the penalties and interest the client owes.
C) the penalties and interest the client owes, plus the tax preparation fee the CPA charged.
D) the penalties and interest, the tax preparation fee, and the amount of tax that was underpaid.
Q3) The assessment against a defendant of that portion of the damage caused by the defendant's negligence is called
A) separate and proportionate liability.
B) joint and several liability.
C) shared liability.
D) unitary liability.
Q4) Discuss at least three major factors that have contributed to the recent increase in the number of lawsuits against auditors and the size of awards to plaintiffs.
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Page 7
Chapter 6: Audit Responsibilities and Objectives
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180 Verified Questions
180 Flashcards
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Sample Questions
Q1) When an auditor believes that an illegal act may have occurred, the first step he or she should take is to gather additional evidence to determine the extent of the illegality and if there is a direct impact on the financial statements.
A)True
B)False
Q2) Management's disclosure of the amount of unfunded pension obligations and the assumptions underlying these amounts is an example of the ________ assertion.
A) completeness
B) existence
C) accuracy and valuation
D) rights and obligations
Q3) Balance-related audit objectives are usually applied to the ending balance in income statement accounts; transaction-related audit objectives are usually applied to transactions reflected in balance sheet accounts.
A)True
B)False
Q4) Discuss the actions an auditor should take when an illegal act is identified or suspected.
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Chapter 7: Audit Evidence
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) Since confirmation replies and copies of client agreements are not considered schedules in the usual sense, they are not indexed and filed.
A)True
B)False
Q2) As long as analytical procedures are performed during the planning and testing phase of the audit, it is not necessary for the auditor to perform analytical procedures during the completion phase of the audit.
A)True
B)False
Q3) A(n) ________ is a supporting schedule that supports a specific amount and is normally expected to tie the amount recorded in the client's records to another source of information.
A) reconciliation of amounts
B) analysis
C) summary of procedures
D) informational document
Q4) The relevance of audit evidence depends on the audit objective being tested.
A)True
B)False
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Chapter 8: Audit Planning and Materiality
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172 Verified Questions
172 Flashcards
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Sample Questions
Q1) Specialists may be employed by the client, employed by the audit firm, or affiliated with the client and the audit firm.
A)True
B)False
Q2) Many risks are common to all clients in certain industries.
A)True
B)False
Q3) If the client will not permit the predecessor auditor to communicate with the successor auditor, or the predecessor does not provide a comprehensive response to the successor auditor, the successor auditor must not accept the audit engagement.
A)True
B)False
Q4) Discuss the required communications between predecessor and successor auditors.
Q5) Which of the following is part of planning?
A) Set materiality for the financial statements as a whole.
B) Estimate total misstatement in the segment.
C) Estimate the combined misstatement.
D) Compare the combined estimated with preliminary judgment.
Q6) Discuss the essential activities involved in the initial planning of an audit.
Page 10
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Chapter 9: Assessing the Risk of Material Misstatement
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109 Verified Questions
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Sample Questions
Q1) Audit reports contain the phrase obtain reasonable assurance, which is intended to inform users that auditors do not guarantee or ensure the fair presentation of the financial statements which the audit reports cover.
A)True
B)False
Q2) If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely
A) be reduced.
B) be increased.
C) remain the same.
D) be calculated using a computerized statistical package.
Q3) Planned detection risk I. determines the amount of substantive evidence the auditor plans to accumulate.
II) is dependent on inherent risk and business risk.
A) I only
B) II only
C) both I and II
D) neither I nor II
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Chapter 10: Fraud Auditing
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) The pressure to do "whatever it takes" to meet goals is one of the main reasons why financial statement fraud occurs.
A)True
B)False
Q2) Companies may intentionally understate earnings when income is high to create ________ that may be used in future years to increase earnings.
A) income smoothing
B) cookie jar reserves
C) cash
D) sales
Q3) Which of the following is a true statement regarding professional skepticism?
A) Auditors reject most potential clients perceived as lacking honesty and integrity.
B) If the auditor has past experience with a client, they can assume the client is honest.
C) Material frauds occur in most of the audits of financial statements.
D) Professional skepticism is required only during the planning phase.
Q4) Define fraud and distinguish between the two main categories of fraud.
Q5) Describe the five sources of information gathered to assess fraud risks.
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Chapter 11: Internal Control and Coso Framework
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151 Verified Questions
151 Flashcards
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Sample Questions
Q1) One category of general controls is physical and online access controls. Describe the control and give at two examples of implementation of the control.
Q2) Which of the following is not a general control?
A) separation of IT duties
B) systems development
C) processing controls
D) hardware controls
Q3) Rather than maintain an internal IT center, many companies outsource their basic IT functions such as payroll to an
A) external general service provider.
B) independent computer service center.
C) internal control service provider.
D) internal auditor.
Q4) Identify the six categories of general controls and give one example of each.
Q5) Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with reporting requirements of applicable accounting frameworks.
A)True
B)False
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Chapter 12: Assessing Control Risk and Reporting on
Internal Controls
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Key controls are not sufficient to achieve the transaction-related audit objectives. A)True
B)False
Q2) The procedures used to gain an understanding of internal control do not vary from client to client.
A)True
B)False
Q3) The level of understanding of a client's internal controls required is less than what is required for an audit of only the financial statements.
A)True
B)False
Q4) You are the audit manager for a new audit client. Your staff auditors are unsure of what constitutes a control deficiency. Discuss the terms control deficiency, design deficiency, and operating deficiency.
Q5) A narrative should describe the disposition of every document and record in the system.
A)True
B)False
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Chapter 13: Overall Audit Strategy and Audit Program
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119 Verified Questions
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Sample Questions
Q1) There are eight types of audit evidence: physical examination, confirmation, inspection, observation, inquiries of the client, reperformance, analytical procedures, and recalculation. For each of the following types of audit tests, indicate the type(s) of evidence that can be obtained through the test: (1) tests of controls, (2) substantive tests of transactions, (3) analytical procedures, and (4) tests of details of balances.
Q2) Tests of controls are directed toward the control's A) efficiency.
B) effectiveness.
C) cost and effectiveness.
D) cost benefit ratio.
Q3) One factor that determines the amount of additional evidence required for tests of controls is the planned reduction in control risk.
A)True
B)False
Q4) The evidence mix includes risk assessment procedures. A)True
B)False
Q5) List each of the five types of audit tests.
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Chapter 14: Audit of the Sales and Collection Cycle: Tests of Controls
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) Which one the following procedures performed for the billing function provides evidence for the completeness assertion?
A) making sure that all shipments have been billed
B) making sure that no shipment has been billed more than twice
C) making sure that each shipment is billed at the correct amount
D) making sure that each shipment is billed to the proper customer
Q2) The appropriate tests of controls for separation of duties are ordinarily restricted to the auditor's observations of activities and discussions with personnel.
A)True
B)False
Q3) When customers purchase goods by credit card, the issuer of the credit card uses EFT to transfer funds into the company's bank account.
A)True
B)False
Q4) The completeness transaction-related audit objective must be considered when determining key controls for sales. List three of the key controls that must be considered when cash received is recorded in the cash receipts journal.
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Chapter 15: Audit Sampling for Tests of Controls and
Substantive Tests of Transactions
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151 Verified Questions
151 Flashcards
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Sample Questions
Q1) Audit sampling can be applied to manual controls when application of the control produces documentary evidence of performance.
A)True
B)False
Q2) Nonprobabilistic sampling methods are not based on mathematical probabilities, and therefore the representativeness of the sample may be difficult to determine.
A)True
B)False
Q3) Explain the effect on sample size of increasing each of the following: (1) tolerable exception rate, (2) estimated population exception rate, (3) acceptable risk of overreliance, and (4) population size.
Q4) Sound statistical theory consistently supports random number sampling with or without replacement.
A)True
B)False
Q5) Discuss two causes of nonsampling risk. Also discuss ways the auditor can control nonsampling risk.
17
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Chapter 16: Completing the Tests in the Sales and Collection
Cycle: Accounts Receivable
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130 Verified Questions
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Sample Questions
Q1) When allocating the preliminary judgment about materiality for the financial statements, accounts receivable is typically one of the most material accounts in the financial statements for companies selling on credit.
A)True
B)False
Q2) U.S. auditing standards indicate that auditors should use external confirmations for accounts receivable. However, there are certain circumstances where confirmation may not be appropriate. List these three situations.
Q3) Analytical procedures
A) are only done during the planning of the audit and when performing detailed tests. B) performed during the detailed testing phase are done before tests of details of balances.
C) performed during the detailed testing phase are done before the balance sheet date. D) are performed only on accounts receivable, not on the entire sales and collection cycle.
Q4) Describe how the auditor tests the accuracy objective for accounts receivable.
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18
Chapter 17: Audit Sampling for Tests of Details of Balances
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129 Verified Questions
129 Flashcards
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Sample Questions
Q1) When drawing statistical inferences about the population when using variables sampling,
A) a confidence interval cannot be calculated.
B) there is always a possibility that the sample is not sufficiently representative of the population to provide a sample mean or standard deviation reasonably close to those of the population.
C) the auditor does not know the reliability for the statistical inference process that is used to draw the conclusions.
D) all of the above are correct.
Q2) The most important difference among tests of controls, substantive tests of transactions, and tests of details of balances lies in what the auditor wants to measure. Explain what each type of test attempts to measure.
Q3) If the population is not considered acceptable, one step the auditor is likely to take is to
A) retest all internal controls.
B) ask the client to adjust the account balance.
C) test the entire population.
D) decrease inherent risk.
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Chapter 18: Audit of the Acquisition and Payment Cycle:
Tests of Controls, Substantive Tests of Transactions, and Accounts Payable
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145 Verified Questions
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Sample Questions
Q1) For companies using Electronic Data Interface (EDI), the invoice is transmitted from the supplier electronically. EDI affects how the auditor evaluates audit evidence in this transaction cycle.
A)True
B)False
Q2) A substantive test of transactions commonly used to test the completeness objective for acquisitions is "Trace from a file of receiving reports to the acquisitions journal."
A)True
B)False
Q3) Once the auditor concludes that internal controls are operating effectively in the acquisition and the payment cycle, the verification of accounts payable should require little audit effort.
A)True
B)False
Q4) Discuss the circumstances in which it is desirable to send confirmation requests to the client's vendors.
Q5) Discuss the key internal controls that should be present in the processing purchase orders function in the acquisitions and payment cycle. Page 20
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Page 21
Chapter 19: Completing the Tests in the Acquisition and Payment Cycle:
Verification of Selected Accounts
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128 Verified Questions
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Sample Questions
Q1) The accounting rules related to goodwill impairment testing were recently changed by the Financial Accounting Standards Board (FASB) simplifying, for auditor's, the process of auditing management's estimates related to potential goodwill impairment.
A)True
B)False
Q2) The auditor needs to be aware that most users of financial statements rely most heavily on the ________ for making decisions.
A) balance sheet
B) income statement
C) statement of cash flows
D) statement of stockholders' equity
Q3) The auditor is examining the accounting entries made to the accumulated depreciation account during the year and notices a significant number and amounts of debits to the account. Which of the following provides the most logical explanation?
A) large number of asset retirements
B) salvage values were revised downward
C) useful lives were revised downward
D) allocation of fixed overhead was revised
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Chapter 20: Audit of the Payroll and Personnel Cycle
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129 Verified Questions
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Sample Questions
Q1) Discuss the two circumstances under which auditors would extend their procedures considerably in the audit of payroll.
Q2) When the auditor compares the cancelled check or direct deposit with the payroll journal for amount, they are concerned with the transaction-related audit objective of A) occurrence.
B) accuracy.
C) classification.
D) timing.
Q3) It is usually very easy for an auditor to determine if an employee has overstated their hours worked.
A)True
B)False
Q4) When examining payroll transactions, an auditor is primarily concerned with the possibility of
A) incorrect summaries of employee time records.
B) overpayments and unauthorized payments.
C) under withholding of amounts required to be withheld.
D) posting of gross payroll amounts to incorrect salary expense accounts.
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Chapter 21: Audit of the Inventory and Warehousing Cycle
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Sample Questions
Q1) The pricing and compilation of inventory are audited using substantive analytical procedures and test of details of the balances.
A)True
B)False
Q2) Pricing manufactured inventory is difficult. Auditors must evaluate the method of allocating manufacturing overhead for all but which of the following?
A) reasonableness
B) computational correctness
C) compliance with generally accepted auditing standards
D) consistency
Q3) When an auditor observes that personnel who are responsible for physically counting inventory are not following the inventory instructions, the auditor should
A) contact a client's supervisor to correct the problem.
B) modify the client's physical inventory instructions.
C) not discuss the problem with client's supervisor in order to maintain independence.
D) assign audit staff to the inventory count.
Q4) What are two factors affecting the complexity of the audit of inventory?
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24
Chapter 22: Audit of the Capital Acquisition and Repayment Cycle
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Sample Questions
Q1) Discuss the four key controls over notes payable.
Q2) The record of the outstanding shares at any given time is maintained in the A) corporate directory.
B) stock certificate books.
C) schedule of stock owners.
D) shareholders' capital stock master file.
Q3) Auditors seldom learn about the capital acquisition and repayment cycle when gaining an understanding of the client's business and industry.
A)True
B)False
Q4) Most closely held corporations have numerous transactions during the year for capital stock accounts.
A)True
B)False
Q5) The audit procedure "Foot the notes payable list and trace the totals to the general ledger" is performed when verifying the accuracy objective for notes payable.
A)True
B)False
25
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Chapter 23: Audit of Cash and Financial Instruments
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Sample Questions
Q1) If an auditor waits until the subsequent period bank statement is available to verify reconciling items, it is primarily a test for A) errors.
B) omissions.
C) kiting.
D) intentional misstatements.
Q2) A statement near the bottom of the standard bank confirmation form requires the bank to inform auditors of open lines of credit and compensating balance requirements.
A)True
B)False
Q3) Auditing guidance is provided for auditing accounting estimates specifically for fair values estimates as considerable auditor judgment is involved.
A)True
B)False
Q4) Branch bank accounts are useful for building banking relations in local communities. A)True
B)False
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Chapter 24: Completing the Audit
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Sample Questions
Q1) Auditors of accelerated filer public companies
A) are responsible for reviewing subsequent events for a period of up to six months after the balance sheet date.
B) must always dual-date their audit reports.
C) must inquire about and consider any information about subsequent events that materially affects the effectiveness of internal control over financial reporting. D) must perform all of the above procedures.
Q2) The standard inquiry to the client's attorney should be prepared on A) plain paper (no letterhead) and be unsigned.
B) lawyer's stationery and signed by the lawyer.
C) auditor's stationery and signed by an audit partner.
D) client's letterhead and signed by a company official.
Q3) Besides the search for contingent liabilities and the review for subsequent events, the auditor has five important final evidence accumulation responsibilities, all of which are required by current professional auditing standards. Discuss each of these four responsibilities.
Q4) What are the three required conditions for a contingent liability to exist?
Q5) List four specific matters that should be included in a client representation letter.
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Chapter 25: Other Assurance Services
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Sample Questions
Q1) The guidance for service auditors has been moved to the attestation standards.
A)True
B)False
Q2) Two of the types of services provided in connection with the Statements on Standards for Accounting and Review Services are
A) audit and examination services.
B) compilation and review services.
C) examination and review services.
D) management advisory services and compilations.
Q3) The last paragraph of the accountant's review report
A) details the responsibilities of management.
B) details the responsibilities of the accountant.
C) expresses limited assurance in the form of negative assurance.
D) lists the analytical procedures performed.
Q4) The amount of evidence and assurance needed for each engagement is defined by the profession, reducing the need for the accountant to make judgments for these engagements.
A)True
B)False
Q5) Briefly describe each of the five Trust Services Categories.
Page 28
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Chapter 26: Internal and Governmental Financial Auditing and Operational Auditing
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Sample Questions
Q1) The objectives of internal auditors are considerably broader than the objectives of external auditors.
A)True
B)False
Q2) Which of the following groups could be involved in an operational audit?
A) CPA firms
B) internal auditors
C) government auditors
D) All of the above could be involved.
Q3) Benchmarking is one source of evaluation criteria for completing an operational audit.
A)True
B)False
Q4) External auditors typically consider internal auditors effective if they meet three criteria. What are these criteria?
Q5) What are three similarities between internal and external auditors?
Q6) Efficiency refers to the degree to which costs are reduced without changing effectiveness.
A)True
B)False Page 29
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