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Presentation/PPT
27/08/2022
1) in variable sample, the risk of incorrect acceptance is that the sample indicates that
a) a control procedure is operating effectively when it is not
b) a control procedure is not operating effectively when it is
c) an account is fairly stated when it isn’t
d) an account is not fairly stated when it is
2) the auditor decides to test the account receivable sample using sampling. their client has paymen term of net 30. all invoices over 90 days past due written off as bad debt. which of the following would be use as sample population? select all that apply
a) sales invoices for the year under audit
b) uncollected invoices as of year end
c) customer account balance as of year end
d) sales invoices issued during last 90 days of the year under audit
3) the client requires purchase manager approval, in writing, of all purchase order. which of the following would consider a deviation in an auditor’s test of that control procedure? select all that apply
a) there was no supervior signature on a sample purchase order
b) a purchase order selected selected for testing could not be located
c) one of the purchase order selected was voided
d) one of the purchase order selected was signed by lead purchase agent. according to the agent, the purchase manager was on the vacation when the purchase order was created
4) the auditor expected the deviation rate of 2% in their testing of internal control and would tolerate deviation of 5%. which of the following statement is TRUE assuming the sample size was 40?
a) the control could only be relied upon if they found no more than 1 deviation from the control in a 40 items tested
b) the control l could be relied upon if they found 2 deviation fromm the control in 40 items tested
c) if the auditor found 10 errors, they should test more items before concluding the effective of the control
d) none of the above statement is true
5) which of the following sample of nonsampling risk ? select all that apply
a) the sample is not representative
b) the auditor perform step improperly
c) the poplulation sample is not complete
d) the auditor misinterprets the test result
6)
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