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    Auditing Theory Quiz

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    mot moctal
    This document contains a quiz with multiple choice and true/false questions about substantive tests and detection risk in accounting. It tests the matching of common audit techniques to tests, the most reliable form of audit evidence, characteristics of tests of controls, requirements for designing and performing tests of controls, statements about substantive procedures, and common types of substantive tests, analytical procedures, and aspects of sampling risk. The quiz contains questions to evaluate the test-taker's understanding of key concepts in auditing tests and procedures.

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    Auditing Theory Quiz

    Uploaded by

    mot moctal
    152 views2 pages
    This document contains a quiz with multiple choice and true/false questions about substantive tests and detection risk in accounting. It tests the matching of common audit techniques to tests, the most reliable form of audit evidence, characteristics of tests of controls, requirements for designing and performing tests of controls, statements about substantive procedures, and common types of substantive tests, analytical procedures, and aspects of sampling risk. The quiz contains questions to evaluate the test-taker's understanding of key concepts in auditing tests and procedures.

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    Audit Test

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    This document contains a quiz with multiple choice and true/false questions about substantive tests and detection risk in accounting. It tests the matching of common audit techniques to tests, the most reliable form of audit evidence, characteristics of tests of controls, requirements for designing and performing tests of controls, statements about substantive procedures, and common types of substantive tests, analytical procedures, and aspects of sampling risk. The quiz contains questions to evaluate the test-taker's understanding of key concepts in auditing tests and procedures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    152 views2 pages

    Auditing Theory Quiz

    Uploaded by

    mot moctal
    This document contains a quiz with multiple choice and true/false questions about substantive tests and detection risk in accounting. It tests the matching of common audit techniques to tests, the most reliable form of audit evidence, characteristics of tests of controls, requirements for designing and performing tests of controls, statements about substantive procedures, and common types of substantive tests, analytical procedures, and aspects of sampling risk. The quiz contains questions to evaluate the test-taker's understanding of key concepts in auditing tests and procedures.

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    Name: Date: February 1, 2019

    Quiz: Acctg 011- Substantive Tests and Detection Risk

    Test I. True or False.

    Test II. Match each of the listed common audits tests with the techniques that was used. Write the letter of your answer on the
    space provided.
    A. Tracing B. Analytical
    C. Vouching D. Re-performance
    E. Confirmation F. Inspection

    _____ 1. Search for unrecorded liabilities.


    _____ 2. Trace shipping documents to sales invoices and entries in sales journal.
    _____ 3. Examine lease agreements.
    _____ 4. Obtain evaluate aging schedule.
    _____ 5. Re-compute information on sales invoice.

    Test III. Multiple Choice. Write your answer on the space provided in small letter.

    _____ 1. The most reliable form of audit evidence is:

    A. Written documents.
    B. Visual observation of a transaction or event by the auditor.
    C. Oral representation of the third parties.
    D. Analytical procedures.

    _____ 2. Which of the following is not true of tests of controls?

    A. The auditor’s assessment of risks of material misstatement at the assertion level includes an
    expectation that the controls are operating effectively.
    B. Tests of controls are applied when substantive procedures alone provide sufficient appropriate
    audit evidence at the assertion level.
    C. The greater the reliance the auditor places on the effectiveness of a control, the more
    persuasive the audit evidence the auditor must obtain.
    D. Tests of controls are audit procedures designed to evaluate the operating effectiveness of
    controls in preventing, or detecting and correcting, material misstatements at the assertion
    level.

    ______ 3. In designing and performing tests of controls, the auditor must do all the following except:

    A. Determine whether the controls to be tested depend upon other controls (indirect controls).
    B. Determine if it is necessary to obtain audit evidence supporting the effective operation of the
    auditee’s industry controls.
    C. Perform other audit procedures in combination with inquiry to obtain audit evidence about the
    operating effectiveness of the controls, including: how the controls were applied at relevant
    times; the consistency with which they were applied; and by whom or by what means they
    were applied.
    D. Test the operating effectiveness of controls at the same time as evaluating their design and
    implementation.

    ______ 4. Which of the following statements about substantive procedures is not true?

    A. Substantive procedures comprise tests of details and substantive analytical procedures.


    B. Auditors perform other audit procedures in combination with inquiry to obtain audit evidence
    about the operating effectiveness of the controls.
    C. Tests of details of transactions are audit procedures related to examining the processing of
    particular classes of transactions through the accounting systems.
    D. Tests of balances are substantive tests that either provide reasonable assurance of the validity
    of a general ledger balance or identify a misstatement in the account.

    ______ 5. That transactions and events have been recorded in the correct accounting period is what
    management assertion?

    A. Valuation
    B. Cut-off
    C. Classification
    D. Occurrence

    Test IV. Enumeration

    1-5 Common types of substantive tests

    6-8 Analytical Procedures

    9-10 Aspects of sampling risk

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