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Mid-Term Exam

Question Multiple Choice
An assurance engagement focusing on the fair presentation of an entity’s sustainability report is an example of which of the following types of professional service engagement? (a) Direct reporting. (b) Agreed upon procedures. (c) Assertion-based. (d) Compilation.
Which of the following is not a function of New Zealand’s Financial Markets Authority (FMA)? (a) Setting minimum standards for licensing of auditors. (b) Monitoring accredited professional bodies. (c) Setting minimum standards for registering of audit firms. (d) Issuing NZ auditing standards (i.e., NZ ISAs).
All else being equal, as the level of materiality decreases, the amount of evidence required will: (a) increase. (b) decrease. (c) remain the same. (d) change in an unpredictable fashion.
Which legal case is associated with a relatively broad interpretation of ‘a duty of care’, such that the auditor could owe a duty of care to a wide class of persons? (a) Hedley Byrne. (b) Pacific Acceptance. (c) Caparo. (d) Scott Group.
All else being equal, if inherent risk and control risk are both assessed as low, detection risk will be: (a) high. (b) low. (c) the same as audit risk. (d) medium.
Threats to auditor independence can come from various sources. Which of the following is a self-review threat? (a) Endorsing the audit client at a public event being held to announce the client’s initial public offering of shares. (b) Advising the client on the design of their accounting systems. (c) Concern on the part of the auditor about the possibility of losi
In auditing inventory, an auditor finds that goods that have been temporarily stored in a third party’s warehouse have been incorrectly excluded from ending inventory. Which of the following account assertions is primarily affected? (a) Valuation and allocation. (b) Rights and obligations. (c) Existence. (d) Completeness.
When the auditor undertakes a physical observation of inventory in a retail jewellery store as part of the audit procedures relating to inventory, the strongest criticism of the reliability of audit evidence is that: (a) the client may conceal items from the auditor. (b) the cost of conducting physical observations is unjustified in relation to the reliability of the audit evidence. (c) the auditor may not be qualified to evaluate the items being observed. (d) phys
For a particular audit assertion, control risk is the risk that: (a) audit procedures will fail to detect a weak control system. (b) the prescribed control procedures are not cost effective. (c) control procedures will not detect a material misstatement that occurs. (d) a material misstatement will occur in the acco
In testing the audit assertion of ‘rights and obligations’, which of the following would generally be considered the most appropriate form of evidence in relation to property? (a) Title deeds of property obtained from Land Information New Zealand. (b) The auditor’s visual inspection of new building acquisitions for the current year. (c) A depreciation schedule extracted from the client’s computerised fixed assets system. (d)
Created by: 2905706712806101