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Au2 Assignment 1

2818 words - 12 pages

12/25/14

CGA Ontario Instructor-Led Program

Assignment 1 — Session 2 (Winter)
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(This assignment is based on material in Modules 1 and 2)
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2. 3. 4. Continuing education hours for audit staff Nature and reason for financial statement restatements Number of frauds uncovered during the year by the firm Results of peer reviews and practice inspections

c. There are numerous purposes for conducting an audit. Which of the following is least likely to be a purpose for conducting an audit?

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1. Improving the quality of information reported on by management 2. Transferring risk to an auditor when an audit opinion is provided by an auditor 3. Ensuring that fraud has not been perpetrated by the auditee 4. Placing more emphasis on management to ensure internal controls are operating effectively d. Which of the following is a critical difference in the supply of audit services to large and small firms? 1. 2. 3. 4. Number and size of auditor resignations Percentage of clients assessed as high risk Trends in practice protection costs Level of transparency required by regulators

e. Which of the following is mandated by standard setters and must be adhered to by professional accountants and auditors to ensure that the public interests are upheld? 1. 2. 3. 4. A cap on the fees that clients must pay for a service A limit on the type of audit clients a firm may assume The obligation to maintain minimum educational requirements A rules-based approach to conducting an audit

f. Which of the following is most likely to be the engagement quality control reviewer on an audit? 1. 2. 3. 4. A A A A partner independent of the audit engagement manager reviewing the working papers senior auditor practice reviewer during an inspection of the audit firm

g. Which of the following is not a reason for having a professional judgment framework? 1. 2. 3. 4. A framework prescribes how auditors must apply judgment. Professional judgment enhances the usefulness of financial reporting. A framework ensures that judgment is applied in a timely manner. Professional judgment is an essential element of upholding independence.

h. Which of the following is the auditor most likely to increase when he increases inherent risk because of an increase in the number of related party transactions? 1. 2. 3. 4. The level of detection risk The extent of test of controls The level of control risk Factual misstatements

i. In general, there are two dimensions to audit evidence: sufficiency (quantity) and appropriateness (quality and reliability). When considering the best approach to gather evidence, which of the following factors would most likely affect financial data reliability? 1. The organization’s methods of assigning authority and responsibility

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CGA Ontario Instructor-Led Program

2. The magnitude of a dollar misstatement 3. The auditee’s business risk 4. The...

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