1.
The audit
objective that all transactions and accounts that should be presented in the
financial statements are in fact included is related to which of the PCAOB
assertions?
A.
Existence
B.
Rights and obligations
C.
Completeness
D.
Valuation
2.
Cutoff tests
designed to detect purchases made before the end of the year that have been
recorded in the subsequent year provide assurance about management’s
assertion of
A.
presentation and Disclosure.
B.
completeness.
C.
rights and obligations.
D.
existence.
3.
During an
audit of an entity’s stockholders’ equity accounts, the auditor determines
whether there are restrictions on retained earnings resulting from loans,
agreements or state law. This audit procedure most likely is intended to
verify management’s assertion of
A.
existence or occurrence.
B.
completeness.
C.
valuation or allocation.
D.
presentation and disclosure.
4.
The
confirmation of an account payable balance selected from the general ledger
provides primary evidence regarding which management assertion?
A.
Completeness
B.
Valuation
C.
Allocation
D.
Existence
5.
What type of
evidence would provide the highest level of assurance in an attestation
engagement?
A.
Evidence secured solely from within the entity.
B.
Evidence obtained from independent sources.
C.
Evidence obtained indirectly.
D.
Evidence obtained from multiple internal inquiries.
6.
Which of the
following management assertions is an auditor most likely testing if the
audit objective states that all inventory on hand is reflected in the ending
inventory balance?
A.
The entity has rights to the inventory.
B.
Inventory is properly valued.
C.
Inventory is properly presented in the financial statements.
D.
Inventory is complete.
7.
An auditor
traces the serial numbers on equipment to a nonissuer’s sub-ledger. Which of
the following management assertions is supported by this test?
A.
Valuation and allocation.
B.
Completeness.
C.
Rights and obligations.
D.
Presentation and disclosure.
8.
An auditor
has substantial doubt about the entity’s ability to continue as a going
concern for a reasonable period of time because of negative cash flows and
working capital deficiencies. Under these circumstances, the auditor would be
most concerned about the
A.
control environment factors that affect the organizational
structure.
B.
correlation of detection risk and inherent risk.
C.
effectiveness of the entity’s internal control activities.
D.
possible effects on the entity’s financial statements.
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