5 Written questions
3 Matching questions
- Voucher register (387)
- Which of the following is most likely to indicate fraud? A-Several overpayments are made for goods received from a supplier. B-The year end cash balance does not include cash in transit to the company at year-end. C-A check received after year end was inadvertently recorded as if received before year-end. D-A documented loan to an officer of the company
- A security owned by a company is from another company that recently declared bankruptcy. Which of the following is the auditor's primary concern with the investment? A-Existence B-Presentation C-Completeness D-Valuation
- a ...
- b D-Valuation
- c A-Several overpayments are made for goods received from a supplier.
5 Multiple choice questions
- C-Compare cash register totals to a total that is automatically generated by each gas pump.
- A reference book published monthly by investment advisory services reporting detailed information concerning all listed and many unlisted securities; includes dividend dates and amounts, current prices of securities, and other condensed financial data.
- D-A bank transfer schedule
5 True/False questions
To gather evidence regarding the balance per bank on a bank reconciliation, an auditor could examine all of the following except: A-Cutoff bank statement. B-Year-end bank statement. C-Bank confirmation. D-General ledger. → B-Inherent risk
Broker's advice (410) → A notification sent by a stockbrokerage firm to a customer reporting the terms of a purchase or sale of securities.
A four column bank reconciliation ("proof of cash") will generally assist an auditor in detecting: A-An unrecorded (on the books) deposit made at the beginning of the month; the amount was withdrawn late in the month, again with no book entry. B-A second payment of a liability that had already been paid in full. C-A check written and recorded on the books for $2,000, not $200 the amount of the actual liability. D-An embezzlement of a portion of the company's petty cash. → A-An unrecorded (on the books) deposit made at the beginning of the month; the amount was withdrawn late in the month, again with no book entry.
It is most likely to be efficient to test the controls over financial investments when:A-Controls are thought to be weak. B-Substantive tests may be performed. C-Analytical procedures are possible. D-The company trades or holds a large number of securities. → A-Controls are thought to be weak.
Lockbox (384) → ...