AUD Study Group Q4 2014 - Page 87

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  • October 9, 2014 at 4:16 am #623144
    Anonymous
    Inactive

    Which of the following is a documentation requirement that an auditor should follow in a financial audit in accordance with Government Auditing Standards?

    A. The auditor should document the supervisory review of the evidence that supports the findings, conclusions, and recommendations contained in the auditors’ report.

    B. The audit documentation should contain copies of documents examined.

    C. The auditor should document all deficiencies in internal control discovered during the audit.

    D. The audit documentation should contain a caveat that all instances of material errors and fraud may not be identified.

    October 9, 2014 at 4:18 am #623145
    Anonymous
    Inactive

    I'll go with D

    October 9, 2014 at 4:24 am #623146
    Anonymous
    Inactive

    Answer is A.

    October 9, 2014 at 4:35 am #623147
    Anonymous
    Inactive

    An auditor was engaged to conduct a performance audit of a governmental entity in accordance with Government Auditing Standards. These standards do not require, as part of this auditor's report:

    Select an answer:

    A.

    the objectives, scope, and methodology of the audit.

    B.

    the audit results.

    C.

    the nature of any privileged and confidential information omitted.

    D.

    a concurrent opinion on the financial statements taken as a whole.

    October 9, 2014 at 4:44 am #623148
    Future Ninja
    Participant

    Which of the following controls is not usually performed in the vouchers payable department?

    A.

    Matching the vendor's invoice with the related receiving report

    B.

    Approving vouchers for payment by having an authorized employee sign the vouchers

    C.

    Indicating the asset and expense accounts to be debited

    D.

    Accounting for unused prenumbered purchase orders and receiving reports

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    October 9, 2014 at 4:45 am #623149
    Anonymous
    Inactive

    Ninja, is it D?

    October 9, 2014 at 4:53 am #623150
    Future Ninja
    Participant

    yes it is D.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    October 9, 2014 at 4:55 am #623151
    Anonymous
    Inactive

    D.

    a concurrent opinion on the financial statements taken as a whole.

    I'll also go with D. Accounting for unused prenumbered purchase orders and receiving reports

    October 9, 2014 at 4:58 am #623152
    Future Ninja
    Participant

    is it C?

    An auditor was engaged to conduct a performance audit of a governmental entity in accordance with Government Auditing Standards. These standards do not require, as part of this auditor's report:

    Select an answer:

    A.

    the objectives, scope, and methodology of the audit.

    B.

    the audit results.

    C.

    the nature of any privileged and confidential information omitted.

    D.

    a concurrent opinion on the financial statements taken as a whole.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    October 9, 2014 at 5:07 am #623153
    Anonymous
    Inactive

    The answer was D

    October 9, 2014 at 5:09 am #623154
    Future Ninja
    Participant

    #16. When an accounting application is processed by computer, an auditor cannot verify the reliable operation of programmed controls by:

    A.

    manually comparing detail transaction files used by an edit program to the program's generated error listings to determine that errors were properly identified by the edit program.

    B.

    constructing a processing system for accounting applications and processing actual data from throughout the period through both the client's program and the auditor's program.

    C.

    manually re-performing, as of a point in time, the processing of input data and comparing the simulated results to the actual results.

    D.

    periodically submitting auditor-prepared test data to the same computer process and evaluating the results.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    October 9, 2014 at 5:11 am #623155
    Future Ninja
    Participant

    oh my.. now im in trouble.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    October 9, 2014 at 5:12 am #623156
    Future Ninja
    Participant

    few mistakes in a row. tsk tsk tsk..

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    October 9, 2014 at 5:17 am #623157
    Anonymous
    Inactive

    #16 A?

    October 9, 2014 at 5:19 am #623158
    Anonymous
    Inactive

    I just finished Governmental audit so I know the answer to CPAHOPEFUL11's question. I got it wrong though (also answered C) the first time, so better have it wrong now than on the actual exam.

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