09 Jan Fundamentals of Auditing ACC311

Question

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Quiz 02

Winter Semester 2016

Fundamentals of Auditing ACC311

Marks 10=1×10

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Please read the following instructions carefully before attempting Quiz:

• This Quiz covers Lesson no. 15 to 20.

• Due date of Quiz no 02 is April 1, 2016. It means that you can submit your solution file till 12 O’clock mid night April 1, 2016

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Fundamentals of Auditing ACC311 Quiz 02

Winter Semester 2016

Choose the correct/best option from given MCQs and put your answer in tabular

form as drawn above.

1. Which one of the following is FALSE about Internal Control Evaluation Checklists

(ICEC)?

a. ICEC is developed to overcome the shortcomings of Internal Control

Questionnaire

b. The rules of constructing ICEC is different than construction of Internal

Control Questionnaire

c. It is designed to determine; whether desirable internal controls are present

d. It is normally employed where system’s information has already been

recorded

2. Which one of the following examples constitutes the most reliable piece of audit

evidence available to an auditor?

a. A written confirmation from a bank

b. A supplier’s invoice kept in the client's records

c. A duplicate sales receipt dated and signed

d. A receipted shipping document

3. Inquiries of warehouse personnel concerning possible obsolete or slow-moving

inventories provide assurance about which one of the following management's

assertions?

a. Completeness

b. Existence

c. Valuation

d. Presentation

4. A well designed Internal Control Questionnaire (ICQ) should incorporate the

following EXCEPT:

a. Be a sufficient source of data for the evaluation of internal controls

b. Be organized by individual functional organizations

c. Identify the internal control system’s strengths and weaknesses

d. Should include simple yes or no responses but not narrative responses

5. Test of controls comprise of testing all of the following three things EXCEPT:

a. Design

b. Operating efficiency

c. Implementation

d. Operating effectiveness

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6. Which one of the following is an alternative name for ‘Test of controls’?

a. Analytical procedures

b. Compliance tests

c. Control procedures

d. Substantive tests

7. Techniques of Audit Tests include all of the following EXCEPT:

a. Inspection

b. Observation

c. Examination

d. Computation

8. Reliability of audit evidence is influenced by all of the following factors EXCEPT:

a. Source of the information

b. Timeliness

c. Quantity

d. Objectivity

e.

9. Auditors can use several types of audit procedures to test controls. Which one of the

following type of audit procedures is least likely to be used during tests of controls?

a. Inquiries of client personnel

b. Examination of documents, records, and reports

c. Physical examination of assets

d. Observation of control-related activities

10. The various methods of ascertaining and documenting the internal control system of

an entity include all of the following EXCEPT:

a. Organization charts

b. Organization process graph

c. Internal control questionnaires (ICQs)

d. Internal control evaluation checklists (ICEC)

-: The End:-

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