Edrftgyihu jiuh
Auditing: A Practical
Approach, 3rd
ST
Australian Edition
UV
TEST BANK
IA
_A
Robyn Moroney
Fiona Campbell
PP
Jane Hamilton
────────────────────────────────────────────────────
RO
Comprehensive Test Bank for Instructors
and Students
VE
||| ||| || ||| || | || ||| | || ||| |
9780730326496
© Robyn Moroney, Fiona Campbell, & Jane Hamilton. All
D?
rights reserved. Reproduction or distribution without
permission is prohibited.
© MEDGEEK
, Edrftgyihu jiuh
Auditing: A Practical Approach — Test Bank
Robyn Moroney, Fiona Campbell and Jane Hamilton
ISBN: 9780730326496
ST
Chapter 1: Introduction and overview of audit and assurance
Chapter 2: Ethics, legal liability and client acceptance
Chapter 3: Risk assessment I
UV
Chapter 4: Risk assessment II
Chapter 5: Audit evidence
Chapter 6: Gaining an understanding of the client’s system of internal controls
Chapter 7: Sampling and overview of the risk response phase of the audit
Chapter 8: Execution of the audit — testing of controls
IA
Chapter 9: Execution of the audit — performing substantive procedures
Chapter 10: Substantive testing and balance sheet accounts
Chapter 11: Substantive testing and income statement accounts
Chapter 12: Completing and reporting on the audit
_A
PP
RO
VE
D?
© MEDGEEK
, Chapter 1: Introduction and overview of audit and assurance
Chapter 1: Introduction and overview of audit and assurance
True/False
1. The nature of audit procedures refers to the reliance on evidence provided by the
client and its management.
ST
*a. True
b. False
Correct answer: a
UV
Learning Objective 1.2 ~ Discriminate between different types of assurance services
2. A compliance audit involves gathering evidence to ascertain whether the person or
entity under review has followed the rules, policies, procedures, laws and regulations
with which they must conform.
IA
*a. True
b. False
_A
Correct answer: a
Learning Objective 1.2 ~ Discriminate between different types of assurance services
3. An operational audit is an example of a compliance audit.
PP
a. True
*b. False
Correct answer: b
RO
Learning Objective 1.2 ~ Discriminate between different types of assurance services
4. The most common types of assurance engagements are financial report audits,
confirmation audits, performance audits, comprehensive audits and assurance on
VE
corporate social responsibility (CSR) disclosures.
a. True
*b. False
D?
Correct answer: b
Learning Objective 1.2 ~ Discriminate between different types of assurance services
© John Wiley & Sons Australia, Ltd 2017 1.2
, Testbank to accompany Auditing: a practical approach 3e
5. An assurance engagement is performed by an auditor or consultant to enhance the
reliability of the subject matter.
*a. True
b. False
Correct answer: a
ST
Learning Objective 1.2 ~ Discriminate between different types of assurance services
6. An audit of a financial report by the contracted auditors will give absolute assurance
UV
that the financial reports give a true and fair view of the financial performance of the
entity.
a. True
*b. False
IA
Correct answer: b
Learning Objective 1.3 ~ Discriminate between different levels of assurance
_A
7. An audit engagement is performed by an Auditor to provide a reasonable assurance
that the financial report gives a true and fair view of the business activities for the
period.
PP
*a. True
b. False
Correct answer: a
RO
Learning Objective 1.3 ~ Discriminate between different levels of assurance
8. A no assurance engagement is of little use as no assurance is given to the client.
a. True
VE
*b. False
Correct answer: b
Learning Objective 1.3 ~ Discriminate between different levels of assurance
D?
© John Wiley & Sons Australia, Ltd 2017 1.3
Auditing: A Practical
Approach, 3rd
ST
Australian Edition
UV
TEST BANK
IA
_A
Robyn Moroney
Fiona Campbell
PP
Jane Hamilton
────────────────────────────────────────────────────
RO
Comprehensive Test Bank for Instructors
and Students
VE
||| ||| || ||| || | || ||| | || ||| |
9780730326496
© Robyn Moroney, Fiona Campbell, & Jane Hamilton. All
D?
rights reserved. Reproduction or distribution without
permission is prohibited.
© MEDGEEK
, Edrftgyihu jiuh
Auditing: A Practical Approach — Test Bank
Robyn Moroney, Fiona Campbell and Jane Hamilton
ISBN: 9780730326496
ST
Chapter 1: Introduction and overview of audit and assurance
Chapter 2: Ethics, legal liability and client acceptance
Chapter 3: Risk assessment I
UV
Chapter 4: Risk assessment II
Chapter 5: Audit evidence
Chapter 6: Gaining an understanding of the client’s system of internal controls
Chapter 7: Sampling and overview of the risk response phase of the audit
Chapter 8: Execution of the audit — testing of controls
IA
Chapter 9: Execution of the audit — performing substantive procedures
Chapter 10: Substantive testing and balance sheet accounts
Chapter 11: Substantive testing and income statement accounts
Chapter 12: Completing and reporting on the audit
_A
PP
RO
VE
D?
© MEDGEEK
, Chapter 1: Introduction and overview of audit and assurance
Chapter 1: Introduction and overview of audit and assurance
True/False
1. The nature of audit procedures refers to the reliance on evidence provided by the
client and its management.
ST
*a. True
b. False
Correct answer: a
UV
Learning Objective 1.2 ~ Discriminate between different types of assurance services
2. A compliance audit involves gathering evidence to ascertain whether the person or
entity under review has followed the rules, policies, procedures, laws and regulations
with which they must conform.
IA
*a. True
b. False
_A
Correct answer: a
Learning Objective 1.2 ~ Discriminate between different types of assurance services
3. An operational audit is an example of a compliance audit.
PP
a. True
*b. False
Correct answer: b
RO
Learning Objective 1.2 ~ Discriminate between different types of assurance services
4. The most common types of assurance engagements are financial report audits,
confirmation audits, performance audits, comprehensive audits and assurance on
VE
corporate social responsibility (CSR) disclosures.
a. True
*b. False
D?
Correct answer: b
Learning Objective 1.2 ~ Discriminate between different types of assurance services
© John Wiley & Sons Australia, Ltd 2017 1.2
, Testbank to accompany Auditing: a practical approach 3e
5. An assurance engagement is performed by an auditor or consultant to enhance the
reliability of the subject matter.
*a. True
b. False
Correct answer: a
ST
Learning Objective 1.2 ~ Discriminate between different types of assurance services
6. An audit of a financial report by the contracted auditors will give absolute assurance
UV
that the financial reports give a true and fair view of the financial performance of the
entity.
a. True
*b. False
IA
Correct answer: b
Learning Objective 1.3 ~ Discriminate between different levels of assurance
_A
7. An audit engagement is performed by an Auditor to provide a reasonable assurance
that the financial report gives a true and fair view of the business activities for the
period.
PP
*a. True
b. False
Correct answer: a
RO
Learning Objective 1.3 ~ Discriminate between different levels of assurance
8. A no assurance engagement is of little use as no assurance is given to the client.
a. True
VE
*b. False
Correct answer: b
Learning Objective 1.3 ~ Discriminate between different levels of assurance
D?
© John Wiley & Sons Australia, Ltd 2017 1.3
