AUE2601 Assignment 3 semester 2 2023

10/4/23, 11:35 AM AUE2601-23-S2: Assessment 3




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Assessment 3

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Attempts allowed: 2

This quiz opened at Wednesday, 4 October 2023, 8:00 AM

This quiz will close on Thursday, 5 October 2023, 11:00 PM.

To continue with this quiz attempt you must open your webcam, and it will take some of your pictures randomly during the quiz.

Time limit: 45 mins

Grading method: Highest grade



Summary of your previous attempts
Attempt State Marks / 30.00 Grade / 100.00 Review


1 Finished 28.50 96.33
Submitted Wednesday, 4 October 2023, 10:35 AM




Highest grade: 96..00.


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AUE2601-23-S2




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,10/4/23, 1:38 PM Assessment 3 (page 1 of 8)




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Question 1
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Which of the following responses will address the assessed risk of material misstatement at the financial statement level?

Note that there could be more than one correct answer.




a. Increasing the sample size of the operating expenses being tested for validity and accuracy

b. Assigning more experienced staff or those with special skills or using experts

c. Physical verification of all assets and inventory

d. Emphasising to the engagement team the need to maintain professional scepticism




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,10/4/23, 1:38 PM Assessment 3 (page 1 of 8)

Question 2

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Which of the following options does not describe ways in which the auditor can reduce detection risk?
Dashboard / My courses / AUE2601-23-S2 / Welcome Message / Assessment 3




a. Proper supervision and review of the audit work performed



b.
Proper assignment of personnel to the engagement team



c. Sound planning



d.
Implementing internal controls



e. Proper assignment of personnel to the engagement team



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, 10/4/23, 1:44 PM Assessment 3 (page 2 of 8)




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Question 3
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Even though management may put controls in place at a business, these controls and policies sometimes do not provide absolute
assurance that the risks that threaten the objectives of the business will be adequately responded to due to the following reasons:

1. Management’s usual requirement is that the cost of internal control exceeds the expected benefit to be derived (cost/benefit).
2. Judgement errors on the nature and extent of the controls implemented and the risk assumed.

3. The tendency for internal controls to be directed at non-routine transactions rather than routine transactions.

4. The potential for human error due to carelessness, distraction, mistakes of judgement and the misunderstanding of instructions.
5. The possibility of circumvention of internal controls through the collusion of a member of management, or an employee, with
parties outside or inside the company.
Which option correctly indicates the limitations of internal controls?




a.
1 and 5



b. 1, 3 and 4



c.
1, 2, 3, 4 and 5



d. 1, 3 and 4



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