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    Acctg32 Establishing Overall Audit Strategy Midterm L1P1 Assignment

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    Jeane Mae Boo
    This document contains a multiple choice quiz about establishing an overall audit strategy and audit plan. It covers key aspects of audit planning such as setting the scope, timing and direction of the audit, developing a detailed audit plan, considering risks and materiality, and flexibility. The questions test understanding of the requirements for audit planning, the main reasons for planning engagements, and the factors to consider when establishing an overall audit strategy.

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    Acctg32 Establishing Overall Audit Strategy Midterm L1P1 Assignment

    Uploaded by

    Jeane Mae Boo
    97 views2 pages
    This document contains a multiple choice quiz about establishing an overall audit strategy and audit plan. It covers key aspects of audit planning such as setting the scope, timing and direction of the audit, developing a detailed audit plan, considering risks and materiality, and flexibility. The questions test understanding of the requirements for audit planning, the main reasons for planning engagements, and the factors to consider when establishing an overall audit strategy.

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    Midterm_L1P1_Assignment_Test

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    This document contains a multiple choice quiz about establishing an overall audit strategy and audit plan. It covers key aspects of audit planning such as setting the scope, timing and direction of the audit, developing a detailed audit plan, considering risks and materiality, and flexibility. The questions test understanding of the requirements for audit planning, the main reasons for planning engagements, and the factors to consider when establishing an overall audit strategy.

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    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    97 views2 pages

    Acctg32 Establishing Overall Audit Strategy Midterm L1P1 Assignment

    Uploaded by

    Jeane Mae Boo
    This document contains a multiple choice quiz about establishing an overall audit strategy and audit plan. It covers key aspects of audit planning such as setting the scope, timing and direction of the audit, developing a detailed audit plan, considering risks and materiality, and flexibility. The questions test understanding of the requirements for audit planning, the main reasons for planning engagements, and the factors to consider when establishing an overall audit strategy.

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    © All Rights Reserved
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    ACCTG32 ESTABLISHING OVERALL AUDIT STRATEGY MIDTERM L1P1

    ASSIGNMENT

    Multiple Choice
    Identify the choice that best completes the statement or answers the question.

    ____ 1. Audit Planning


    This involves establishing the overall audit strategy for the engagement and developing an audit plan, in order
    to reduce audit risk to an acceptably low level.
    a. Audit procedures c. Audit program
    b. Audit planning d. Audit working papers

    ____ 2. The overall audit stratefy sets the scope, timing and direction of the audit, and guides the development of the
    more detailed audit plan.

    The audit plan is more detailed than the overall audit strategy and includes to be performed by engagement
    team members in order to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably
    low level.
    a. True, true c. False, false
    b. True, false d. False, true

    ____ 3. The overall audit strategy should be updated and changed as necessary during the course of the audit.

    The overall audit plan should be updated and changed as necessary during the course of the audit.
    a. True, true c. False, false
    b. False, true d. True, false

    ____ 4. In planning an audit engagement, the auditor is required to develop and document a(an)
    I. Audit Plan
    II. Flowchart
    III. Overall Audit Strategy
    a. Both II and III c. Both I and III
    b. Both I and II d. I , II and III

    ____ 5. The nature and extent of planning will vary according the following except
    a. Size of the audit firm
    b. Complexity of the entity
    c. Auditor’s experience with the entity
    d. Change in circumstances that occur during the audit engagement

    ____ 6. Adequate audit planning helps ensure that appropriate attention is devoted:
    1. To important areas of the audit
    2. So that potentia problems are pronptly identified and resolved
    3. So that the wok is performed in an effective and efficient manner
    a. yes, yes, no c. yes, no, no
    b. yes, yes, yes d. yes, no, yes

    ____ 7. Which of the following is not one of the three main reasons why the auditor should property plan
    engagements?
    a. To enable proper on-the-job training of employees.
    b. To enable the auditor to obtain sufficient appropriate evidence.
    c. To avoid misunderstandings with the client.
    d. To help keep audit costs reasonable.

    ____ 8. Overall audit plan should


    1. Precede actiom
    2. Be flexible
    3. Be cost beneficial
    a. yes, yes, yes c. yes, yes, no
    b. no, no, yes d. no, yes, yes

    ____ 9. Overall Audit Strategy


    The following are the matters to be considered by the auditor in establishing the overall audit strategy, except
    a. Defining the scope of the examination
    b. Assess risk and materiality
    c. Computation of audit fees
    d. Ascertaining the reporting objectives of the engagement

    ____ 10. In developing the overall audit strategy for a new client, factor not be considered is:
    a. The terms of the engagement and any statutory responsibilities.
    b. The client’s business, including the structure of the organization and accounting system
    used.
    c. the specific procedures to be performed to gather audit evidence.
    d. The audit risk, and procedures to be performed to achieve audit objectives.

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