auditing考试重点归纳总结.pdf

CLASSQUESTIONEXPLANATIONS 1 Auditing 1 class question explanations3 2 Auditing 2classquestion explanations9 3 Auditing 3classquestion explanations16 4 Auditing 4classquestion explanations23 5 Auditing 5classquestion explanations30 I I I I I I I I I I I I I I I I I I BeckerProfessionalEducationICPAEXJmReviewClassQuestionExplanations AUDITING1 1 CPA 02304 Choice c iscorrect The objective of the fourth reporting standardistoprevent any misinterpretation of the degree of responsibility the auditor assumes when his or her name is associated with financial statements Choice a is incorrect The auditor may express different opinions on each of the basic financial statements Choice b isincorrect While the fourth reporting standard may deter deliberate limitation of scope by the client thisisnot its objective Choice d is incorrect Anauditor may expressanopiniononone financial statement such as a balance sheet and notonother related financial statements as long as the auditor s procedures have not been restricted 2 CPA 02302 Choice c iscorrect Anauditor may expressanopiniononone financial statement suchasa balance sheet and not on other related financial statements provided that the auditor s procedures and access to all information underlying the basic financial statements have not been restricted This is simplyan engagement with limited reporting objectives Choice a is incorrect Compliance with this request would not violate any ethical standards of the profession Choice b isincorrect A piecemeal opinion which is prohibited is oneinwhich different opinions are issuedonenough different elements in the same financial statement as to constitute a major portion of the financial statements Choice d isincorrect As iong as the auditor s scope has not been limited the auditor may reporton only one financial statement 3 CPA 02787 Choice d iscorrect If a contingent liability is probable but not estimable and it is disclosedinthe footnotes the auditor issuesanunqualified audit report withoutanexplanatory paragraph Choice a is incorrect When a contingent liabilityisprobable but not estimable it shouldbedisclosedin the footnotes A qualified opinion due to a scope limitation would resultifsufficient audit evidence exists butisnot available to the auditor possibly due to client imposed restrictions Choice b is incorrect A qualified opinion due to a departure fromGMPwould be issuedifthe client did not disclose the contingent liability in the footnotes to the financial statements Choice c isincorrect If a contingent liabilityisprobable but not estimable and itisdisclosedinthe footnotes the auditor issuesanunqualified audit report without an explanatory paragraph 2010 DeVrv Becker Educational Development Corp Allrights reserved CO 3 ClassQuestionExplanationsBecker Professional EducationICPAbarnReview 4 CPA 02544 Choice d iscorrect When the principal auditor decides not to make referencetothe audit of the other auditor inadditiontosatisfying himself or herself as to the other auditor s professional reputation and independence heor she should visit the other auditor discuss the audit procedures and or review the audit programs and audit documentation of the other auditor Choice a isincorrect The principal auditor may decide not to make referencetothe other auditor even when the portionofthe financial statements audited by the other auditorismaterial When the auditor takes this position he or she should not stateinhis report that partofthe audit was made by another auditor Choice b is incorrect The principal auditor s decision not to assume responsibility for the other auditor s work need notbeincludedinthe engagement letter Choice c isincorrect The principal auditor does not need permission from the other auditortoassume responsibility Permissionisneeded only if the principal auditor decidestodivide responsibility and would liketorefer to the other auditor by name 5 CPA 02764 Choice a iscorrect When circumstances indicate that financial presentationinaccordance with GAAP would be misleading a departure from GAAPispermissible Insuch cases the auditor should disclose the departureinanexplanatory paragraph but may issueanunqualified opinion on the financial statements Choices b c and d are incorrect The auditor s opinion need notbequalified or adverse since the financial statements are presented fairly 6 CPA 02389 Choice c iscorrect The auditor has a responsibility to evaluate whether there is substantial doubt about the entity s ability to continue as a going concern for a reasonable period of time not to exceed one year If the auditor concludes that thereissubstantial doubt the auditor should includeanexplanatory paragraph following the opinion paragraph and should include the terms substantial doubt and going concern The time periodisnot mentionedinthe audit report Choices a b and d are incorrect as explained above 7 CPA 02417 Choice c iscorrect A changeinaccounting estimate such as a changeinthe useful life of a depreciable asset isaccounted for prospectively and does not affect the comparability of financial statements between periods Since the auditor s standard report implies that consistency exists no modificationtothe reportisnecessary Choices a b and d are incorrect Assuming their effects are material changes in accounting principle resultinthe addition ofanexplanatory paragraph following the opinion paragraph inthe auditor s report Such a consistency modificationisrequired even if the previous accounting principle was not GAAP and even if management lacks reasonable justification for the change Note A lack of reasonable justification for the change may also give rise to a report modification based on a departure from GAAP co 4 2010 DeVry Becker Educational Development Corp All rights reserved Becker Professional EducationICPAExam Review 8 CPA 02469 ClassQuestionExplanations Choice c is correct The only phrase acceptableina qualified opinion is except for Inthe presence of inadequate disclosure the auditor s opinion would state In our opinion except for the omissionofthe information discussedinthe preceding paragraph Choice a isincorrect Subject to opinions are not used Choice b is incorrect Inthe presenceofinadequate disclosure the auditor s opinion would state except for The phrase with the foregoing explanation isexpressly prohibited Choice d isincorrect The statement does not present fairly would be used for an adverse opinion not for a qualified opinion 9 CPA 02539 Choice b iscorrect If the financial statements including accompanying notes fail to disclose information thatisrequired by generaliy accepted accounting principles the auditor should express a qualified or adverse opinion Choice a isincorrect A disclaimerofopinionisnot an appropriate report for inadequate disclosure or a GAAP departure Choice c isincorrect A disclaimerofopinion or an unqualified opinion with an explanatory paragraph are not appropriate for a client with a material undisclosed item or GAAP departure Choice d is incorrect An unqualified opinion with an explanatory paragraph is not appropriate for a client with a material undisclosed item or GAAP departure 10 CPA 02376 Choice d iscorrect The introductory paragraphofthe standard unqualified report includes a statement that the financial statements are the responsibilityofthe company s management Management s refusal to accept responsibility for the fair presentationofthe financial statements therefore precludes issuance ofthis standard report Choices a b and c are incorrect as there are generally alternative procedures the auditor can perform to accomplish his or her goals 11 CPA 02834 Choice d is correct When a qualified opinion results from a lackofaudit evidence the situation should be describedinan explanatory paragraph preceding the opinion paragraph and referred toinboth the scope and opinion paragraphs Choices a b and c are incorrect per the above explanation 2010 DeVry 8ecker Educational Development Corp All rights reserved co 5 ClassQuestion Explanations 12 CPA 02452 Becker ProfessionalEducationICPAExam Review Choice b is correct A disclaimer of opinion means that the auditor was unable to obtain sufficient appropriate audit evidence to provide a reasonable basis foranopinion thus NO opinion is expressed Anunjustified accounting changeisa GAAP departure that may result in a qualified or adverse opinion not a disclaimer Choice a isincorrect Inability to determine amounts associated withanemployee fraud schemeisa scope limitation that may resultina disclaimer of opinion Choice c isincorrect Refusal by the clienttopermit the auditor to confirm accounts receivableisa scope limitation and may resultina disclaimer of opinion Choice d is incorrect Refusal of managementtosign a management representation letter casts doubt onthe audit evidence gathered and automatically constitutes a limitonscope that would likely resultina disclaimer of opinion 13 CPA 03040 Choice a iscorrect If during the current audit auditors become aware of circumstances or events that affect the financial statements of a prior period they should consider such matters when updating the reportonthe financial statements of the prior period For example if auditors have previously qualified their opinionorexpressedanadverse opinion on financial statements of a prior period because of a departure from generally accepted accounting principles and the prior period financial statements are restatedinthe current periodtoconform with generally accepted accounting principles the auditor s updated reportonthe financial statements of the prior period should indicate that the statements have been restated and should expressanunqualified opinion with respect to the restated financial statements Choice b isincorrect The predecessor auditor generally would not change a previously issued opinion when reissuing the audit report Choice c isincorrect A difference of opinions between periods would not resultinthe auditor changing the opinion on a previously issued audit report Choice d isincorrect Restatement of financial statements following a pooling of interests affects comparabilityofthe financial statements but would not result in a changeinopinion from the audit report previously issued 14 CPA 04614 Choice c iscorrect When a successor auditor does not present the predecessor auditor s report the successor should indicateinthe introductory paragraph that the predecessor auditor expressedan unqualified opiniononthe prior year s financiai statements Choice a isincorrect No assuranceisprovided regarding the fair presentation of the prior year s financial statements Choice b is incorrect The auditor does make referencetothe prior year s financial statements indicatinginthe introductory paragraph that the predecessor auditor expressedanunqualified opinionon the prior year s financial statements Choice d isincorrect Thereisno requirement that the successor obtain a letterofrepresentation from the predecessor auditor although the reverse may be true the predecessor should obtain a letter of representation from the successor if the previous reportisto be reissued CQ 6 2010 DeVry Becker Educational Development Corp All rights reserved BeckerProfessionalEducationICPALx lmReviewClassQuestionExplanations 15 CPA 04612 Choice a is correct If the auditor chooses to use the later date for the report this extends his her responsibility forallsubsequent events to this later date Choice b isincorrect Dating the report August27means that the auditoristaking responsibility for all subsequent events through August 27 Choice c isincorrect Dating the report August27means that the auditoristaking responsibility for all subsequent events through August 27 Ifthe auditor wishestoberesponsible for all subsequent events through August13and only the one specific event after that date he she would need to dual date the report Choice d isincorrect Dating the report August 27 means that the auditoristaking responsibility forall subsequent events through August 27 16 CPA 04611 Choice d iscorrect Ifthe omitted audit procedures impair the auditor s ability to support the previously issued opinion the auditor should promptly undertake to apply the omitted procedures or alternative procedures Choice a isincorrect The auditor s specific approachtoidentified risks at the relevant assertion levelis not relevantinevaluating whether an omitted audit procedure should be applied This determination shouldbebasedonwhether the omission of the procedure impairs the auditor s ability to support the opinion Choice b isincorrect Whether or not the working papers are subject to post issuance review in connection with a peer review program is not relevantinevaluating whetheranomitted audit procedure shouldbeapplied Sufficient evidence to support the opinionisnecessary regardless of whether or not there willbea peer review Choice c isincorrect Ifthe results of other procedures that were applied tended to compensate for the one omitted there wouldbeadequate support for the audit opinion and the omitted procedure would not need to be applied 17 CPA 04617 Choice b iscorrect The auditor should perform limited procedures on supplementary information accompanying the financial statements Inaddition the auditor s reportonthe financial statements should includeanexplanatory paragraph regarding the required supplementary information Choice a isincorrect The auditorisnot required to audit suppiementary information Choice c isincorrect The auditorisrequiredtoperform certain limited procedures with respect to supplementary information Choice d is incorrect The auditorisresponsible for performing certain limited procedureson supplementary information and for addinganexplanatory paragraph to the audit report 2010DeVryj8eckerEducational Development Corp Allrights reservedCQ 7 ClassQuestionExplanations Becker Professional EducationICPAExam Review 18 CPA 01499 Choice c is correct Independence of a member is impaired if the CPA s spouse is employed by the clientina position which is audit sensitive Examplesofpositions that are audit sensitive include cashier internal auditor accounting supervisor purchasing agent or inventory warehouse supervisor Choice a is incorrect The following typesofloans do not impair independence 1 Automobile loans 2 Loans of the surrender value under terms ofaninsurance policy 3 Borrowings fully collateralized by cash deposits at the same financial institution and 4 Credit cards and cash advancesonchecking accounts withanaggregate balance not paid currently of 5 000 or less Choice b isincorrect Litigation not relatedtothe engagement foranimmaterial amount does not impair independence Choice d isincorrect Acting asanhonorary trustee for a not for profit company does not impair independence 19 CPA 01486 Choice c iscorrect A CPA may not accept a commission for recommending a product to a client if the CPA audits or reviews that client s financial statements Choice a isincorrect A CPA may resell a product to a client Choice b isincorrect This is not considered incompatible with a CPA s practice Choice d isincorrect A CPA may accept engagements obtained through the effortsofthird parties 20 CPA 05805 Choice b is correct Failure to return records to a client after the client makes a demandisconsidered tobeanact discreditable to the profession and as such violates the profession s ethical standards Choice a isincorrect Thereisno prohibition against using a records retention agency to store confidential client records Choice c isincorrect Arranging with a financial institution to collect notes issued by a clientinpayment offees due does not violate the profession s ethical standards Choice d isincorrect A compilation of financial statements does not require the auditor tobe independent although the lack of independence should be disclosed 21 CPA 06110 Choice c iscorrect The ethical standards that apply to the audits of issuers SOx PCAOB SEC require that the lead partner rotate off the audit engagement after 5 years The AICPA Code of Professional Conduct whichisfollowed when auditing nonissuers does not require audit partner rotation Choice a is incorrect All U S ethical standards prohibit the performance of financial information systems design and implementation services for audit clients Choice b isincorrect Loans to or from clients other than loans from financial institutions under normal lending policies are prohibited for auditsofissuers and nonissuers under all ethical standards Choice d isincorrect Any direct financial interestina client impairs independence whether the client is an issuer or a nonissuer co 8 2010 DeVry Becker Educational Development Corp Atlrights reserved BeckerProfessionalEducationICPAEXJIl1ReviewClassQuestion Explanations AUDITING2 1 CPA 02432 Choice c iscorrect The AICPA sStatements on Quality Control Standardsassert that a system of quality control for a firm encompasses the firm s organizational structure and the policies and procedures established by the firm in order to provide reasonable assurance of conforming to professional standards Toward that end policies and procedures for human resources including assigning personnel to engagements shouldbeestablished to provide reasonable assurance that the persons assigned will have the technical training and proficiency required to perform their work and progress within the firm Choice a isincorrect Compliance with laws and regulations falls under the Code of Professional Conduct Choice b isincorrect The useofstatistical sampling techniques involves auditing standards not standards of quality control Choice d isincorrect The consideration of audit risk and materiality involves auditing standards not standards of quality control 2 CPA 02418 Choice c iscorrect A firm s failure to establish or comply withanappropriate system of quality control does not necessarily imply that the firm has failed to follow professional standardsonindividual engagements Choice a isincorrect