题号：1 | 类型：单选题
题目：
Daffy Co makes and sells medical equipment and has a sizeable research and development unit. The directors have identified three material applied research projects whose results they hope will be developed into viable products. They have therefore capitalised the expenditure on these projects and will amortise it over three years. This contravenes IAS 38 Intangible assets although the accounts fully disclose the treatment adopted. What form should the opinion in the audit report take?
选项：A. An adverse opinion.
B. Unmodified, without reference to the matter.
C. A qualified opinion due to an inability to obtain sufficient appropriate audit evidence.
D. A qualified opinion due to incorrect capitalisation of the expenditure.
答案： D
解析：
The correct answer is: A qualified opinion due to incorrect capitalisation of the expenditure.
Under IAS 38 Intangible assets only development expenditure may be capitalised if it meets certain criteria, however it requires applied research to be written off.
Therefore this is non-compliance with IAS 38 and relates to material items.
题号：2 | 类型：单选题
题目：
The directors of Growler, which retails exclusive clothes in two shops, have telephoned their auditor to discuss their September management figures. They are worried by the increase in labour and cost of goods sold as a percentage of sales. The auditor discussed the problem with the directors and establishes that inventory was counted in both shops at the close of business on 30 September. Which one of the following explanations put forward by the directors would explain the fall in gross profit?
选项：A. The staff of one shop closed down their till early on the last day of the month in order to complete their monthly return forms. The takings for that day were treated as belonging to the next month.
B. The value of closing inventories at one shop was overstated due to both assistants including the same rail of clothes in their counts.
C. One shop had employed a part-time assistant for two weeks paying her from petty cash and recording the cost as cleaning.
D. Both shops had started to use increased sales prices, which should have not come into effect until the following month.
答案： A
解析：
The correct answer is: The staff of one shop closed down their till early on the last day of the month in order to complete their monthly return forms. The takings for that day were treated as belonging to the next month.
A fall in gross profit could only have resulted from here as this cut-off error reduced sales and therefore gross profit margin. The other options would have increased gross profits.
题号：3 | 类型：单选题
题目：
Moonfish's non-current asset investments comprise of a number of works of art which have previously been carried in the statement of financial position at cost. These have been valued by the directors, none of whom is a qualified fine art valuer or auctioneer. The valuation has been incorporated in the draft financial statements and the revalued figure represents some 15% of the gross assets of the company as reported on the statement of financial position. The directors have not sought to obtain a specialist valuation. Which of the following statements is correct?
选项：A. The auditor must himself obtain a specialist valuation, as the directors have failed to do so.
B. The auditor can insist that the revalued figure is not incorporated in the financial statements.
C. The auditor does not have a responsibility to obtain a specialist valuation, but if there is insufficient evidence to form an opinion he should modify his opinion in the auditor's report.
D. The auditor may require that the directors obtain a specialist valuation.
答案： C
解析：
The correct answer is: The auditor does not have a responsibility to obtain a specialist valuation, but if there is insufficient evidence to form an opinion he should modify his opinion in the auditor's report.
The auditor does not have a responsibility to seek specialist evidence independently if management are unable or unwilling to obtain it themselves. If the auditor is unable to obtain sufficient evidence to draw reasonable conclusions without specialist evidence, he should consider modifying his report due to a lack of sufficient appropriate audit evidence regarding valuation.
题号：4 | 类型：单选题
题目：
Which of the following correctly describes the assurance given in an external audit carried out by a professional accountant in accordance with ISAs?
选项：A. No assurance, but the accountant just reports the factual findings of the engagement.
B. No assurance, but the accountant's expertise is used to collect, classify and summarise financial information.
C. A limited level of assurance that the information subject to review is free of material misstatement.
D. A high, but not absolute, level of assurance that the information subject to review is free of material misstatement
答案： D
解析：
The correct answer is: A high, but not absolute, level of assurance that the information subject to review is free of material misstatement.
In an external audit engagement the auditor provides a high, but not absolute, level of assurance that the information audited is free of material misstatement. This is expressed positively in the audit report as reasonable assurance.
A limited level of assurance that the information subject to review is free of material misstatement is given in a review engagement. This is expressed in the form of negative assurance.
An agreed-upon procedures engagement is one where no assurance is expressed and the auditor simply provides a report of the factual findings.
A compilation engagement is one where the practitioner is engaged to use his accounting expertise (as opposed to auditing expertise) to collect, classify and summarise financial information (noassurance is expressed).
题号：5 | 类型：单选题
题目：
Which of the following is not a financial statement assertion for classes of transactions?
选项：A. Occurrence
B. Existence
C. Cut-off
D. Accuracy
E. Completeness
答案： B
解析：
The correct answer is: Existence.
Existence is one of the financial statement assertions relating to account balances. The others all relate to classes of transactions.
题号：6 | 类型：单选题
题目：
Which of the following controls contribute to assurance that goods cannot be despatched without being invoiced? 1. Authority limits for approval of sales invoices. 2. Segregation between despatch and invoice personnel. 3. Pre-numbered despatch notes checked for items missing in the sequence. 4. Physical security over the warehouse and exits.
选项：A. Controls 1, 3 and 4 only.
B. Controls 2, 3 and 4 only.
C. Controls 2 and 3 only.
D. Controls 3 and 4 only.
答案： B
解析：
The correct answer is: Controls 2, 3 and 4 only.
These are typical internal controls that provide assurance that sales are not understated by virtue of goods being despatched that are not subsequently invoiced. Control 1 concerns approval on invoices once they are raised, and will therefore not of itself provide assurance that sales have not been omitted from the sales records.
题号：7 | 类型：单选题
题目：
In order for a perpetual inventory count system to provide satisfactory evidence of year-end inventory levels it is essential that management maintains adequate inventory records and investigates and corrects all material differences between the inventory records and the physical counts. It is also essential, as a minimum, that company employees count:
选项：A. All items at least once during the year.
B. All high value items at the year-end.
C. All items at the same time at least once during the year.
D. All items at least once during the year with the auditor in attendance.
答案： A
解析：
The correct answer is: All items at least once during the year.
The question is asking about the company's duties in maintaining control not the auditors' in checking the control environment. The requirement is to count all inventory at least once, they do not have to be counted at the same time and there is no focus on high value items only.
题号：8 | 类型：单选题
题目：
The auditor of Laissez Co completed his audit work in respect of the financial statements for the year ended 30 September 20X0 on 1 February 20X1. The directors approved the financial statements on 7 February 20X1 and the audit report was signed and dated the same day. Which of the following is the most preferable date for the directors to sign the letter of representation requested by the auditor?
选项：A. 6 February 20X1.
B. 7 February 20X1.
C. 8 February 20X1.
D. 1 February 20X1.
答案： B
解析：
The correct answer is: 7 February 20X1.
The letter of representation should be signed on a date as close as possible to the date of the audit report and after all other work, including the review of subsequent events has been completed. Where practicable the auditor will arrange for the directors to date the letter with the same date as the audit report and this will also ideally be the date the directors approve the financial statements.
The letter should never be signed after the date of the audit report since it is part of the audit evidence on which the auditor's opinion is based.
题号：9 | 类型：单选题
题目：
Which of the following statements is true with regard to internal auditors' ethics?
选项：A. Internal auditors are never entitled to disclose confidential company information to external regulators.
B. Internal auditors are required to be independent with regard to their work.
C. Internal auditors must have obtained a 'certificate of ethics' from the Institute of Internal Auditors.
D. Internal auditors are required to be objective with regard to their work.
答案： D
解析：
The correct answer is: Internal auditors are required to be objective with regard to their work.
Objectivity is a state of mind which has regard to all considerations relevant to the task in hand but no other.
Internal auditors cannot necessarily be 'independent' in their work in the same way as external auditors because the company to which they are providing service employs them. In addition, it is incorrect to say that an internal auditor is never allowed to report to external regulators. In exceptional circumstances, an internal auditor may feel the need to 'whistle blow' malpractice to an external regulator.
Lastly, there is no requirement for internal auditors to have a particular qualification. Neither do they have to be a member of a professional body. Therefore they do not need to have obtained a certificate of ethics from anyone.
题号：10 | 类型：单选题
题目：
You are an audit manager and your audit senior has found evidence that the accounts assistant at an audit client has been misappropriating amounts of petty cash. The assistant carried out the misappropriation by entering fictitious totals on the petty cash summary which was submitted monthly to the financial controller for review. You propose to recommend an unmodified audit opinion. Which of the following can be included in the management letter in respect of this evidence without amendment?
选项：A. We cannot be held responsible if employees of the company are found to have committed other more serious frauds which may be material to the accounts.
B. We recommend that the company investigates thoroughly the circumstances which our audit testing revealed and that a review of petty cash procedures be carried out in order to reduce the likelihood of fraud.
C. It appears that arithmetical errors are being made in compiling the petty cash summary.
D. In the course of our audit testing work we discovered that the accounts assistant, Mr Bovey, has perpetrated a fraud on the company.
答案： B
解析：
The correct answer is: We recommend that the company investigates thoroughly the circumstances which our audit testing revealed and that a review of petty cash procedures be carried out in order to reduce the likelihood of fraud.
"In the course of our audit testing work we discovered that the accounts assistant, Mr Bovey, has perpetrated a fraud on the company" would require amendment because it states that Mr Bovey has committed a fraud before this has been proven.
"It appears that arithmetical errors are being made in compiling the petty cash summary" is factually inaccurate: the errors appear to have been deliberate, and were not merely arithmetical errors.
"We cannot be held responsible if employees of the company are found to have committed other more serious frauds which may be material to the accounts" is inappropriate: the auditor's general responsibility for the detection of fraud should be included in a general section elsewhere in the letter.
题目：
Daffy Co makes and sells medical equipment and has a sizeable research and development unit. The directors have identified three material applied research projects whose results they hope will be developed into viable products. They have therefore capitalised the expenditure on these projects and will amortise it over three years. This contravenes IAS 38 Intangible assets although the accounts fully disclose the treatment adopted. What form should the opinion in the audit report take?
选项：A. An adverse opinion.
B. Unmodified, without reference to the matter.
C. A qualified opinion due to an inability to obtain sufficient appropriate audit evidence.
D. A qualified opinion due to incorrect capitalisation of the expenditure.
答案： D
解析：
The correct answer is: A qualified opinion due to incorrect capitalisation of the expenditure.
Under IAS 38 Intangible assets only development expenditure may be capitalised if it meets certain criteria, however it requires applied research to be written off.
Therefore this is non-compliance with IAS 38 and relates to material items.
题号：2 | 类型：单选题
题目：
The directors of Growler, which retails exclusive clothes in two shops, have telephoned their auditor to discuss their September management figures. They are worried by the increase in labour and cost of goods sold as a percentage of sales. The auditor discussed the problem with the directors and establishes that inventory was counted in both shops at the close of business on 30 September. Which one of the following explanations put forward by the directors would explain the fall in gross profit?
选项：A. The staff of one shop closed down their till early on the last day of the month in order to complete their monthly return forms. The takings for that day were treated as belonging to the next month.
B. The value of closing inventories at one shop was overstated due to both assistants including the same rail of clothes in their counts.
C. One shop had employed a part-time assistant for two weeks paying her from petty cash and recording the cost as cleaning.
D. Both shops had started to use increased sales prices, which should have not come into effect until the following month.
答案： A
解析：
The correct answer is: The staff of one shop closed down their till early on the last day of the month in order to complete their monthly return forms. The takings for that day were treated as belonging to the next month.
A fall in gross profit could only have resulted from here as this cut-off error reduced sales and therefore gross profit margin. The other options would have increased gross profits.
题号：3 | 类型：单选题
题目：
Moonfish's non-current asset investments comprise of a number of works of art which have previously been carried in the statement of financial position at cost. These have been valued by the directors, none of whom is a qualified fine art valuer or auctioneer. The valuation has been incorporated in the draft financial statements and the revalued figure represents some 15% of the gross assets of the company as reported on the statement of financial position. The directors have not sought to obtain a specialist valuation. Which of the following statements is correct?
选项：A. The auditor must himself obtain a specialist valuation, as the directors have failed to do so.
B. The auditor can insist that the revalued figure is not incorporated in the financial statements.
C. The auditor does not have a responsibility to obtain a specialist valuation, but if there is insufficient evidence to form an opinion he should modify his opinion in the auditor's report.
D. The auditor may require that the directors obtain a specialist valuation.
答案： C
解析：
The correct answer is: The auditor does not have a responsibility to obtain a specialist valuation, but if there is insufficient evidence to form an opinion he should modify his opinion in the auditor's report.
The auditor does not have a responsibility to seek specialist evidence independently if management are unable or unwilling to obtain it themselves. If the auditor is unable to obtain sufficient evidence to draw reasonable conclusions without specialist evidence, he should consider modifying his report due to a lack of sufficient appropriate audit evidence regarding valuation.
题号：4 | 类型：单选题
题目：
Which of the following correctly describes the assurance given in an external audit carried out by a professional accountant in accordance with ISAs?
选项：A. No assurance, but the accountant just reports the factual findings of the engagement.
B. No assurance, but the accountant's expertise is used to collect, classify and summarise financial information.
C. A limited level of assurance that the information subject to review is free of material misstatement.
D. A high, but not absolute, level of assurance that the information subject to review is free of material misstatement
答案： D
解析：
The correct answer is: A high, but not absolute, level of assurance that the information subject to review is free of material misstatement.
In an external audit engagement the auditor provides a high, but not absolute, level of assurance that the information audited is free of material misstatement. This is expressed positively in the audit report as reasonable assurance.
A limited level of assurance that the information subject to review is free of material misstatement is given in a review engagement. This is expressed in the form of negative assurance.
An agreed-upon procedures engagement is one where no assurance is expressed and the auditor simply provides a report of the factual findings.
A compilation engagement is one where the practitioner is engaged to use his accounting expertise (as opposed to auditing expertise) to collect, classify and summarise financial information (noassurance is expressed).
题号：5 | 类型：单选题
题目：
Which of the following is not a financial statement assertion for classes of transactions?
选项：A. Occurrence
B. Existence
C. Cut-off
D. Accuracy
E. Completeness
答案： B
解析：
The correct answer is: Existence.
Existence is one of the financial statement assertions relating to account balances. The others all relate to classes of transactions.
题号：6 | 类型：单选题
题目：
Which of the following controls contribute to assurance that goods cannot be despatched without being invoiced? 1. Authority limits for approval of sales invoices. 2. Segregation between despatch and invoice personnel. 3. Pre-numbered despatch notes checked for items missing in the sequence. 4. Physical security over the warehouse and exits.
选项：A. Controls 1, 3 and 4 only.
B. Controls 2, 3 and 4 only.
C. Controls 2 and 3 only.
D. Controls 3 and 4 only.
答案： B
解析：
The correct answer is: Controls 2, 3 and 4 only.
These are typical internal controls that provide assurance that sales are not understated by virtue of goods being despatched that are not subsequently invoiced. Control 1 concerns approval on invoices once they are raised, and will therefore not of itself provide assurance that sales have not been omitted from the sales records.
题号：7 | 类型：单选题
题目：
In order for a perpetual inventory count system to provide satisfactory evidence of year-end inventory levels it is essential that management maintains adequate inventory records and investigates and corrects all material differences between the inventory records and the physical counts. It is also essential, as a minimum, that company employees count:
选项：A. All items at least once during the year.
B. All high value items at the year-end.
C. All items at the same time at least once during the year.
D. All items at least once during the year with the auditor in attendance.
答案： A
解析：
The correct answer is: All items at least once during the year.
The question is asking about the company's duties in maintaining control not the auditors' in checking the control environment. The requirement is to count all inventory at least once, they do not have to be counted at the same time and there is no focus on high value items only.
题号：8 | 类型：单选题
题目：
The auditor of Laissez Co completed his audit work in respect of the financial statements for the year ended 30 September 20X0 on 1 February 20X1. The directors approved the financial statements on 7 February 20X1 and the audit report was signed and dated the same day. Which of the following is the most preferable date for the directors to sign the letter of representation requested by the auditor?
选项：A. 6 February 20X1.
B. 7 February 20X1.
C. 8 February 20X1.
D. 1 February 20X1.
答案： B
解析：
The correct answer is: 7 February 20X1.
The letter of representation should be signed on a date as close as possible to the date of the audit report and after all other work, including the review of subsequent events has been completed. Where practicable the auditor will arrange for the directors to date the letter with the same date as the audit report and this will also ideally be the date the directors approve the financial statements.
The letter should never be signed after the date of the audit report since it is part of the audit evidence on which the auditor's opinion is based.
题号：9 | 类型：单选题
题目：
Which of the following statements is true with regard to internal auditors' ethics?
选项：A. Internal auditors are never entitled to disclose confidential company information to external regulators.
B. Internal auditors are required to be independent with regard to their work.
C. Internal auditors must have obtained a 'certificate of ethics' from the Institute of Internal Auditors.
D. Internal auditors are required to be objective with regard to their work.
答案： D
解析：
The correct answer is: Internal auditors are required to be objective with regard to their work.
Objectivity is a state of mind which has regard to all considerations relevant to the task in hand but no other.
Internal auditors cannot necessarily be 'independent' in their work in the same way as external auditors because the company to which they are providing service employs them. In addition, it is incorrect to say that an internal auditor is never allowed to report to external regulators. In exceptional circumstances, an internal auditor may feel the need to 'whistle blow' malpractice to an external regulator.
Lastly, there is no requirement for internal auditors to have a particular qualification. Neither do they have to be a member of a professional body. Therefore they do not need to have obtained a certificate of ethics from anyone.
题号：10 | 类型：单选题
题目：
You are an audit manager and your audit senior has found evidence that the accounts assistant at an audit client has been misappropriating amounts of petty cash. The assistant carried out the misappropriation by entering fictitious totals on the petty cash summary which was submitted monthly to the financial controller for review. You propose to recommend an unmodified audit opinion. Which of the following can be included in the management letter in respect of this evidence without amendment?
选项：A. We cannot be held responsible if employees of the company are found to have committed other more serious frauds which may be material to the accounts.
B. We recommend that the company investigates thoroughly the circumstances which our audit testing revealed and that a review of petty cash procedures be carried out in order to reduce the likelihood of fraud.
C. It appears that arithmetical errors are being made in compiling the petty cash summary.
D. In the course of our audit testing work we discovered that the accounts assistant, Mr Bovey, has perpetrated a fraud on the company.
答案： B
解析：
The correct answer is: We recommend that the company investigates thoroughly the circumstances which our audit testing revealed and that a review of petty cash procedures be carried out in order to reduce the likelihood of fraud.
"In the course of our audit testing work we discovered that the accounts assistant, Mr Bovey, has perpetrated a fraud on the company" would require amendment because it states that Mr Bovey has committed a fraud before this has been proven.
"It appears that arithmetical errors are being made in compiling the petty cash summary" is factually inaccurate: the errors appear to have been deliberate, and were not merely arithmetical errors.
"We cannot be held responsible if employees of the company are found to have committed other more serious frauds which may be material to the accounts" is inappropriate: the auditor's general responsibility for the detection of fraud should be included in a general section elsewhere in the letter.
