The document contains 10 multiple choice questions related to auditing standards and procedures. It also contains 2 bonus multiple choice questions, one about the winner of the 2014 FIFA World Cup and the other about the champion of an accounting competition held in Naga City. The questions cover topics such as types of audit reports, inventory valuation methods, responsibilities when other auditors are involved, assurance levels, internal control reviews, and reporting requirements.
The document contains 10 multiple choice questions related to auditing standards and procedures. It also contains 2 bonus multiple choice questions, one about the winner of the 2014 FIFA World Cup and the other about the champion of an accounting competition held in Naga City. The questions cover topics such as types of audit reports, inventory valuation methods, responsibilities when other auditors are involved, assurance levels, internal control reviews, and reporting requirements.
The document contains 10 multiple choice questions related to auditing standards and procedures. It also contains 2 bonus multiple choice questions, one about the winner of the 2014 FIFA World Cup and the other about the champion of an accounting competition held in Naga City. The questions cover topics such as types of audit reports, inventory valuation methods, responsibilities when other auditors are involved, assurance levels, internal control reviews, and reporting requirements.
The document contains 10 multiple choice questions related to auditing standards and procedures. It also contains 2 bonus multiple choice questions, one about the winner of the 2014 FIFA World Cup and the other about the champion of an accounting competition held in Naga City. The questions cover topics such as types of audit reports, inventory valuation methods, responsibilities when other auditors are involved, assurance levels, internal control reviews, and reporting requirements.
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Group 2 – A435
Bacani, Michelle Angeli
Cabanza, Daryl Cubacub, Alyssa Khryss Ezpinoza, Maria Angeli Genuino, Odessa Valerie Lumalu, Rochelle Leslie Marie Sardon, Paula #1 A qualified opinion report can be used only when the auditor believes that the financial statements in all material respects are a. fairly stated b. not fairly stated c. materially misstated d. materially misleading #2 The auditor could still issue Unqualified Report, even though the client a. Valued ending inventory by using the replacement cost method of inventory valuation b. Valued ending inventory by using the NIFO method of inventory valuation c. Valued ending inventory by using FIFO method of inventory valuation, but also shoed the replacement cost of inventory in the Notes to the financial statements d. Valued ending inventory by using LIFO method of inventory valuation #3 Senen, CPA is the group engagement partner of multi-national corporation. Another CPA has examined and reported on the financial statements of a significant subsidiary of the corporation. Senen is satisfied with the independence and professional reputation of the other auditor, as well as the quality of the auditor’ s examination. with respect to Senen’ s report on the consolidated financial statements, taken a whole, Senen a. Must not refer to the examination of the other auditor b. Must refer to the examination of the other auditor c. May refer to the examination of the other auditor d. May refer to the examination of the other auditor, in which case Senen must include in the auditor’ s report on the consolidated financial statements a qualified opinion with respect to the examination of the other auditor #4 The degree of certainty the practitioner has attained and wishes to convey is a. An assertion b. Assurance c. A conveyance d. A declaration #5 When the auditor is engaged to report on the internal control structure, a. All areas of the structure will be included unless specifically excluded by agreement b. The time period covered must coincide with the fiscal period of the annual audit c. Certain areas are not examined if reduced control risk I those areas is not planned d. All three of the above #6 The distinction between an adverse opinion and disclaimer is a. Lack of PFRS versus lack of PSA b. Knowledge versus lack of knowledge c. The CPA’ s report vs. CIA’ s report d. FRSC statements versus PICPA standards #7 The reports issued at the conclusion of an engagement may or may not be intended for general distribution. Which of the following types of engagements would result in a report that is intended for only limited distribution? a. The audit report b. The review report c. The report issued when the item is presented on a basis not in conformity with PFRs d. The report issued after the examination of prospective financial statements #8 Financial statements of a non-public entity that have been reviewed by an accountant should be accompanied by a report stating that a. The scope of the inquiry and analytical procedures performed by the accountant has not been restricted b. All information included in the financial statements is the representation of the management of the entity c. A review includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements d. A review is greater in scope that a compilation, the objective of which is to present financial statements that are free of material misstatements #9 A modification of the CPA’ s report on a review of the interim financial statements of the publicly-held company would be necessitated by which of the following a. An uncertainty b. Lack of consistency c. Reference to another accountant d. Inadequate disclosure #10 WIlson,CPA, completed the field work of the audit of Abco’ s December 31, 2011, financial statements on March 6, 2012. A subsequent event requiring adjustment to the 2011 financial statements occurred on April 24, 2012. If the adjustment is made without disclosure of the event, Wilson’ s report ordinarily should be dated a. March 6, 2012 b. April 10, 2012 c. April 24, 2012 d. Using dual dating Bonus Question #1 Which of the following country won the FIFA world Cup 2014? a. Argentina b. Brazil c. France d. Germany e. England Bonus Question #2 Who was proclaim as the champion in the ALL BOARD SUBJECTS CUP last September in the Regional Mid Year Convention held at Naga City a. Camille Pineda b. Ellis Louise Lansangan c. Patrisha Cordero d. Karen Angela Dizon e. None of the above