1.Which of the following is generally not included in the "evidence mix"?

tests of controls

substantive tests of transactions

risk assessment

procedures tests of details of balances

2.

Analytical procedures

focus on the ending balances for income statement accounts.

are only performed during the planning stage of the audit.

are required to be performed when auditing an account balance.

provide substantive evidence.

3.

You are auditing Rodgers and Company. After performing substantive analytical procedures you conclude that, for the accounts tested, the client's balance appears reasonable. This may indicate that

details test of balances can be eliminated for those accounts.

certain tests of details of balances may be eliminated for those accounts.

control tests may be eliminated for those ac

Which of the following audit tests is usually the least costly to perform?

substantive analytical procedures

tests of controls

tests of balances

substantive tests of transactions

5.

Which of the following is an accurate statement regarding the four phases of the audit process?

		After the planning stage, the auditor should have a well-defined audit strategy and plan and a specific audit program for the entire audit.
		The objective of phase III is to perform tests of controls.
		During phase II, the auditor must evaluate the going-concern assumption.
		All of the above are correct statements.

counts.

control tests may be reduced for those accounts.

6.

Which of the following tests commonly occur together?

substantive tests of transactions and tests of controls

substantive tests of transactions and obtaining an understanding of internal controls

analytical procedures and tests of controls

tests of controls and tests of details of balances

7.

When designing the audit program and the particular audit tests, the auditor should keep in mind that

the audit program is broken down into two parts-the risk assessment procedures and the tests of details of balances.

the tests of controls will not vary depending on assessed control risk.

analytical procedures performed during substantive testing are generally more focused and more extensive than those done as part of planning.

auditing standards require that the tests contained in the audit program must be approved by the PCAOB.

8.

Presentation and disclosure related audit objectives would be performed in which phase of the audit process?

		plan and design audit approach
		perform audit tests for controls and transactions
		perform analytical procedures and tests of balances
		complete the audit and issue the audit report

9.

Which of the following procedures would most likely be performed in response to the auditor's assessment of the risk of monetary misstatements in the financial statements?

		ratio analysis
		tests of controls
		tests of details of balances
		risk assessment procedures