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1.5 Which of the following would be regarded as an audit test of Marks controls? Select one: 12 O a. Testing the existence of inventory by taking a sample of inventory items from of 23 the inventory sub-ledger and comparing the total to the count of physical inventory items in the warehouse. O b. Re-performance of the reconciliation of the wages expense journal to employee timesheets. O c. Segregation of duties between the person who does the daily banking of cash and the person who reconciles the cash receipts journal. O d. Matching sales invoices to goods received notes. Report question issue : Notes + Unsure Il evigilation.monash.eduE #$20##. 9 A MacBook Pro.5 Your client develops radar range-finding equipment for the Royal Marks Australian Air Force (RAAF). Due to the highly secretive nature of the technology, the Government has banned you from auditing the company's inventory and has ordered a RAAF accountant to give you a list of the quantities on hand. What type of audit report should you issue? 13 of 23 Select one: a. An audit report with a disclaimer of opinion. O b. An audit report with a qualified audit opinion, due to lack of sufficient appropriate audit evidence about the inventory. O c. An audit report with an unqualified audit opinion but add an emphasis of matter paragraph to the audit report to draw attention to the limitation of the scope of the audit. O d. An audit report with an unqualified audit opinion but discuss this issue in the Key Audit Matters section of the audit report. Report question issue ! Notes + Unsure evigilation.monash.eduE E#$1280#. .5Audit Matters section of the audit report. dit opinion but discuss this issue in the Unsure Report question issue : Notes (+ 1.5 Which of the following subsequent events will be least likely to result Marks in an adjustment to the financial report? Select one: 14 of 23 O a. Receipt of new information atrecting the realisation of inventories owned as of the balance date. O b. A material increase in company gold reserves based on new exploration drilling carried out after balance date. O c. Material changes in the settlement of a liability which was estimated as of the balance date. O d. Receipt of new information affecting the realisation of accounts receivable owned as of the balance date. "lestion issue : Notes + evigilation.monash.eduE #380# #. Unsure 9 MacBook Proas of the balance date. realisation of accounts receivable Unsure Report question issue : Notes (+ 1.5 The audit procedure which would be most appropriate for testing Marks accounts payable for completeness is: 15 Select one: of 23 a. Take a sample of creditors froth the accounts payable sub-ledger and obtain reconciled creditors statements for those selected O b. Directly confirm the outstanding balance with the creditor O c. Review subsequent payments O d. Directly confirm the outstanding balance with the debtor Report question issue : Notes Unsure Il evigilation.monash.eduE 1#$1289##. .5 8 9 A MacBook Pro1.5 Which of the following statements about the Key Audit Matters Marks section of the audit report is true? Select one: 16. O a. The Key Audit Matters section cannot be used as a substitute for disclosing of 23 material items in the financial statements. O b. The Key Audit Matters section can be used to discuss matters that have resulted in the issue of a qualified audit opinion. O c. A Key Audit Matters section cannot be added to an audit report if either an emphasis of matter or other matter paragraph is included. O d. The Key Audit Matters section can only be used to discuss matters that affect the going concern basis of accounting if those issues have been mentioned in a Basis for Going Concern paragraph. Report question issue : Notes (+ Unsure 10 Next P Go To Summary Prev I evigilation.monash.eduE 1#31209# #. MacBook Pro
