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nd poor internal controls High materiality, high inherent risk and good internal controls O d. Low materiality, low inherent risk and good internal controls Report question issue : Notes Unsure (+ - - 1.5 Which of the following statements is false? Marks Select one: 6 of 23 a. An error which is between 5% - 10% of profit might be material. O b. An auditor must consider in aggregate the errors detected during the course of his/her work. c. A lower $ amount materiality level should be used for more risky clients. O d. Materiality is not relevant for non-numeric items in the financial statements. Report question issue ! Notes Unsure Ievigilation. monash.eduE #5301/# #. 5 9 MacBook Proc items in the financial statements. Unsure Report question issue : Notes (+ 1.5 If controls are in place to ensure that transactions are recorded in the Marks correct accounting period, this satisfies which internal control objective? 7 of 23 Select one: O a. Timely O b. Real O c. Posted O d. Valued Report question issue : Notes Unsure I evigilation.monash.eduE #$21/# #. 151#5 5 MacBook Pro1.5 AZ Ltd is a pharmaceutical research company. Over the last five Marks years, it has spent a large amount of money developing a new drug to treat bowel cancer. It has capitalised this expenditure into a Research and Development (R&D) asset. However, recent clinical trials have indicated that the drug has severe side effects on patients. The Federal Government has denied permission for it to be manufactured 8 of 23 and sold in Australia. Which account and audit assertion is most likely to be misstated? Select one: O a. Completeness of the R&D Asset Account O b. Accuracy of the R&D Expense Account c. Existence of the R&D Asset Account d. Classification of the R&D Expense Account Donart Question issue : Notes + Ilevigilation.monash.eduE1#$31# #. Unsure MacBook Pro.5 The purpose of the management letter is to inform: Marks -- - Select one: 9 of 23 a. the client of the auditor's recommendations for improving its internal controls O b. the auditor about verbal evidence given by the client's management O c. the client's audit committee of disagreements with management O d. the client's management of the auditor's opinion on the company's financial statements Report question issue : Notes (+ Unsure .5 Marks The purpose of an auditor writing to a sample of debtors to confirm amounts owed at the balance date addresses which of the following Il evigilation.monash.eduEI#$12JAM. MacBook Proon issue : Notes + .5 What impact will there be on sample size for substantive testing Marks when there is an increase in the tolerable misstatement? 11 of 23 Select one: a. Decrease OO b. Negligible c. No change O d. Increase Report question issue : Notes + Unsure Il evigilation.monash.eduE#$21/##. .5 MacBook Pro
