美国CPA考试经典例题：Audit Evidence

美国CPA考试经典例题：Audit Evidence（1）

In auditing intangible assets, an auditor most likely would review or recompute amortization and determine whether the amortization period is reasonable in support of management's financial statement assertion of:

a. Valuation and allocation.

b. Existence.

c. Rights and obligations.

d. Completeness.

Explanation

Choice "a" is correct. Assertions about valuation and allocation deal with whether assets, liabilities, and equity interests have been included in the financial statements at appropriate amounts. Recalculation of the amortization and review of the amortization period would test the valuation and allocation assertion.

Choice "b" is incorrect. Assertions about existence deal with whether assets, liabilities, and equity interests exist at a given date. Evaluating amortization does not relate to this assertion.

Choice "d" is incorrect. Assertions about completeness deal with whether all assets, liabilities, and equity interests that should be presented in the financial statements are so included. Evaluating amortization does not relate to this assertion.

Choice "c" is incorrect. Assertions about rights and obligations deal with whether assets are the rights of the entity and liabilities are the obligations of the entity at a given date. Evaluating amortization does not relate to this assertion.

美国CPA考试经典例题：Audit Evidence（2）

An auditor's analytical procedures most likely would be facilitated if the entity:

a. Corrects material weaknesses in internal control before the beginning of the audit.

b. Uses a standard cost system that produces variance reports.

c. Segregates obsolete inventory before the physical inventory count.

d. Develops its data from sources solely within the entity.

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Explanation

Choice "b" is correct. An auditor's analytical procedures are facilitated when an entity uses a standard cost system with variance reports because the comparison of actual to budget will already have been performed. In addition, it is likely that management will already be aware of significant variations from budget and will be better able to address any questions the auditor may have.

Choice "c" is incorrect. Segregation of obsolete inventory would not be an important factor in determining whether analytical procedures would be effective.

Choice "a" is incorrect. Correction of internal control weaknesses prior to the beginning of the audit would not affect analytical procedures.

Choice "d" is incorrect. Analytical procedures using data developed solely within the entity are not as reliable as analytical procedures using data developed externally.

美国CPA考试经典例题：Audit Evidence（3）

An auditor may achieve audit objectives related to particular assertions by:

a. Adhering to a system of quality control.

b. Increasing the level of detection risk.

c. Performing analytical procedures.

d. Preparing audit documentation.

Explanation

Choice "c" is correct. The auditor relies on substantive tests to achieve audit objectives related to particular assertions. Analytical procedures are one type of substantive procedure.

Choice "a" is incorrect. CPA firms performing audits are required to adhere to a system of quality control, but adhering to such a system does not directly help the firm achieve specific audit objectives.

Choice "d" is incorrect. Audit documentation is used to record the results of audit procedures that have been performed to achieve audit objectives. Mere preparation of audit documentation does not achieve audit objectives.

Choice "b" is incorrect. Increasing the level of detection risk does not enable the auditor to achieve audit objectives related to a particular assertion.

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美国CPA考试经典例题：Audit Evidence（4）

Which of the following comparisons would an auditor most likely make in evaluating an entity's costs and expenses?

a. The budgeted current year's warranty expense with the current year's contingent liabilities.

b. The current year's accounts receivable with the prior year's accounts receivable.

c. The budgeted current year's sales with the prior year's sales.

d. The current year's payroll expense with the prior year's payroll expens

e.

Explanation

Choice "d" is correct. The most likely analytical review procedure involving costs and expenses would be to compare the current year's payroll expense (average amount per employee) to the prior year, taking into consideration an average increase in wage rates. This is a very effective technique in auditing payroll expense.

Choice "b" is incorrect. Comparing the current year's accounts receivable balance with the prior year provides little evidence because accounts receivable may fluctuate based on timing of cash payments, which is unpredictable.

Choice "c" is incorrect. Comparing the budgeted current year's sales with the prior year's sales provides evidence regarding the reasonableness of the current year sales budget, but does not provide evidence about costs and expenses.

Choice "a" is incorrect. The current year's budgeted warranty expense would likely be compared to the current year's actual warranty expense, not to all of the contingent liabilities for the year.

美国CPA考试经典例题：Audit Evidence（5）

Which of the following is a true statement regarding documentation requirements for analytical procedures?

a. When an analytical procedure is used during the overall review stage of the audit, the auditor is required to document the auditor's expectation and any additional procedures performed to investigate significant unexplained differences.

b. When an analytical procedure is used as the principal substantive test of a significant financial statement assertion, the auditor is required to document both the auditor's

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expectation and the factors considered in developing that expectation.

c. When an analytical procedure is used as the principal substantive test of a significant financial statement assertion, the auditor is required to document the reasons analytical procedures were performed instead of tests of details.

d. When an analytical procedure is used as the principal substantive test of a significant financial statement assertion, the auditor is required to document his or her expectation and management's concurrence with that expectation.

Explanation

Choice "b" is correct. When an analytical procedure is used as the principal substantive test of a significant financial statement assertion, the auditor is required to document both the auditor's expectation and the factors considered in developing that expectation.

Choice "c" is incorrect. There is no requirement that the auditor document the reasons analytical procedures were performed instead of tests of details.

Choice "d" is incorrect. There is no requirement that the auditor document management's concurrence with the expectation.

Choice "a" is incorrect. When an analytical procedure is performed during the overall review stage, there are no specific documentation requirements. The requirement that the auditor document the expectation and any additional procedures performed to investigate significant unexplained differences relates to analytical procedures performed as principal substantive tests.

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