George Mariyajohnson
Quiz by , created more than 1 year ago

Highers Accounting and Finance (Year 2) (Audit & Assurance) Quiz on Lecture 7- Subsequent events & letter of representation, created by George Mariyajohnson on 04/03/2021.

1
0
0
George Mariyajohnson
Created by George Mariyajohnson over 3 years ago
Close

Lecture 7- Subsequent events & letter of representation

Question 1 of 34

1

Fill the blank spaces to complete the text.

It is important to remember work that takes place at of audit process. & work is where auditors link work they do as part of their , assessment & initial . Then look at transactional that happen where gap needs to be between when initial was done & what is being done at end

Explanation

Question 2 of 34

1

Fill the blank spaces to complete the text.

One process that interim examinations would include is looking at on & systems

Explanation

Question 3 of 34

1

Fill the blank spaces to complete the text.

Another process that interim examinations would include is of year to date

Explanation

Question 4 of 34

1

Fill the blank spaces to complete the text.

Third process that interim examinations would include is tests on year to date items

Explanation

Question 5 of 34

1

Fill the blank spaces to complete the text.

Near or at balance sheet date need to reperform of financial statements, do work for period between examination & date, send out confirmation letters & send out confirmation letters

Explanation

Question 6 of 34

1

Fill the blank spaces to complete the text.

Typical audit work at year-end include chasing letters, chasing & circularisation (kind of confirmation), chase letters to other (could be from , , ), plan observation, make sure there is enough tests of balance sheets & period of year for P&L & finally gather evidence on (cause disagreement) items

Explanation

Question 7 of 34

1

Fill the blank spaces to complete the text.

One thing that determine before end of audit is whether have been prepared using & accounting principles

Explanation

Question 8 of 34

1

Fill the blank spaces to complete the text.

Another thing that determine before end of audit is whether published with is compatible with them

Explanation

Question 9 of 34

1

Fill the blank spaces to complete the text.

Third thing that determine before end of audit is whether & are as required by law & by regulatory bodies & achieve &

Explanation

Question 10 of 34

1

Fill the blank spaces to complete the text.

Fourth thing that determine before end of audit is whether drawn from tests & overall of financial statements enable an to be formed

Explanation

Question 11 of 34

1

Fill the blank spaces to complete the text.

Subsequent events are events & , that occur between date & date when are authorised for issue

Explanation

Question 12 of 34

1

Fill the blank spaces to complete the text.

One type of subsequent event can be identified is those that provide of conditions that existed at date ( events). Another is those that are of conditions that arose after date ( events). has to consider whether any events after date financial statements are (up to & beyond date of annual general meeting)

Explanation

Question 13 of 34

1

Fill the blank spaces to complete the text.

One audit work that can be carried out to detect subsequent events is e.g. department provides to chief financial officer

Explanation

Question 14 of 34

1

Fill the blank spaces to complete the text.

Another audit work that can be carried out to detect subsequent events is e.g. board , committees & committees

Explanation

Question 15 of 34

1

Fill the blank spaces to complete the text.

Third audit work that can be carried out to detect subsequent events is &

Explanation

Question 16 of 34

1

Fill the blank spaces to complete the text.

Fourth audit work that can be carried out to detect subsequent events is look at & forecasts for period to see performance

Explanation

Question 17 of 34

1

Fill the blank spaces to complete the text.

Fifth audit work that can be carried out to detect subsequent events is have formal of department & used

Explanation

Question 18 of 34

1

Fill the blank spaces to complete the text.

Sixth audit work that can be carried out to detect subsequent events is focus on & for type of industry being . Make sure known risk areas are clearly & have been

Explanation

Question 19 of 34

1

Fill the blank spaces to complete the text.

Seventh audit work that can be carried out to detect subsequent events is look at & with & to ensure they are suitable

Explanation

Question 20 of 34

1

Fill the blank spaces to complete the text.

Eighth audit work that can be carried out to detect subsequent events is clear from

Explanation

Question 21 of 34

1

Fill the blank spaces to complete the text.

Ninth audit work that can be carried out to detect subsequent events is in domain e.g. in trade press

Explanation

Question 22 of 34

1

Fill the blank spaces to complete the text.

Tenth audit work that can be carried out to detect subsequent events is have detailed & have management on areas, new & significant movements (if they have or new ). Also, discussion on status (significant losses of )

Explanation

Question 23 of 34

1

Fill the blank spaces to complete the text.

Auditor should already be of significant matters of judgement. They should know how to make some when these issues occur

Explanation

Question 24 of 34

1

Fill the blank spaces to complete the text.

One auditor objective under ISA580 is to obtain representations from … that they believe that they have fulfilled their for preparation of financial statements & for of information … to auditor

Explanation

Question 25 of 34

1

Fill the blank spaces to complete the text.

Another auditor objective under ISA580 is to other audit evidence relevant to or specific in financial statements … if determined necessary by auditor

Explanation

Question 26 of 34

1

Fill the blank spaces to complete the text.

Third auditor objective under ISA580 is to appropriately to representations provided by … , or … if do not provide representations requested by auditor

Explanation

Question 27 of 34

1

Fill the blank spaces to complete the text.

Written representations are provided by & (suggested by ISA 580). But depending on business they may also include other who have specialised knowledge such as , &

Explanation

Question 28 of 34

1

Fill the blank spaces to complete the text.

One representation that is required is of financial statements in accordance with framework (so with appropriate & )

Explanation

Question 29 of 34

1

Fill the blank spaces to complete the text.

Another representation that is required is all has been provided & all have been correctly

Explanation

Question 30 of 34

1

Fill the blank spaces to complete the text.

Third representation that is required is confirm additional representations about e.g. of accounting policies & whether matters have been accounted for given future plans

Explanation

Question 31 of 34

1

Fill the blank spaces to complete the text.

Fourth representation that is required is representations about specific e.g. from company geologists on whether oil reserves can be extracted

Explanation

Question 32 of 34

1

Fill the blank spaces to complete the text.

Fifth representation that is required is of managements for controls

Explanation

Question 33 of 34

1

Fill the blank spaces to complete the text.

Sixth representation in management representation letter is that they believe that effects of misstatements are

Explanation

Question 34 of 34

1

Fill the blank spaces to complete the text.

Date that letter of representation should bear is date accounts are signed by & date accounts are signed by (similar date)

Explanation