Fer AUD Flashcards
202402
Question: When reporting on supplementary information required by a designated accounting standard setter, presented with the basic financial statements, what should the auditor of a nonissuer do?
A. Include a separate report section that references the required supplementary information.
B. Include a reference to the required supplementary information in the opinion paragraph.
C. Include an emphasis-of-matter paragraph that references the required supplementary information.
D. Make no reference to the required supplementary information in the report.
Correct Answer: A. Include a separate report section that references the required supplementary information.
Explanation: The audit report for nonissuers must contain a separate section with the heading “Required Supplementary Information” when it includes reporting on required supplementary information presented alongside the basic financial statements. This distinct section ensures clarity and compliance with auditing standards, properly addressing the auditor’s responsibility regarding the supplementary information without altering the main opinion paragraph of the audit report. Options B, C, and D do not align with the standards for reporting on required supplementary information and thus are incorrect choices for handling such information in an audit report for nonissuers.
Question: Under which of the following circumstances would an auditor most likely include an emphasis-of-matter paragraph in the audit report without modifying the auditor’s unmodified opinion?
A. Management’s estimates of the effects of future events are deemed unreasonable.
B. Certain transactions cannot be audited due to management’s records retention policy.
C. To highlight a material but justified change in accounting principle.
D. The auditor is only engaged to audit the balance sheet, not the other basic financial statements.
Correct Answer: C. To highlight a material but justified change in accounting principle.
Explanation: An emphasis-of-matter paragraph is used by auditors to draw attention to matters that are disclosed in the financial statements and are of such importance that they are fundamental to users’ understanding of the financial statements, such as a material but justified change in accounting principle. This addition to the audit report does not affect the auditor’s unmodified opinion on the financial statements.
Choice “A” is incorrect because if management’s estimates are unreasonable and materially misstate the financial statements, the auditor should not retain an unmodified opinion but rather express a qualified or an adverse opinion.
Choice “B” is incorrect because limitations on the scope of the audit, whether due to actions by management or other circumstances, might lead the auditor to qualify the opinion or disclaim an opinion, rather than adding an emphasis-of-matter paragraph without modifying the opinion.
Choice “D” is incorrect because auditing only the balance sheet does not inherently require an emphasis-of-matter paragraph; the need for such a paragraph depends on the matter’s relevance and disclosure in the financial statements, not on the scope of the financial statements audited.
Question: To ensure that an entity’s financial statements are presented fairly in conformity with the applicable financial reporting framework, which of the following is NOT a requirement for the principles selected?
A. The principles must be applied on a basis consistent with those followed in the prior year.
B. The principles must present information in the financial statements that is classified and summarized in a reasonable manner.
C. The principles must reflect transactions in a manner that presents the financial statements within a range of acceptable limits.
D. The principles must be appropriate in the circumstances for the particular entity.
Correct Answer: A. The principles must be applied on a basis consistent with those followed in the prior year.
解释：为了使财务报表被认为是按照适用的财务报告框架公允列报的，严格来说，会计原则的应用不一定要与上一年保持一致。虽然为了可比性，通常希望会计原则的应用保持一致，但会计原则可能会发生变化。当出现这种变化时，必须根据财务报告框架对其进行适当的说明和披露。因此，重点是确保任何变动都是透明的，不会误导财务报表的使用者。
- 选择 “B “**是错误的，因为所选择的原则确实必须在财务报表中以合理分类和汇总的方式呈现信息。
- 选择 “C “**是错误的，因为所选择的原则必须以在可接受范围内的方式反映交易，以确保财务报表的公允性和可靠性。
- 选择 “D “**不正确，因为所选择的原则必须适合特定实体的情况，确保财务报表准确反映实体的财务状况和业绩。
Question: An Auditor’s Responsibility and Misstated Financial Statements Due to Fraud
Question:
An auditor issued an unmodified opinion on financial statements that were materially misstated due to fraud. Which statement is true regarding the auditor’s responsibility?
Options:
A. The auditor should not issue an unmodified opinion if all three fraud risk factors are present.
B. The auditor is not responsible for the wrong opinion if the client hid the fraud.
C. The auditor has met their responsibility if they did not observe any fraud risk factors.
D. The auditor has fulfilled their duty if the audit was properly planned and performed, including assessing the risk of fraud.
Explanation:
Correct Answer: D - The auditor’s main duty is to plan and conduct the audit to reasonably assure that the financial statements are free from material misstatement, whether due to error or fraud. This process includes assessing the risk of material misstatement because of fraud.
A is incorrect because the presence of fraud risk factors alone doesn’t automatically mean that an unmodified opinion shouldn’t be issued; it’s about how those risks are addressed.
B is incorrect as the auditor’s responsibility isn’t waived even if the client conceals fraud.
C is incorrect because not observing fraud risk factors doesn’t guarantee the absence of fraud risk; the key is whether the audit was appropriately planned and conducted.
A CPA’s report on audited financial statements under U.S. auditing standards would be inappropriate if it referred to:
A. Management’s responsibility for the financial statements.
B. Evaluating the appropriateness of accounting policies used.
C. Significant estimates made by management.
D. The CPA’s assessment of sampling risk factors.
Explanation
Choice “D” is correct. The CPA’s report on audited financial statements does not include matters related to the auditor’s
assessment of specific risk factors.
Choice “A” is incorrect. The CPA’s report on audited financial statements includes an explanation that management is
responsible for the preparation and fair presentation of the financial statements.
Choices “B” and “C” are incorrect. The CPA’s audit includes evaluating the appropriateness of the accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements. This is mentioned in the auditor’s responsibility paragraph.
审计报告的目的是向读者传达审计结果，包括财务报表是否公平地反映了公司的财务状况，而不是详细介绍审计过程中的每一项风险评估。因此，审计报告通常包括以下内容：
管理层对财务报表的责任声明。
CPA对审计结果的意见，例如财务报表是否公平呈现了公司的财务状况。
对使用的会计政策和管理层的重大估计的评估。
审计报告不会具体提到CPA对取样风险因素的评估，因为这属于审计计划和执行的内部过程，而不是审计结果的一部分。
In an auditor’s report for a nonissuer, where does the auditor describe the type of work done and which financial statements were audited?
Options:
A. Emphasis-of-matter section
B. Scope section
C. Basis for Opinion section
D. Opinion section
Explanation:
Correct Answer: D - The Opinion section of the auditor’s report outlines the type of audit engagement, specifies the financial statements audited, the entity’s name, and the financial statement dates. This section communicates the nature of the engagement and the scope of the financial statements covered by the audit.
A is incorrect because Emphasis-of-matter paragraphs highlight significant matters that are already presented or disclosed in the financial statements, without affecting the auditor’s opinion.
B is incorrect as there is no specific “scope” paragraph in the audit report for a nonissuer; such details are integrated into other sections of the report.
C is incorrect because the Basis for Opinion section discusses the standards followed during the audit, auditor’s independence, and the auditor’s assessment of the evidence obtained, rather than detailing the engagement or financial statements audited.
The opinion paragraph in an auditor’s report for a nonissuer should include a statement that:
A: Includes the word independent to clearly indicate that the report is from an independent auditor.
B. Describes the auditor’s responsibility for expressing an opinion on the financial statements.
C. Identifies the applicable financial reporting framework and its origin.
D. Indicates that management is responsible for the fair presentation of the financial statements.
Correct Answer: C - The opinion paragraph should include the auditor’s opinion on the financial statements and identify the applicable financial reporting framework and its origin. This clarifies the basis of the auditor’s opinion regarding the financial statements.
A is incorrect because the auditor’s independence is typically stated in the report’s title, not within the opinion paragraph.
B is incorrect as the auditor’s responsibility to express an opinion on the financial statements is described in a separate paragraph dedicated to the auditor’s responsibilities, not in the opinion paragraph.
D is incorrect because the management’s responsibility for the fair presentation of the financial statements is outlined in a separate paragraph that discusses management’s responsibilities, not within the opinion paragraph.
Question:
A client refuses to adjust financial statements for auditor’s proposed changes that are collectively not material and requests the auditor to issue a report based on these numbers. What is correct regarding the financial statement presentation?
Options:
A. The financial statements are considered free from material misstatement, and no additional disclosure is needed.
B. The financial statements have unadjusted errors that should lead to a qualified opinion.
C. The financial statements do not adhere to generally accepted accounting principles (GAAP).
D. The financial statements are free from material misstatement, but the adjustments must be disclosed in the notes.
Explanation:
Correct Answer: A - If the cumulative effect of the unadjusted changes is immaterial to the financial statements, the auditor can issue an unmodified (unqualified) opinion. There is no requirement to disclose immaterial adjustments in the financial statement notes, as they are not considered to significantly impact the fair presentation of the financial condition.
B is incorrect because a qualified opinion is issued when there are material misstatements that are not pervasive. In this case, since the adjustments are not material, an unmodified opinion is appropriate.
C is incorrect because financial statements are deemed to adhere to GAAP if they are free from material misstatement, even if immaterial adjustments are not made.
D is incorrect because the requirement for disclosure in the notes applies to material information. Immaterial adjustments do not necessitate note disclosure for the financial statements to be considered fairly presented.
When a PCAOB auditing standard indicates that an auditor “could” perform a specific procedure, how should the auditor decide
whether and how to perform the procedure?
A. By evaluating whether the audit is likely to be subject to inspection by the PCAOB.
B. By soliciting input from the issuer’s audit committee.
C. By exercising professional judgment in the circumstances.
D. By comparing the PCAOB standard with related AICPA auditing standards.
Explanation
Choice “C” is correct. The words “may,” “might,” and “could” describe actions and procedures that auditors have a
responsibility to consider. Matters described in this fashion require the auditor’s attention and understanding. How and
whether the auditor implements these matters in the audit will depend on the exercise of professional judgment in the
circumstances consistent with the objectives of the standard.
Choice “A” is incorrect. Whether the audit is likely to be subject to inspection by the PCAOB should not be a factor on the
auditor’s decision to perform a procedure.
Choice “B” is incorrect. The auditor should not solicit input from the issuer’s audit committee, as audit procedure decisions
need to be made by the auditor.
Choice “D” is incorrect. “Could” does not mean that the auditor should compare the PCAOB standard with the related AICPA
standards.标准的目的不同：PCAOB标准和AICPA（美国注册会计师协会）标准虽然在很多方面是相似的，但它们服务的目标群体不同。PCAOB主要针对公开交易公司的审计，而AICPA标准适用于广泛的审计环境，包括非公开交易的公司和其他组织。因此，直接比较两套标准并不总是适用于决定执行特定审计程序的必要性。
When financial statements contain a departure from U.S. GAAP because, due to unusual circumstances, the statements would
otherwise be misleading, the auditor should express an opinion that is:
A. Adverse.
B. Qualified or adverse, depending on pervasiveness.
C. Qualified.
D. Unmodified.
Explanation
Choice “D” is correct. When circumstances indicate that a financial presentation in accordance with U.S. GAAP would be
misleading, a departure from U.S. GAAP is permissible. In such cases, the auditor should issue an unmodified opinion
because the financial statements are not materially misstated.
Choices “C”, “A”, and “B” are incorrect. The auditor’s opinion need not be qualified or adverse because the financial
statements are presented fairly.
Which of the following statements is a basic element of the auditor’s report under U.S. auditing standards?
A. An audit includes evaluating the reasonableness of significant accounting estimates made by management.
B. The financial statements are consistent with those of the prior period.
C. The auditor evaluated the overall internal control.
D. The disclosures provide reasonable assurance that the financial statements are free of material misstatement.
Explanation
Choice “A” is correct. Under U.S. auditing standards, the auditor’s audit report includes a statement that: “In performing an
audit in accordance with GAAS, we evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management…”
選項D正确的表述应该强调审计师的目标是获取关于财务报表整体是否免于重大错报的合理保证，而不是专门针对披露部分的保证。
An auditor is unable to complete a procedure during an audit. Based on this situation, which opinion is least likely to be
rendered?
A. A disclaimer of opinion.
B. A qualified opinion.
C. An adverse opinion.
D. An unmodified opinion.
Explanation
Choice “C” is correct. An adverse opinion is rendered when there is a departure from GAAP, which is not the case
in this question.
现在，假设在另一个审计项目中，审计师试图验证某项重要的财务数据，但由于客户无法提供足够的支持文件，审计师无法完成这个审计程序。在这种情况下，审计师首先会尝试执行替代的审计程序来获取所需的审计证据。如果替代程序也无法执行，审计师可能面临无法获取足够适当审计证据的情况。
如果未能完成的程序仅影响财务报表的一部分，并且这部分不足以导致整体报表的不公平呈现，审计师可能发表保留意见而不是反对意见。
如果问题普遍到足以影响审计师对整个财务报表的判断，且无法通过其他方式获得足够的审计证据，审计师可能选择发表免责声明，而不是反对意见。反对意见是针对财务报表中存在的广泛且重大的不公平表述，而不是审计过程中的具体执行障碍。
Which of the following phrases would an auditor of a nonissuer most likely include in the auditor’s report when
expressing a qualified opinion due to inadequate disclosure?
A. Do not present fairly.
B. Except for the omission of the information described in the basis for qualified opinion section.
C. Subject to the departure from generally accepted accounting principles, as described above.
D. With the foregoing explanation of these omitted disclosures.
Explanation
Choice “B” is correct. When inadequate disclosure has a material but not pervasive effect on the financial
statements, the auditor’s opinion should state “In our opinion, except for the omission of the information described
in the basis for qualified opinion section of our report…”
Choice “A” is incorrect. The statement “do not present fairly” would be used in an adverse opinion, not a qualified
opinion.
Under which of the following circumstances would an auditor most likely issue either a qualified or a disclaimer of
opinion?
A. The financial statements contain an immaterial departure from generally accepted accounting principles
(GAAP).
B. There is substantial doubt about the entity’s ability to continue as a going concern.
C. The auditor performed alternative substantive procedures to provide adequate assurance due to missing
documentation.
D. The client’s attorney refused to respond to the letter of audit inquiry.
Explanation
Choice “D” is correct. The refusal of a client’s attorney to respond to an audit inquiry letter is an example of a
scope limitation. The auditor must use professional judgment in determining whether that scope limitation warrants
a qualified opinion or a disclaimer of opinion.
Choice “A” is incorrect. If the financial statements contain an immaterial departure from GAAP, an unmodified
opinion still may be used. When the issue reaches a material level, the auditor would consider using a different
opinion such as qualified, adverse, or a disclaimer.
An auditor’s report under U.S. auditing standards that refers to a scope limitation that is material but not pervasive
contains the words, “In our opinion, except for the below-mentioned limitation on the scope of our audit. …” This is
considered a(n):
A. Qualified opinion
B. Example of inappropriate wording
C. Disclaimer of opinion
D. Adverse opinion
Explanation
Choice “B” is correct. 如果审计师说“除了（Except for）”，这通常意味着他们对大部分财务报表表示赞同，但对某一特定部分有保留。
如果问题是因为范围限制而不是财务报表本身错误，正确的做法是发表保留意见而不是直接否定整个报表。
审计报告不应直接说“因为审计范围的限制”，而是应该强调这种限制可能对财务报表造成的“可能影响”。 “In our opinion, except
for the possible effects of the matter described in the Basis for Qualified Opinion section ….”
范围限制（Scope Limitation）：当审计师无法获取足够适当的审计证据，且该限制对审计的影响是重大但非普遍时，会考虑发表保留意见（Qualified Opinion）。
A scope limitation sufficient to preclude an unmodified opinion always will result when management:
A. Prevents the auditor from reviewing the audit documentation of the predecessor auditor.
B. Engages the auditor after the year-end physical inventory is completed.
C. Requests that certain material accounts receivable not be confirmed.
D. Refuses to acknowledge its responsibility for the fair presentation of the financial statements in conformity
with GAAP.
Correct Answer: D - Management’s refusal to acknowledge their responsibility for the fair presentation of the financial statements in accordance with generally accepted accounting principles (GAAP) directly prevents the auditor from issuing a standard unmodified opinion. The acknowledgment of responsibility is a fundamental aspect of the management’s declaration needed for an unmodified opinion.
A is incorrect because not reviewing the predecessor auditor’s documentation is an issue related to engagement acceptance rather than a direct scope limitation for issuing an opinion.
B is incorrect as auditors can perform alternative procedures to verify inventory balances even if they were not present at the year-end inventory count.
C is incorrect because auditors can use alternative procedures to gather sufficient evidence about accounts receivable if confirmation is not possible.
If a new retail client’s restrictions prevent an auditor from observing any physical inventories, which constitute 40% of the entity’s assets, and also affect the auditor’s ability to audit cost of goods sold, without any possible alternative auditing procedures, what type of opinion should the auditor express?
Options:
A. Unmodified opinion with an emphasis-of-matter paragraph.
B. Qualified opinion.
C. Disclaimer of opinion.
D. Adverse opinion.
Explanation:
Correct Answer: C - When an auditor cannot observe inventory or utilize alternative auditing procedures, especially when such inventory is a significant portion of the entity’s assets and affects crucial areas of the financial statements, a scope limitation is present. Given the materiality and pervasiveness of this issue, a disclaimer of opinion is warranted because the auditor lacks the necessary evidence to form an opinion on the financial statements.
A is incorrect because an unmodified opinion suggests the financial statements are presented fairly in all material respects, which is not achievable without sufficient audit evidence.
B is incorrect because a qualified opinion suggests that except for the effects of the matter to which the qualification relates, the financial statements are presented fairly. This situation’s impact is too significant for merely a qualification.
D is incorrect because an adverse opinion indicates that the financial statements do not present fairly the financial position, results of operations, or cash flows in accordance with the applicable financial reporting framework. An adverse opinion is used for pervasive misstatements, not scope limitations.
Which of the following is true about modifications to the independent auditor’s unmodified opinion report for a
nonissuer?
A. A disclaimer of opinion and an adverse opinion both include modification to the introductory paragraph.
B.An auditor would modify different paragraphs when rendering either a qualified opinion due to a departure from GAAP or an adverse opinion due to a departure from GAAP.
C. An auditor would modify the same paragraphs when rendering either a qualified opinion due to a departure
from GAAP or a qualified opinion due to a scope limitation.
D. Modifications to the independent auditor’s report result in qualified, adverse or negative assurance opinions,
or a disclaimer of opinion.
Explanation
Choice “C” is correct. A qualified opinion due to a scope limitation and a qualified opinion due to a GAAP departure
require modifications to both the Opinion section and the Basis for Opinion section of the auditor’s report.
If a publicly held company issues financial statements that purport to present its financial position and results of
operations but omits the statement of cash flows, the auditor ordinarily will express a(an):
A. Disclaimer of opinion.
B. Review report.
C. Qualified opinion.
D. Unmodified opinion with an emphasis-of-matter paragraph.
选择不发表免责意见（Disclaimer of Opinion）而是选择发表保留意见（Qualified Opinion）的原因在于，免责意见通常是在审计师因为范围限制而无法获取足够适当的审计证据，并且因此无法判断财务报表是否整体上公平呈现，这种情况下可能对财务报表的整体公平呈现有重大且普遍的影响时发表的。范围限制通常涉及到审计师无法审查到足够的信息来形成对财务报表整体公平性的意见。
然而，在本例中，公司发行的财务报表省略了现金流量表。这被视为对一项特定财务报表组成部分的省略，而不是审计范围的限制。换句话说，审计师能够对财务报表的其他方面进行审计，但是财务报表因缺少现金流量表而未能完全符合一般公认会计原则（GAAP）。由于现金流量表是财务报表不可或缺的一部分，其缺失影响了财务报表的完整性和公平呈现，但这种情况并不导致审计师无法对财务报表的其他部分形成意见。
因此，当一家公司的财务报表省略了现金流量表这样一个重要组成部分时，审计师会发表保留意见（Qualified Opinion），而不是免责意见（Disclaimer of Opinion）。保留意见表明，除了因省略现金流量表而可能影响的财务报表部分外，财务报表整体上公平呈现了公司的财务状况和经营成果。这反映了一个具体的、非普遍性的问题，而不是审计范围的全面限制。
Under which of the following circumstances would the expression of a disclaimer of opinion be inappropriate?
A. The company issues financial statements that purport to present financial position and results of operations, but refuses to include the related statement of cash flows.
B. The auditor is unable to determine the extent of or the amounts associated with a pervasive employee fraud scheme.
C. Management refuses to produce documentation verifying the ownership of its equipment and production facilities.
D. The chief financial officer and the chief executive officer are unwilling to sign the management representation letter.
选项A描述了公司拒绝包括现金流量表在其财务报表中。现金流量表是根据通用会计准则（GAAP）所要求的财务报表组成部分，对于完整的财务报表集合是必不可少的。因此，这种情况下的问题更多是关于财务报表的不完整性，而非审计证据的缺失。这种情况通常会导致保留意见（如果影响不普遍）或不利意见（如果影响普遍），而不是免责意见。
为什么“C”不是正确选择：
选项C涉及管理层拒绝提供验证其设备和生产设施所有权的文件。这种情况下，审计师因为无法获取到足够的适当审计证据来验证关键的财务信息而遇到了范围限制。当这种范围限制是普遍且重大的，且审计师因此无法对财务报表整体是否公平呈现形成意见时，发表免责意见可能是适当的。因此，如果管理层的拒绝行为导致了对财务报表重大部分的审计证据获取受阻，免责意见可能是恰当的反应。
总结：
选项“A”之所以是正确的，是因为它描述了财务报表的不完整性问题，这种问题通常不会导致免责意见，而是导致保留或不利意见。而选项“C”描述的是一种潜在的范围限制，这种情况下，如果影响普遍且重大，发表免责意见可能是适当的。然而，选择“A”而不是“C”的关键在于理解免责意见是针对审计证据获取受限的情况，而非财务报表某一部分的省略。
When an auditor of a nonissuer expresses an adverse opinion, the Opinion section should include:
A. The principal effects of the departure from generally accepted accounting principles.
B. The substantive reasons for the financial statements being incorrect or misleading.
C. A direct reference to a separate section disclosing the basis for the opinion.
D. A description of the uncertainty or scope limitation that prevents an unmodified opinion.
选项C的详细说明：
“反对意见的基础”部分：这一部分是审计报告的核心，其中详细描述了审计发现的问题，以及这些问题为何导致财务报表不能公平地呈现公司的财务状况。这些问题可能包括对收入、费用、资产或负债的重大错误计量，或者对财务报表的误导性陈述。
意见段落中的引用：在意见段落中直接引用“反对意见的基础”部分，强调了审计师对财务报表整体公平呈现持反对立场的原因。这样做增加了报告的透明度，使利益相关者能够理解导致审计师发表反对意见的具体原因。
其他选项为何不正确：
选项A和选项B：虽然反对意见可能会讨论与GAAP偏离的主要影响以及财务报表错误或误导性的具体原因，但这些讨论通常包含在“反对意见的基础”部分中，而不是直接在意见段落中详细说明。
选项D：描述不确定性或范围限制通常与发表保留意见或免责声明有关，而不是反对意见。反对意见专注于财务报表中存在的重大且普遍的错误或误导性陈述，导致报表整体上不公平地呈现。
Which of the following procedures is an auditor least likely to perform if material disclosures required by GAAP are
omitted?
A. Discuss the omission of such information with those charged with governance.
B. Discuss the omission of such information with management.
C. Disclose the omitted information in the notes to the financial statements.
D. Disclose the omitted information in the basis-for-modification paragraph.
Explanation
Choice “C” is correct. Management is responsible for the financial statements. The auditor may include information
within the auditor’s report, but may not include information within the financial statements and the related notes.
Choice “A” is incorrect. When material disclosures required by GAAP are omitted, the auditor should first discuss
the omission of such information with management. If necessary, the auditor should also discuss this with those
charged with governance.
Choice “B” is incorrect. When material disclosures required by GAAP are omitted, the auditor should first discuss
the omission with management.
Choice “D” is incorrect. When material disclosures required by GAAP are omitted, the auditor should disclose the
omitted information in the basis-for-modification paragraph.
When an independent CPA assists in preparing the financial statements of a publicly held entity, but has not audited or
reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply
any procedures beyond:
A. Determining whether management has elected to omit substantially all required disclosures.
B. Documenting that internal control is not being relied on.
C. Ascertaining whether the financial statements are in conformity with GAAP.
D. Reading the financial statements for obvious material misstatements.
为何选择D：
D选项指的是CPA在这种情况下所需进行的最基本水平的审查活动。即使CPA没有对财务报表进行审计或审查，他们也应当通过初步阅读来确认没有明显的重大错报。这是对财务报表进行最基本的质量控制，以确保其不含有明显的重大错误。
其他选项为何不正确：
A选项（确定管理层是否选择省略几乎所有必需的披露）：这通常是在审计或审查中考虑的事项，而在仅协助准备财务报表而不进行审计或审查的情况下，CPA无需深入到这种程度的审查。
B选项（记录不依赖内部控制）：在未审计或审查财务报表的情况下，CPA不需要对内部控制进行评估或记录其依赖性。
C选项（确定财务报表是否符合GAAP）：虽然确保财务报表符合GAAP是重要的，但在未进行审计或审查的情况下，CPA的职责不包括进行深入的GAAP一致性分析。
Question:
Which statement is not true about an auditor’s responsibility regarding subsequent events?
Options:
A. The auditor must continue to make inquiries between the financial statements date and the auditor’s report date.
B. The auditor must keep making inquiries between the auditor’s report date and when the report is issued.
C. The auditor must continue inquiries between the financial statements date and when sufficient audit evidence is gathered.
D. The auditor does not need to continue inquiries after the auditor’s report date.
Explanation:
Correct Answer: B - An auditor does not have an active responsibility to make continuing inquiries after the auditor’s report date. The auditor’s responsibility for subsequent events primarily extends until the date of the auditor’s report, not beyond. Once the auditor’s report has been dated, the auditor’s responsibility for subsequent events and inquiries typically ceases, except under specific circumstances that might require the reopening of the audit.
A and C are incorrect because the auditor does have a responsibility to perform continuing inquiries up to the date of the auditor’s report and until sufficient appropriate audit evidence has been obtained.
D is incorrect as it correctly states that the auditor does not have an active responsibility to make continuing inquiries after the date of the auditor’s report, but this is a true statement, not a false one regarding the auditor’s responsibilities.
Question:
What should a predecessor auditor do before reissuing their audit report for financial statements that will be presented alongside those audited by a different auditor?
Options:
A. Check board meeting minutes after the original audit report date.
B. Update the reissued report’s date to when extra procedures were done.
C. Seek lawyer’s advice on significant litigation after the report’s original date.
D. Get letters from the former client’s management and the new auditor.
Correct Answer: D - Before reissuing an audit report, a predecessor auditor should obtain letters from both the management of the former client and the new auditor. These letters should confirm that no new audit findings have been made that would affect the financial statements the predecessor auditor reported on, and if there have been any subsequent events or changes in management’s previous representations that would require the financial statements to be adjusted or disclosed differently.
If a CPA completes audit fieldwork on August 13 for financial statements ending June 30, and learns of a significant event on August 27 that is properly disclosed in the notes, what is the CPA responsible for when dating the audit report August 27?
Options:
A. Only events up to August 13.
B. Just the disclosed event on August 27.
C. Events up to August 13 and the disclosed event on August 27.
D. All events up to August 27.
Correct Answer: D - By dating the audit report August 27, the CPA assumes responsibility for all subsequent events up to that date, not just the event disclosed or events occurring up to the original fieldwork completion date.
Under U.S. auditing standards, in which of the following situations would an auditor ordinarily issue an unmodified audit
opinion without an emphasis-of-matter paragraph?
A. The auditor decides to make reference to the audit of a component auditor as a basis, in part, for the auditor’s
opinion.
B. The entity issues financial statements that present financial position and results of operations, but omits the
statement of cash flows.
C. The auditor wishes to emphasize that the entity had significant related party transactions.
D. The auditor wants to draw attention to an uncertainty related to the outcome of unusually important litigation.
重大关联方交易（选项C）：当实体进行了重大的关联方交易，审计师可能会通过强调事项段落来特别指出这些交易，尤其是当这些交易对财务报表的理解非常重要时。
不确定性和重要诉讼（选项D）：当存在与未决诉讼或其他不确定性相关的事项，且这些事项对财务报表的影响重大时，审计师可能会使用强调事项段落来指出这种不确定性。这是为了确保财务报表的使用者意识到这些不确定性可能对实体的财务状况产生重大影响。
无需强调事项的情况：
参考组成部分审计师的审计工作（选项A）：当审计师在其审计意见中部分基于组成部分审计师的工作时，通常不需要加入强调事项段落。在这种情况下，审计师会在报告中适当修改，指出对某些财务报表部分的审计是由另一位审计师完成的，但这并不需要通过强调事项段落来特别指出。
不能发表无保留意见的情况：
省略现金流量表（选项B）：如果实体的财务报表省略了现金流量表，这通常会导致审计师发表有保留意见，因为现金流量表是根据一般公认会计原则（GAAP）要求的财务报表的一个重要组成部分。
Subsequently discovered facts that lead to a change in an audit opinion may be presented in:
1. emphasis of matter paragraph
2. other matter paragraph
both
强调事项段落（Emphasis of Matter Paragraph）
作用：用来强调审计师认为使用财务报表的人员应当注意的事项，这些事项已在财务报表或注释中适当披露。它不用于介绍后来发现的事实。
记忆方法：将“强调事项”联想为在现有的路线图上加上一道亮光，提示“这里有看点”，但不改变路线本身。
其他事项段落（Other Matter Paragraph）
作用：用来报告与审计师报告相关但不是财务报表内容本身的事项，如审计范围的限制或审计报告使用的限制。
记忆方法：将“其他事项”想象成审计报告的“附录”，用来补充说明报告外的重要信息，但不直接涉及财务数据的调整或财务报表的重新解释。
A nonissuer changes from an accounting principle not in accordance with the applicable reporting framework to an
accounting principle in accordance with the applicable reporting framework. How should the auditor characterize such a
change?
A. As a change in reporting entity.
B. As a change in accounting principle.
C. As a correction of a misstatement.
D. As a change in classification.
Explanation
Choice “C” is correct. Because the original accounting principle was not in accordance with the applicable reporting
framework, the change is considered the correction of a previous misstatement. The auditor would need to evaluate
the materiality of the misstatement and consider whether the previous opinion requires modification.
An auditor most likely would add an other-matter paragraph when:
A. A change in a reporting entity results in financial statements which, in effect, are those of a different reporting
entity.
B. The entity changes the depreciable life of an asset from eight years to five years.
C. Current period financial statements are audited and presented in comparative form with reviewed financial
statements from the prior period.
D.The auditor concludes that substantial doubt remains about the entity’s ability to continue as a going concern for a reasonable amount of time.
Explanation
Choice “C” is correct. An auditor would add an other-matter paragraph when current period financial statements are
audited and presented in comparative form with compiled or reviewed financial statements from the prior period or
in comparative form with prior period financial statements that were not audited, reviewed, or compiled.
選項 D 不正確的原因在於，当审计师得出结论认为存在实质性疑问关于被审计实体是否能够持续经营时，根据美国审计标准，审计师会在审计报告中加入一个关于持续经营能力实质性疑问的单独段落，而不是添加一个“其他事项段落”(other-matter paragraph)。
When an entity changes its method of accounting for income taxes, which has a material effect on comparability, the
auditor should refer to the change in an emphasis-of-matter paragraph added to the auditor’s report. This paragraph
should identify the nature of the change and:
A. Describe the cumulative effect of the change on the audited financial statements.
B. Explain why the change is justified under generally accepted accounting principles.
C. State the auditor’s explicit concurrence with or opposition to the change.
D. Refer to the financial statement note that discusses the change in detail.
D
假设一家公司在其2023年度的财务报告中改变了其收入税的会计处理方法，从加速折旧法转变为直线折旧法。这种变更对公司的财务状况和经营结果有重大影响，并且需要在财务报表中充分披露。
在这种情况下，审计师在审计报告中添加一个强调事项段落，目的是引起财务报表使用者对这一变更的注意。审计师不会在强调事项段落中详细讨论这种变更的影响或是评价其合理性，而是会指引报表使用者阅读财务报表中的具体注释，以获取关于收入税会计政策变更的详细信息。
例如，强调事项段落可能是这样的：
“如财务报表注释X所述，公司在2023年改变了其收入税的会计处理方法。我们引导读者参考该注释以获取关于此变更的详细信息。”
这个例子说明了审计师如何通过强调事项段落来处理会计政策的重大变更，同时确保了审计报告的客观性和引导财务报表使用者去查找更多相关信息的目的。
An entity’s comparative financial statements include the financial statements of the prior year that were audited by a
predecessor auditor whose report is not presented. If the predecessor’s report was qualified, the successor should:
A. Update the audit report to show shared responsibility.
B. Tell the client that they can’t present comparative financial statements this way.
C. Only give an opinion on this year’s statements without mentioning last year’s.
D. Explain why the previous year’s audit was qualified.
Option “D” is correct. The new auditor must disclose why the previous auditor qualified their report, including:
Acknowledging the work was done by another auditor.
The type of opinion and reasons for any modifications by the previous auditor.
Any emphasis-of-matter or other specific paragraphs from the previous auditor’s report.
When the previous auditor’s report was issued.
选项 “D “是正确的。新审计师必须披露前任审计师对其报告提出保留意见的原因，包括
承认工作是由另一位审计师完成的。
前任审计师修改意见的类型和原因。
前任审计师报告中的任何强调事项或其他特定段落。
前任审计师报告的发布时间。
In which of the following circumstances may an auditor include an other-matter paragraph in an audit report of a
nonissuer?
A. A material weakness in internal control exists.
B. The audited financial statements include a material misstatement.
C.The entity engaged in significant transactions with a related party during the year under audit and subsequent to year-end.
D. The auditor has been engaged to report on an entity’s financial statements prepared under U.S. GAAP and under IFRS.
D
“Other-matter paragraph”: This phrase indicates that the information to be included in the audit report is not related to the material presented in the financial statements but is still relevant to the users’ understanding of the audit, the auditor’s responsibilities, or the audit report.
“Engaged to report on more than one set of financial statements”: This indicates a situation where the auditor is reporting on financial statements prepared under different accounting frameworks, which is precisely the scenario described in option “D”. It suggests additional information is necessary to help users understand the context of the audit(s).
“Prepared under U.S. GAAP and under IFRS”: This specifically points to the auditor dealing with two different sets of accounting principles, highlighting the need for clarification in the audit report regarding how these different frameworks affect the auditor’s report.
C–> should use an emphasis of matter paragraph.
When there has been a change in accounting principles, but the effect of the change on the comparability of the financial
statements is not material, the auditor should:
A. Explicitly state whether the change conforms with GAAP.
B. Not refer to the change in the auditor’s report.
C. Refer to the note in the financial statements that discusses the change.
D. Refer to the change in an emphasis-of-matter paragraph.
B is correct
不重要的会计原则变更：当会计原则的变更对财务报表的可比性影响不重大时，审计师不需要在审计报告中提及这一变更。
D–> A change in accounting principles, which has a material effect on the comparability of financial statements, would refer to the change in an emphasis-of-matter paragraph.
Upon finding facts after issuing an audit report that would have changed that report, what should an auditor deem most critical?
A. The cost vs. benefit of more procedures to assess the new facts.
B. How the findings affect the last five years’ financial reports.
C. If the client agrees to correct and disclose to those relying on the reports.
D. If the client will pay for extra work needed.
Explanation:
C is correct. The auditor prioritizes the client’s readiness to amend and publicly correct the financial statements, as this directly impacts the reliability of the issued financial statements and the auditor’s responsibility to the public.
A is not correct because the auditor must assess the impact of new findings, ignoring the cost-benefit analysis.
B is not correct as the auditor must evaluate the effects on past financial statements, not just the previous five years.
D is not correct because the auditor’s main concern is the integrity of the financial statements, not receiving additional fees for further procedures.
An auditor should restrict the use of the auditor’s communication related to the audit of a nonissuer’s financial statements
by including an alert when the written communication:
A. Discloses material weaknesses in internal control that elevate the risk of misstatements in the financial statements.
B. Documents a financial risk that the auditor discussed with those charged with governance on previous audit engagements.
C. Describes a potential change in accounting methods and its potential effect on the results of operations and financial position.
D. Is based on measurement or disclosure criteria that the auditor determined to be suitable only for a limited number of users who can be presumed to have an adequate understanding of the criteria.
知识点总结：
限制使用说明的情况：当审计沟通基于的衡量或披露标准被审计师认为仅适用于一小部分预期能够充分理解这些标准的用户时，应在审计沟通中包含限制使用说明。这通常涉及专业判断或特定会计准则的应用，这些准则可能对一般用户来说难以理解。
为何选择D：
选项D提及了审计沟通基于的衡量或披露标准仅适合于有能力充分理解这些标准的限定用户群，这正是需要加入限制使用说明的情况。
Question:
An auditor finished auditing a company’s financials for the year ended December 31, Year 3, and initially dated the audit report March 13, Year 4. Before releasing the report, an event on March 14, Year 4, led to revisions in the Year 3 financials and an updated note. The updated audit report was dated April 11, Year 4, and released on April 12, Year 4. The auditor is responsible for reviewing subsequent events up to which date?
Options:
A. April 11, Year 4.
B. March 13, Year 4.
C. April 12, Year 4.
D. March 14, Year 4.
Explanation:
Correct Answer: A. The auditor is responsible for subsequent events until April 11, Year 4, the new date of the audit report. This period is when the auditor must review events that could affect the financial statements.
Why Others Are Incorrect:
B is not correct because March 13, Year 4, was the initial report date, not the final one after revisions.
C is incorrect as April 12, Year 4, is the release date of the report, not the cut-off for reviewing subsequent events.
D is not correct because even though March 14, Year 4, is when the event happened, the auditor’s responsibility extends to the new report date, April 11, Year 4.
If a subsequently discovered fact becomes known to the auditor after the report release date, the auditor should first:
A. Discuss the matter with management.
B. Determine the effects and issue revised financial statements.
C. Notify each member of the board of directors that the auditor will seek to prevent future reliance on the
auditor’s report.
D. Notify regulatory agencies having jurisdiction over the client that the auditor’s report should no longer be relied
upon.
Explanation
Choice “A” is correct.
选项 B 表明，审计员负责确定后来发现的事实对财务报表的影响，并出具经修订的财 务报表。这是不正确的，因为编制和公允列报财务报表的主要责任在于管理层，而不是审计师。审计师的职责是审计管理层编制的财务报表，并就财务报表是否不存在因欺诈或错误造成的重大错报发表意见。
如果在审计报告发布后发现了可能影响财务报表的事实，审计师的第一步是与管理层讨论该事项（选项 A）。讨论的目的是让管理层了解情况，以便他们确定新发现的事实对财务报表的影响。然后，管理层决定是否需要修改财务报表以及如何修改。
管理层的责任包括确保财务报表准确无误并符合适用的财务报告框架，进行必要的更正，并在必要时重新发布财务报表。审计师可以建议或协助管理层理解新发现的事实对财务报表的潜在影响，但并不承担修改财务报表本身的职责。因此，选项 B 不是正确答案；它错误地将主要属于管理层的责任赋予了审计师。
Which of the following procedures would an auditor most likely perform in obtaining evidence about subsequent events?
A. Investigate changes in long-term debt occurring after year-end.
B. Determine that changes in employee pay rates after year-end were properly authorized.
C. Send confirmations for a material A/R balance from a customer originating after year-end.
D. Inquire about payroll checks that were recorded before year-end but cashed after year-end.
A】 Long-term debt that matures within one year is reported as a current liability on the balance sheet. An
auditor reviews changes in long-term debt occurring after year-end to evaluate whether such debt is appropriately classified
on the balance sheet.
An auditor most likely would add an emphasis-of-matter paragraph when:
A. Restricting the use of the auditor’s report.
B. The financial statements of the prior period were audited by a predecessor auditor and the predecessor’s audit report
is not reissued.
C. The auditor chooses to report on supplementary information presented with the financial statements in the auditor’s
report, rather than in a separate report.
D. Describing a justified change in accounting principle that has a material effect on the entity’s financial statements.
Explanation
Choice “D” is correct. An auditor would add an emphasis-of-matter paragraph when describing a justified change in
accounting principle that has a material effect on the entity’s financial statements.
Choice “A” is incorrect. An auditor would add an other-matter paragraph when restricting the use of the auditor’s report.
Choice “B” is incorrect. An auditor would add an other-matter paragraph when the financial statements of the prior period
were audited by a predecessor auditor and the predecessor’s audit report is not reissued.
Choice “C” is incorrect. An auditor would add a separate section with the heading “Supplementary Information” when the
auditor chooses to report on supplementary information presented with the financial statements in the auditor’s report, rathe
than in a separate report.
When can a group audit partner decide not to mention a subsidiary’s auditor in the report?
A. Is unable to review the audit programs and audit documentation of the component auditor.
B. Issues an unmodified opinion on the consolidated financial statements.
C. Is satisfied as to the independence and professional reputation of the component auditor.
D. Learns that the component auditor issued an unmodified opinion on the subsidiary’s financial statements.
Explanation:
Correct answer: C. If the group audit partner trusts the subsidiary auditor’s independence and professional reputation, they can issue an opinion without mentioning the subsidiary auditor’s work.
A. Incorrect because not being able to review the subsidiary auditor’s work would usually require mentioning them in the report.
B. Incorrect because issuing an unmodified opinion doesn’t relate to whether the subsidiary auditor is mentioned.
D. Incorrect because the type of opinion the subsidiary auditor issued isn’t the determining factor for mentioning them.
The inclusion of an emphasis-of-matter paragraph in the auditor’s report:
A. May be used as a substitute for the auditor expressing a qualified opinion.
B. Does not affect the auditor’s opinion.
C. May be used as a substitute for financial statement disclosures excluded by management.
D. Affects the auditor’s opinion.
Explanation
Choice “B” is correct. The inclusion of an emphasis-of-matter paragraph in the auditor’s report does not affect the auditor’s
opinion. The emphasis-of-matter paragraph should indicate that “Our opinion is not modified with respect to this matter.”
Choice “A” is incorrect. The inclusion of an emphasis-of-matter paragraph in the auditor’s report may not be used as a
substitute for the auditor expressing a qualified opinion.
Choice “C” is incorrect. The inclusion of an emphasis-of-matter paragraph in the auditor’s report may not be used as a
substitute for financial statement disclosures excluded by management.
Choice “D” is incorrect. The inclusion of an emphasis-of-matter paragraph in the auditor’s report does not affect the auditor’s
opinion. The emphasis-of-matter paragraph should indicate that “Our opinion is not modified with respect to this matter.”
When should an auditor revise a past opinion on financial statements in comparative reports?
A. If asked to reissue a report by a former client.
B. If there’s a change in opinion due to inconsistency with the current year’s statements.
C. If last year’s statements are restated to align with accounting standards.
D. If last year’s statements are restated due to a change in the reporting entity.
Explanation:
C is correct because auditors must update their report if they find that previous financial statements, now restated, align with accounting standards, reflecting a change from a previous qualified or adverse opinion to an unmodified one.
A is incorrect because a request from a former client does not necessitate a change in the auditor’s opinion upon reissuing the report.
B is incorrect as differing opinions between years do not mandate a change in the previously issued opinion.
D is incorrect because restating financial statements for changes in the reporting entity does not automatically lead to a change in the auditor’s opinion on the prior year’s statements.
When might a group engagement partner not mention a subsidiary’s auditor in their report?
A. Can’t confirm the subsidiary auditor’s independence or reputation.
B. Oversaw the subsidiary auditor’s work directly.
C. Finds reviewing the subsidiary auditor’s work impractical.
D. The subsidiary’s financials are significant to the overall financial statements.
Explanation:
B is correct. If the group engagement partner directly oversaw the subsidiary auditor’s work, they might not reference the subsidiary auditor in their report, assuming full responsibility for the audit work conducted.
Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?
A. Verify inventory pledged under loan agreements by confirming the details with financial institutions.
B. Inquire about the current status of transactions that were recorded on the basis of preliminary data.
C. Compare the financial statements being reported on with those of the prior year.
D. Trace information from shipping documents to sales invoices and sales journal transactions.
A. 透過與金融機構確認詳細資訊，核實貸款協議下的抵押庫存。 該程式更多地與核實截至資產負債表日期的庫存的存在和權利和義務主張有關，而不是確定後續事件。
B. 詢問根據初步資料記錄的交易的當前狀態。 該程式可能會提供後續事件的證據，因為它有助於審計師根據記錄初步資料後發生的更好資訊或事件，確定是否需要對財務報表進行任何調整。
C. 將報告的財務報表與前一年的財務報表進行比較。 這種比較有助於分析程式和理解財務報表專案的逐年變化，但它並不專門針對識別後續事件。
D. 追蹤從運輸單據到銷售發票和銷售日記賬交易的資訊。 該程式旨在驗證銷售交易的發生及其正確記錄，而不是具體識別後續事件。
Which of the following procedures would an auditor generally perform regarding subsequent events?
A. Inspect inventory items that were ordered before the year-end but arrived after the year-end.
B. Review the client’s cutoff bank statements for several months after the year-end.
C. Compare the latest available interim financial statements with the statements being audited.
D. Test internal control activities that were previously reported to management as inadequate.
What does dual dating an audit report indicate about the auditor’s responsibility for subsequent events?
A. Responsibility is only for the specific subsequent event mentioned.
B. Responsibility extends to all events up to the report issuance.
C. Responsibility extends to all events up to the later date mentioned.
D. Responsibility is only for events until the last mentioned subsequent event.
正确答案是 A. 仅限于引用的特定事件。
已调整的后续事件（Recognized Subsequent Events）：这类事件提供了财务报表日存在的情况的额外证据。这些事件通常需要在财务报表中调整已经记录的数额。例如，如果一项法律诉讼在财务报表日之后但在审计报告日之前解决，且其解决提供了对财务报表日存在的义务的额外证据，那么可能需要对财务报表进行相应的调整。
未调整的后续事件（Non-Recognized Subsequent Events）：这类事件是在财务报表日之后发生的，对财务报表的公允展示有重要影响，但并不调整已经记录的数额。这类事件通常需要在财务报表的注释中进行披露。例如，如果一家公司在财务报表日之后但在审计报告日之前签订了一项重大合同，这可能需要在财务报表的注释中披露，而不是调整财务报表的数额。
当使用双重日期（Dual Date）的审计报告时，它通常涉及到未调整的后续事件，即在原始审计报告日期之后、财务报表发布之前发生的特定事件。审计师使用双重日期来限定其对这类特定后续事件的考虑和责任，而不是所有可能发生的事件。双重日期允许审计师对原始审计报告日期之后发生的、需要在财务报表注释中披露的特定事件承担责任，而不是扩展到所有后续事件。
After issuing an unmodified opinion on financial statements, a CPA learns of a material loss not reflected in the statements. Management refuses to adjust for this. What should the CPA do next?
A. Issue and distribute revised financial statements to known creditors.
B. Inform the entity’s board of directors about management’s refusal.
C. Tell creditors the financial statements and auditor’s report should not be relied upon.
D. Distribute a revised auditor’s report to known creditors.
Explanation:
B is correct because the auditor should inform the board about management’s refusal to adjust, seeking their intervention.
A is incorrect because only the client, not the auditor, can issue revised financial statements.
C is incorrect because notifying creditors directly is a later step if the board does not act.
D is incorrect as the auditor does not issue a revised report but may withdraw the original report if necessary.
What is the least likely auditor’s report option for GAAP-required supplementary information?
A. Report includes an opinion on whether supplementary information is fairly stated.
B. Report includes a separate section on applied procedures to supplementary information.
C. A disclaimer of opinion on the supplementary information.
D. Report includes an opinion on supplementary information with use restriction.
Explanation:
D is correct because there’s no requirement to restrict the auditor’s report on GAAP-required supplementary information.
A is incorrect as an opinion may be expressed if auditing procedures are applied.
B is incorrect because the auditor may report on the applied procedures in a separate section.
C is incorrect as a disclaimer can be included, stating no opinion is expressed on the supplementary information.
It is not appropriate to refer a reader of an auditor’s report to a financial statement footnote for details concerning:
A. Sale of a discontinued operation.
B. The results of confirmation of receivables.
C. Subsequent events.
D. The pro forma effects of a business combination.
Explanation
Choice “B” is correct. Details concerning the results of audit procedures (such as the results of confirmation of receivables)
generally do not appear in the footnotes.
Choice “A” is incorrect. Sale of a discontinued operation may be discussed in an emphasis-of-matter paragraph of the auditor’s
report, which would also refer to the related footnote.
Choice “C” is incorrect. Subsequent events may be discussed in an emphasis-of-matter paragraph of the auditor’s report, which
would also refer to the related footnote.
Choice “D” is incorrect. The pro forma effects of a business combination may be included in an emphasis-of-matter paragraph of
the auditor’s report, which would also refer to the related footnote.
When audited financial statements are presented in a client’s document containing other information, the auditor should:
A. Perform inquiry and analytical procedures to ascertain whether the other information is reasonable.
B. Read the other information to determine that it is consistent with the audited financial statements.
C. Perform the appropriate substantive auditing procedures to corroborate the other information.
D. Add an other-matter paragraph to the auditor’s report without changing the opinion on the financial statements.
Explanation
Choice “B” is correct. The auditor should read the “other information” in a client’s document containing audited financial
statements to determine that it is consistent with the audited financial statements.
Choice “A” is incorrect. Performing analytical procedures or any other procedure is not necessary.
Choice “C” is incorrect. The auditor has no obligation to perform any procedure to corroborate “other information” contained in a
document such as an annual report.
Choice “D” is incorrect. A separate section with the heading “Other Information” clarifying the auditor’s responsibility with respect
to the other information would be added to the report rather than an other-matter paragraph.
what should be included in the opinion paragraph when an audience expresses a qualified opinion?
- when read in conjunction with norte X
2, when the foregoing eplanation
no-no
A qualified opinion phrase is, “In our opinion, except for [reference to matter giving rise to qualification] described in the Basis for
Qualification section of our report…”
When a CPA reports on financial statements prepared on a cash basis, the report should:
A. Mention a separate paragraph for justifying and agreeing with the non-GAAP method.
B. State why this accounting basis is better for readers than GAAP.
C. Refer to management’s responsibility note for the financial statements.
D. Indicate that the accounting basis is an OCBOA, different from GAAP.
Explanation:
D is correct because a report on OCBOA financial statements should clarify that the accounting basis is non-GAAP, referencing the relevant footnote.
A is not correct as the emphasis-of-matter paragraph should state the accounting basis without needing to justify or show concurrence with it.
B is not correct since the report does not assess the usefulness of the cash basis over GAAP.
C is not correct because the reference should be to the note describing the accounting basis, not to management’s responsibility.
An auditor is engaged to report on selected financial data that are included in a client-prepared document containing audited
financial statements. Under these circumstances, the report on the selected data should:
A. State that the presentation is prepared in accordance with a special purpose framework.
B. Restrict the use of the report to those specified users within the entity.
C. Be limited to data derived from the entity’s audited financial statements.
D. Indicate that the data are subject to prospective results that may not be achieved.
Explanation
Choice “C” is correct. When the audit engagement includes reporting on selected financial data, the report prepared by the
auditor should be limited to the data that was obtained from the financial statements
Choice “A” is incorrect. The presentation of selected financial data is not prepared in accordance with a special purpose
framework.
Choice “B” is incorrect. The report is not required to be restricted to specific individuals within the organization.
Choice “D” is incorrect. The presentation of selected financial data is not a form of prospective financial statement.
The quarterly data required by SEC Regulation S-K have been omitted. Which of the following statements must be included in
the auditor’s report?
A. The auditor will review the selected data during the review of the subsequent quarterly financial data.
B. The auditor was unable to review the data.
C. The company has not presented the selected quarterly financial data.
D. The company’s internal control provides an adequate basis to complete the review.
《C》
選項B表述為「審計師無法審閱數據」，可能給人的印象是審計師由於某種原因（如時間限制、資料不可用等）未能審閱數據，而非公司未提供該數據。這個選項的表述可能會引起誤解，因為它沒有直接指出是因為公司沒有提供必需的季度數據。在審計報告中，明確性和準確性是非常重要的，特別是當涉及到遵守SEC規定和報告要求時。
在這種情況下，直接指出公司未提供所需的季度數據（如選項C所述）是更為準確和直接的表述方式。它明確指出了問題的所在，即公司未能符合SEC規定S-K的要求。而選項B的表述方式則留下了審計師未能審閱數據的原因模糊不清，可能讓人誤解為審計師的問題，而不是公司未提供數據的問題。因此，即使數據被省略確實意味著審計師無法審閱它們，但更重要的是要清楚地指出是公司未提供這些數據，這是選項C被選為正確答案的原因。
When auditing a company that doesn’t issue stock (a nonissuer), what does an auditor have to do with extra information like pension details that’s not in the main financial statements but is still needed by accounting rules?
Choices:
A. Check the extra information to make sure it’s similar to last year’s.
B. Do a few specific checks on the extra information.
C. Just make sure the extra information isn’t missing.
D. Hire an expert to check if what the company says about the extra information is correct.
Explanation:
Choice B is correct. The auditor needs to do some specific checks on the extra information and mention this in a special part of the audit report called “Required Supplemental Information.”
Choice A is wrong. The auditor doesn’t need to check if the extra information matches last year’s.
Choice C is wrong. The auditor also has to check if the extra information follows accounting rules closely and if it’s presented accurately compared to the whole financial statements.
Choice D is wrong. The auditor doesn’t need to get an expert to confirm the company’s claims about the extra information.
uestion: When audited financial statements are included in a document with additional non-audited information, what should an auditor do?
A. Include an additional paragraph in the audit report about this other information without changing the financial statement opinion.
B. Conduct inquiries and analytical procedures to verify if the additional information is accurate.
C. Carry out detailed audit procedures to confirm the accuracy of the non-audited information.
D. Review the additional information to ensure it does not conflict with the audited financial statements.
Correct Answer: D. Review the additional information to ensure it does not conflict with the audited financial statements.
Explanation:
The auditor’s responsibility is to review any non-audited information included in a document with audited financial statements to check for consistency with those financial statements. This ensures that the additional information does not contain any material misstatements or inconsistencies that could mislead the users of the financial statements.
選項B: 進行詢問和分析程序以確定其他信息是否合理。
這個選項錯誤的原因在於，雖然詢問和分析程序可能有助於獲得對其他信息的一定了解，但審計師在審計財務報表時並不要求對文件中的非財務報表信息進行詳細的分析或驗證。審計師的主要職責是確保其他信息與已審計的財務報表一致，而不是去驗證其他信息的準確性或合理性。
選項C: 執行適當的實質性審計程序來證實其他信息。
選項C的錯誤在於，審計師對於文件中包含的其他信息（比如管理層討論與分析部分）沒有義務進行實質性審計程序。審計師的責任主要是確保這些信息沒有與已審計的財務報表產生重大不一致。這並不意味著審計師需要對這些非財務信息進行實質性證實。
In a special audit report for financial statements using the cash basis, what should the emphasis-of-matter paragraph include?
A. A reference to the financial statement note explaining the accounting basis.
B. A justification for not following generally accepted accounting principles.
C. A comparison of operational results with those under generally accepted accounting principles.
D. A confirmation of fair presentation under another comprehensive basis of accounting.
Explanation:
A is correct because the report should direct readers to the note in the financial statements where the cash basis of accounting is described.
B is incorrect because the auditor’s report doesn’t need to justify the departure from GAAP.
C is incorrect as the report doesn’t detail how results differ from GAAP to the cash basis.
D is incorrect because the emphasis is on referring to the note describing the basis, not on stating the fair presentation under another basis.
Reports on special purpose frameworks are issued in conjunction with:
A. Interim financial information reviewed to determine whether material modifications should be made to conform with
GAAP.
B. Feasibility studies presented to illustrate an entity’s results of operations.
C. Compliance with reporting requirements to be filed with a specific regulatory agency.
D. Pro forma financial presentations designed to demonstrate the effects of hypothetical transactions.
选项 C 是正确答案，因为它与使用特殊目的框架的财务报告直接相关。特殊目的框架是不同于公认会计原则（GAAP）的会计方法，用于特定原因，如遵守法规或合同协议。这些框架包括现金基础、税收基础、监管基础和合同基础会计。
当报告的发布与遵守向特定监管机构提交报告的要求有关时，往往涉及特殊目的框架， 因为监管机构可能要求以不同于公认会计原则的方式列报财务信息。例如，监管机构可能会要求公司在编制财务报表时使用税务会计的税基或该实体所处行业的特定监管基础。
这类报告旨在满足监管机构和依赖这些信息的利益相关者的特定需求，而不是为了符合公认会计原则。因此，审计师就这些特殊目的框架出具报告，以证明财务报表是根据所应用的框架公允列报的，这与选项 C 的描述直接吻合。
Which best describes the auditor’s responsibility for other information that is outside the basic financial statements, but is
included in documents containing audited financial statements?
A. Read the other information and consider whether it is materially consistent with the audited financial statements.
B. The auditor has no responsibility to read the other information in a document containing audited financial statements.
C. Apply certain limited procedures to the required supplementary information and add an other-matter paragraph to the
financial statement audit report.
D. Issue an opinion on the supplementary information and include a statement restricting the use of the report.
Explanation
Explanation
Choice “A” is correct. The auditor should read the other information and consider whether it is materially consistent with the
audited financial statements.
Choice “B” is incorrect. The auditor has a responsibility to read the other information and consider whether it is materially
consistent with the audited financial statements.
Choice “C” is incorrect. When audited financial statements are presented in a client’s document containing required
supplementary information that is outside the basic financial statements, the auditor should apply certain limited procedures
to the required supplementary information and add a separate section with the heading “Required Supplementary
Information,” not an other-matter paragraph, to the audit report.
Which of the following is not a special purpose framework?
A. Basis of accounting used by an entity to file its income tax return.
B. Basis of accounting used by an entity to comply with the financial reporting requirements of a government regulatory
agency.
C. Basis of accounting promulgated by the International Accounting Standards Board.
D. Cash receipts and disbursements basis of accounting.
Explanation
Choice “C” is correct. IFRS (the standards promulgated by the International Accounting Standards Board) and GAAP (the
standards promulgated by the Financial Accounting Standards Board) are general purpose frameworks. Special purpose
frameworks include:
1. Cash basis and modified cash basis
2. Tax basis
3. Regulatory basis
4. Contractual basis
5. Other basis
選項B提到的是“Basis of accounting used by an entity to comply with the financial reporting requirements of a government regulatory agency.” 這種會計基礎被認為是一種監管基礎(regulatory basis)的特殊目的框架(special purpose framework)。監管基礎會計是根據特定政府監管機構的要求而制定的，用於滿足該機構對財務報告的具體規定。這種會計基礎可能與一般公認會計原則(GAAP)或國際財務報告準則(IFRS)有所不同，專門用於符合特定行業或法規環境下的報告要求。例如，銀行和保險公司可能需要根據其監管機構的特定要求準備財務報告，這些要求可能與一般商業企業使用的會計準則不同。
An entity prepares its financial statements on its income tax basis. A description of how that basis differs from GAAP should be
included in the:
* A. Auditor’s engagement letter.
B. Management representation letter.
C. Notes to the financial statements.åç
D. Emphasis-of-matter paragraph of the auditor’s report.
選項C: 財務報表的附註
正確選項：當一個實體根據其所得稅基礎準備財務報表時，這種基礎與通用會計原則（GAAP）的不同應該在財務報表的附註中被描述。附註是財務報表的一部分，提供了重要的背景信息和對財務報表中數據的解釋，包括會計政策、計量基礎和其他對理解財務狀況及經營成果至關重要的信息。
為什麼正確：附註直接對財務報表的閱讀者提供了有關會計基礎差異的信息，這對於理解財務報表的準備基礎是必要的。
選項D: 審計報告中的強調事項段落
不正確選項：強調事項段落用於審計報告中，以引起報告使用者對財務報表中某些事項的特別注意，這些事項在審計員的判斷中對財務報表的理解是重要的。雖然強調事項段落可以用來指向財務報表附註中的相關說明，但它本身並不提供有關所得稅基礎與GAAP差異的具體描述。
為什麼不正確：強調事項段落旨在指出報表中已有的信息，而不是提供新的、詳細的解釋或描述。它可能指出附註中的解釋，但詳細信息應該在附註本身找到。
簡而言之，選項C（財務報表的附註）直接提供有關所得稅基礎與GAAP之間差異的詳細信息，這對於理解報表至關重要。而選項D（強調事項段落）則用於引導讀者注意到財務報表或其附註中已經提供的重要信息，而不是自身提供該信息。
Question:
Which of the following issues is most likely prevented by obtaining a signed engagement letter from the client?
A. Management decides not to correct a material misstatement the auditor thought would be corrected.
B. The client needs an audit for a special framework, but the auditor lacks the necessary expertise.
C. Management doesn’t inform the auditor about a significant event before issuing the audit report.
D. There’s a disagreement about the contingent fee terms for the audit.
Explanation:
B is correct. An engagement letter helps avoid misunderstandings by clearly defining the audit’s framework and the auditor’s capabilities.
A is incorrect because a representation letter, not an engagement letter, would address uncorrected misstatements.
C is incorrect as a representation letter, not an engagement letter, confirms all significant events are disclosed.
D is incorrect because engagement letters cover fee arrangements, but contingent fees aren’t allowed in audits.
Which of the following is required before accepting a new audit engagement?
I. Making inquiries of the predecessor auditor regarding management integrity.
Il. Making inquiries of the predecessor auditor regarding matters that may affect the conduct of the audit.
III. Understanding the prospective client’s business and the industry in which it operates.
A. 1, 11, and III.
B. I only.
C. Only I and III.
D. Only || and III.
Explanation
Choice “B” is correct. before accepting a new audit engagement, it’s necessary to inquire about management’s integrity. Other tasks like inquiring about audit conduct matters and understanding the client’s business can be done after the engagement is accepted.
Which of the following statements would least likely appear in an auditor’s engagement letter?
A. Our engagement is subject to the risk that material errors or fraud, including defalcations, if they exist, will not be
detected.
B. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket expenses.
C. After performing our preliminary analytical procedures we will discuss with you the other procedures we consider
necessary to complete the engagement.
D. Arrangements to be made with the predecessor auditor.
下面是对选项 “C “正确而其他选项不正确的原因的简化分析：
- 选项 “C “**是正确的，因为它涉及与客户讨论具体的审计程序，这不是典型的做法。审计程序由审计师确定，而不是与客户协商。业务约定书可能会概述审计的一般范围和性质，但不会包括在初步分析程序后讨论和商定具体审计程序的条款。
- 选择 “A “** 谈到了审计的固有限制，这是业务约定书的标准部分。它提出了这样的期望，即虽然审计师将进行审计以合理保证财务报表没有重大错报，但仍有可能无法发现某些重大错报。
- 选择 “B “** 详细说明收费的依据，这在业务约定书中很常见。这使审计业务的财务条款更加清晰并达成一致。
- 选择 “D “** 提及与前任审计师作出安排，这也适合写入业务约定书中，尤其是在了解为何更换前任审计师以及确保不存在可能影响接受新审计业务的问题时。
At a minimum, an understanding with a client should include:
A.The objectives and limitations of the engagement, as well as the responsibilities of management and of the auditor.
B.The auditor’s opinion regarding whether the financial statements are free of material misstatement.
C. The specific audit procedures the auditor plans to perform.
D. The assessed level of the risk of material misstatement.
Explanation
Choice “A” is correct. At a minimum, an understanding with a client should include the objectives and limitations of the
engagement, as well as the responsibilities of management and of the auditor.
Choice “B” is incorrect. The auditor does not issue an opinion until the audit is complete.
Choice “C” is incorrect. The understanding typically does not include specific audit procedures.
Choice “D” is incorrect. The auditor’s risk assessment procedures are not performed until after an understanding with the
client has been established.
The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit
strategy is the determination of the:
A. Pending legal matters to be included in the inquiry of the client’s attorney.
B. Timing of inventory observation procedures to be performed.
C. Procedures to be undertaken to discover litigation, claims, and assessments.
D. Evidence to be gathered to provide a sufficient basis for the auditor’s opinion.
B
A ,C,D需要審計師的專業判斷，而不是跟客戶商議
Question:
Before accepting an audit engagement, a CPA evaluates if certain conditions suggest doubts about management’s integrity. Which condition is most likely to raise such doubts?
Options:
A. Large differences between forecasted and actual financial statements.
B. Denial of access to senior management’s salary information.
C. Large inventory write-offs just before year-end for several years.
D. Discovery of related party transactions in the draft financial statements.
Correct Answer: B
Explanation:
Option “B” is correct because if an auditor is denied access to sensitive information like senior management salaries, it might suggest concerns about management’s transparency and integrity. Auditors need full access to relevant information for a fair presentation of financial statements.
Option “A” is incorrect as differences between forecasted and actual financials don’t inherently indicate management dishonesty; they could result from various legitimate factors.
Option “C” is incorrect because consistent annual inventory write-offs, although significant, may reflect a business characteristic rather than management integrity issues.
Option “D” is incorrect as the presence of related party transactions in itself does not imply a lack of integrity; such transactions can be normal business operations.
In connection with an audit of a nonissuer, the auditor would ordinarily use an engagement letter to:
A. Determine which of the company’s financial statement notes will be compiled by the auditor during the audit
B. Mutually agree upon contingent fees between the company and the auditor.
C. Specify any arrangements concerning the involvement of the company’s internal auditors on the audit.
D. Assert that a properly planned audit will detect and identify all material misstatements.
Explanation:
An audit engagement letter typically includes details such as the scope of the audit, the auditor’s responsibilities, the client’s responsibilities, and other significant arrangements, including the involvement of internal auditors or other staff of the entity in the audit process. This helps in setting clear expectations and responsibilities for both the auditor and the client, enhancing the audit’s effectiveness and efficiency.
Options A and B are incorrect as they involve activities that could impair the auditor’s independence. Option D is incorrect because an audit cannot guarantee the detection of all material misstatements due to inherent limitations.
選項A的錯誤
角色衝突：審計師的主要職責是提供對財務報表的獨立和客觀的審計意見。如果審計師參與編制這些報表或附註，則他們實際上是在評估自己的工作，這創造了一個明顯的利益衝突，並可能影響到他們意見的客觀性和獨立性。
獨立性原則：國際審計準則和各國專業操守準則都強調審計師在執行審計工作時必須保持獨立。這包括避免執行任何可能使他們與客戶之間產生太過緊密關係的服務，從而可能影響他們的判斷或被視為有偏見。
服務限制：多數專業操守準則都明確禁止或嚴格限制審計師提供某些非審計服務給其審計客戶，特別是那些與會計記錄或財務報表的編制直接相關的服務，因為這些活動可能會威脅到審計師的獨立性。
Question:
What factor is most likely to lead a CPA to decide against accepting a new audit engagement?
Options:
A. Management not allowing substantive tests before year-end.
B. Management ignoring its duty to keep a good internal control environment.
C. Inability to assess if related party transactions were fair.
D. Not understanding the prospective client’s internal audit software.
Correct Answer: B
Explanation:
Option “B” is the correct choice because a strong internal control environment is crucial for reliable financial reporting. If management neglects this responsibility, it undermines the foundation of effective internal controls, significantly increasing audit risk to an unacceptable level.
Option “A” is incorrect as substantive tests are typically done after the year-end when financial statements are complete.
Option “C” is incorrect because related party transactions are not expected to be on arm’s-length terms, and this factor alone doesn’t generally affect a CPA’s decision to accept a new client.
Option “D” is incorrect as a CPA’s lack of familiarity with a client’s specific internal audit technology does not directly impact the decision to accept an audit engagement.
Question:
Which types of documentation are typically provided by the predecessor auditor for review?
Options:
A. Results of the audit procedures and Risk assessment procedures.
B. Results of the audit procedures, Risk assessment procedures, and Client’s significant accounting policies.
C. Results of the audit procedures, Prior period engagement letter, and Risk assessment procedures.
D. Prior period engagement letter and Client’s significant accounting policies.
Correct Answer: A
Explanation:
The predecessor auditor usually allows the successor auditor to review documentation that directly relates to the audit’s planning, the assessment of audit risk, the procedures carried out during the audit, and the results of those procedures, along with any matters of continuing significance for the audit. The client’s significant accounting policies, while crucial for the audit, are typically provided by the client itself, not the predecessor auditor. Similarly, the prior period engagement letter, detailing the agreement between the client and the predecessor auditor, is not standard documentation shared with the successor auditor.
Which of the following factors most likely would influence an auditor’s determination of the auditability of an entity’s financial
statements?
A. The existence of related party transactions.
B. The complexity of the information system relevant to financial reporting.
C. The adequacy of the accounting records.
D. The operating effectiveness of controls.
A. 相关方交易的存在。
不正确：虽然相关方交易需要特别注意，因为它们可能涉及潜在的利益冲突或不公平的交易条件，但它们本身通常不会影响财务报表的可审计性。审计师需要对这些交易进行适当的审计程序，但它们不会阻止财务报表的审计过程。
B. 与财务报告相关的信息系统的复杂性。
不正确：信息系统的复杂性可能会要求审计师采取更专业的技术或使用信息技术专家来理解系统和执行审计程序。尽管如此，复杂的信息系统并不直接影响财务报表的可审计性，而是可能影响审计的范围和深度。
C. 会计记录的充分性。
正确：如果一个实体的会计记录不充分，这可能会阻碍审计师获得足够适当的审计证据。会计记录的质量和完整性是评估财务报表可审计性的关键因素。不充分的记录可能意味着审计师无法验证财务报表中的金额和披露的准确性。
D. 控制的运行有效性。
不正确：内部控制的运行有效性是在决定可审计性之后，审计过程中评估的一个方面。虽然控制的有效性对于审计风险评估和审计计划是重要的，但它并不是决定财务报表是否可被审计的直接因素。控制的有效性更多地影响审计过程中的测试方法和范围，而不是判断财务报表是否可以审计。
What detail is usually agreed upon between management and the auditor before starting field work?
A. The specific matters to be included in the communication with those charged with governance.
B. The minimum amount of misstatements that may be considered to be significant deficiencies in internal control
C. The schedules and analyses that the client’s staff should prepare.
D. The effects that inadequate controls may have over the safeguarding of assets.
让我们逐个解释这些选项，以了解在审计策略讨论中，哪些细节通常会在审计师和客户管理层之间达成一致：
A. 与治理负责人沟通时要包含的具体事项
错误：在开始现场工作之前，审计师可能还不清楚需要与治理负责人沟通的具体事项。这些通常是在审计过程中根据发现的情况来确定的。
B. 可能被视为内部控制重大缺陷的最小错误金额
错误：虽然审计师可能会设定一个初步的重要性水平，但这是审计判断的一部分，通常不会与客户讨论。此外，重大的内部控制缺陷是因为它们表明存在材料错报的潜在可能，而不是基于任何实际错报超过特定阈值。
C. 客户员工应准备的时间表和分析
正确：在开始现场工作之前，审计师很可能会与管理层讨论客户员工所需提供的协助。这包括准备特定的时间表和分析，是与客户建立共识的一部分，以确保审计过程顺利进行。
D. 控制不足可能对资产保护的影响
错误：在开始现场工作之前，审计师不太可能已经识别出控制上的不足或评估它们可能的影响。这些发现通常是审计过程中的结果，而不是审计开始之前讨论的内容。
The primary objective of an auditor when considering the acceptance of an initial audit engagement of a nonissuer is to
A. Specify the degree to which management intends to rely on the auditor’s testing of internal controls.
B. Limit the auditor’s responsibility if management fails to provide written representations.
C. Agree with management on the timing of tests at interim and year end.
D. Establish whether the preconditions for an audit are present.
Explanation
Choice “D” is correct. The primary objective of an auditor when considering the acceptance of an initial audit engagement of
a nonissuer is to establish whether the preconditions for an audit are present.
Choice “A” is incorrect. Management should not rely on the auditor’s testing of internal control. Management is responsible
for assessing their internal control based on their own monitoring of internal control.
Choice “B” is incorrect. The auditor should not accept an engagement if management will not provide written representations.
Choice “C” is incorrect. Determination of the timing of tests occurs after acceptance of an initial audit engagement.
Under which condition can an independent auditor accept an audit engagement after the fiscal year has ended?
Options:
A. Agreeing to issue a disclaimer of opinion due to missed tests.
B. Having a going concern assertion from the previous auditor.
C. Being able to assess control risk below maximum.
D. Overcoming limitations like verifying year-end inventory.
Correct Answer: D
Explanation:
An auditor can accept an engagement after the fiscal year-end if they can address any issues arising from the late start. This includes finding alternative methods to gather sufficient audit evidence, such as for inventory verification, to support the financial statements.
Option A is incorrect because accepting an engagement with the intention of issuing a disclaimer for missing key tests is not appropriate.
Option B is incorrect as the decision to accept should not be based solely on the previous auditor’s conclusions.
Option C is incorrect because the ability to assess control risk at below maximum does not directly relate to the timing of accepting an engagement.
Question:
What do the auditor and management typically agree upon before starting audit fieldwork?
Options:
A. Evaluating plans for adverse economic conditions.
B. Identifying fraud risk factors.
C. Coordinating client personnel assistance for data preparation.
D. Discussing control weaknesses with governance.
Correct Answer: C
Explanation:
Before fieldwork begins, the auditor and management usually establish an understanding regarding the audit strategy. This includes planning for the assistance of client personnel in preparing necessary data and documents, rather than evaluating economic plans, identifying fraud risks, or discussing control weaknesses, which are tasks performed during or after fieldwork.
When a nonissuer changes an audit to a review, how should the review report reflect this change?
A. Add a disclaimer of an audit opinion.
B. Mention why the engagement was changed.
C. Note the original audit engagement without explaining the change.
D. Do not mention the engagement change at all.
Explanation:
D is correct because if the accountant agrees to change an audit to a review, the review report is issued as if it were the planned engagement from the start, without mentioning the change.
A is wrong because a review report should not include an audit opinion disclaimer.
B is wrong as the review report does not detail reasons for the engagement change.
C is incorrect because there should be no mention of the original audit engagement in the review report.
When assessing the internal auditors’ competence, the independent CPA should obtain information about the:
A. Internal auditors’ access to records and information that is considered sensitive.
B. Policies prohibiting the internal auditors from auditing areas where relatives are employed.
C. Educational background and professional certification of the internal auditors.
D. Organizational level to which the internal auditors report.
- 选项 “C “正确： 内部审计师的教育背景和专业证书直接反映了他们有效开展审计工作的能力。会计原则、审计准则和相关法规方面的知识是进行全面、准确审计的基础。注册内部审计师 (CIA) 或注册会计师 (CPA) 等认证表明其专业能力和道德标准达到了公认的水平。通过评估这些方面，独立注册会计师可以衡量内部审计职能的可靠性和工作质量。
- 选择 “A “不正确： 虽然获取记录和信息对内部审计师有效履行职责至关重要，但这并不直接表明他们的能力。能否接触到记录和信息更多地体现了他们的工作范围以及管理层对他们的信任。
- 选择 “B “不正确： 有关利益冲突的政策，如审计亲属受雇的领域，涉及内部审计师的客观性和独立性，而不是他们的能力。虽然这些政策很重要，但不能直接反映审计师的审计技能或知识。
- 选项 “D “不正确： 内部审计师所隶属的组织级别是其独立性和在组织内部所能施加的潜在影响的指标。较高的隶属关系（如直接向审计委员会或董事会报告）可增强内部审计职能的独立性，但这同样不能直接评估他们的能力。
When an auditor increases the planned assessed level of control risk because certain control activities were determined to be
ineffective, the auditor would most likely increase the:
A. Extent of tests of details.
B. Level of detection risk.
C. Extent of tests of controls.
D. Level of inherent risk.
当审计师发现某些控制活动无效时，这意味着组织为防止或发现错误和欺诈而实施的控制措施没有发挥预期的作用。这种情况会增加审计师的担忧，即客户的内部控制可能无法防止或发现错报，从而导致更高的控制风险。
以下是审计师可能会增加细节测试程度的原因，如选项 “A “所示：
- 正确的选择： 增加细节测试的范围意味着审计师计划执行更详细的审计程序或检查更多的项目/交易。这样做是为了弥补较高的控制风险。由于控制措施无效，审计师不能依赖它们，而必须执行更多实质性程序，将审计风 险降低到可接受的水平。
- 降低，不增加**： 检测风险是指审计师无法检测到某项断言中存在的重大错报的风险。如果由于控制无效而增加了控制风险，审计师希望降低检测风险，以将总体审计风险保持在可接受的水平。要做到这一点，就要进行更多的实质性测试，而不是提高检测风险本身的水平。
- 确定无效后不增加**： 一旦审计师确定控制措施无效，增加控制措施的测试范围既无效率也无效果。测试控制的目的是评估其有效性。如果控制措施已被视为无效，审计师就需要调整实质性测试的方法。
- 不直接相关**： 固有风险是指假设没有相关控制措施，某项断言发生重大错报的可能性。它与业务或交易的性质有关，不受审计师控制风险评估的直接影响。因此，发现控制无效不会导致内在风险水平的调整。
总之，当发现控制活动无效时，增加细节测试的范围有助于审计师收集更多证据，确保财务报表不存在重大错报，从而弥补增加的控制风险。
Under which of the following circumstances should an auditor consider confirming the terms of a large complex sale?
A. When the assessed level of detection risk over the sale is high.
B. When the combined assessed level of inherent and control risk over the sale is moderate.
C. When the combined assessed level of inherent and control risk over the sale is high.
D. When the assessed level of control risk over the sale is low.
選項A與選項C的主要區別在於它們反映的風險類型和審計應對策略。選項A關注的是發現風險，主要通過改變審計程序的性質、時機和範圍來管理。而選項C則是在內在風險和控制風險都高的情況下，強調需要進行更多確認來直接獲取證據，以確保財務報表的準確性和完整性。選項C更直接地指向了在高風險情況下增加審計證據的必要性。
Which of the following should an auditor do when control risk is assessed at the maximum level?
A. Perform more tests of controls.
B. Document the assessment.
C. Perform fewer substantive tests of details.
D. Document the control structure more extensively.
選項B：記錄評估
正確。當控制風險評估為最高水平時，審計師需要在審計工作文件中記錄這一評估，並基於此評估結果調整其審計計畫，通常意味著增加實質性程序（如實質性測試的細節）以獲取足夠適當的審計證據。
為什麼其他選項不正確？
選項A：當控制風險評估為最高水平時，進行控制測試的效用降低，因為審計師已經預期這些控制措施不可靠。因此，增加控制測試並不是首選策略。
選項C：當控制風險處於最高水平時，實際上需要執行更多的實質性測試，而不是減少，以彌補控制風險高的影響，確保財務報表的準確性。
選項D：雖然理解被審計單位的控制結構是必要的，但一旦控制風險評估為最高，額外的記錄工作不會對審計策略產生實質性的影響。評估後的重點應該放在如何通過實質性程序來獲取證據上。
Question: During a group audit, what is not a responsibility of the group engagement team when determining materiality?
A. Set materiality levels for components that will be audited by the group team.
B. Establish materiality for specific transactions, balances, or disclosures that could impact decisions.
C. Only assess overall materiality for the group financial statements, ignoring performance materiality.
D. Create a threshold for what is considered significant to the group financial statements.
Explanation:
Correct Answer: C. The group engagement team is responsible for evaluating both the overall materiality for the group financial statements and performance materiality.
Incorrect Choices:
A, B, and D are tasks the group engagement team should undertake as part of their materiality assessment in a group audit.
Question: Which of the following is not an element of a CPA firm’s quality-control policies and procedures applicable to the firm’s accounting and auditing practice?
A. Human Resources
B. Engagement/Client Acceptance and Continuance
C. Investment Strategies
D. Monitoring
Correct Answer: C. Investment Strategies
Explanation: The elements of a CPA firm’s quality control, applicable to the firm’s accounting and auditing practice, include Human Resources, Engagement/Client Acceptance and Continuance, Leadership responsibilities, Performance of the Engagement, Monitoring, and Ethical requirements, as remembered by the mnemonic “HELP ME.” Investment Strategies is not an element of a CPA firm’s quality control.
Which of the following would not be a primary function of an audit strategy?
A. Provide the scope of the audit.
B. Outline reporting objectives.
C. Outline the nature, extent and timing of audit procedures.
D. Provide a preliminary assessment of materiality and tolerable misstatement.
The audit strategy and audit plan serve complementary roles in the auditing process, each with distinct purposes:
The audit strategy is a broad plan that outlines the scope, timing, and direction of the audit and provides guidance for developing a detailed audit plan. Key functions of the audit strategy include:
- Defining the Scope of the Audit: Establishing the overall audit scope, considering the financial statements’ characteristics and the reporting framework.
- Outlining Reporting Objectives: Setting objectives for the audit to ensure that the auditor meets all reporting deadlines and compliance requirements.
- Assessing Materiality and Tolerable Misstatement: Making a preliminary assessment of materiality to guide the planning and performance of the audit. This helps in determining the nature, timing, and extent of audit procedures.
- Identifying Significant Areas: Determining significant areas of the financial statements and any potential problems or risks that need special attention.
The audit plan is more detailed and includes the specific procedures that the auditor needs to perform to obtain audit evidence. It’s developed based on the strategy outlined and includes:
- Nature, Extent, and Timing of Audit Procedures: Detailed plans of what procedures will be performed, how extensively they will be carried out, and when they will be executed.
- Resource Allocation: Determining the need for specialized skills, assigning staff to various elements of the audit, and scheduling their work.
- Risk Management Procedures: Identifying and planning the audit procedures that are necessary to address the risks of material misstatement in the financial statements.
In summary, the audit strategy sets the overall direction and scope of the audit and identifies key areas of focus, while the audit plan details specific audit procedures needed to gather sufficient and appropriate audit evidence to support the auditor’s opinion on the financial statements.
The COSO Cube is used to most effectively illustrate that:
A. Monitoring activities are secondary to the other components.
B. The entity level is held most accountable for the five components.
C. All categories of objectives and components are applicable across all organizational levels.
D. The most relevant objectives for the various organizational structure levels are the compliance objectives.
The logic behind the COSO Cube and its related question revolves around understanding the comprehensive framework that COSO (the Committee of Sponsoring Organizations of the Treadway Commission) provides for evaluating and improving an organization’s internal control systems. The COSO framework is visually represented by a three-dimensional cube that integrates three key dimensions:
-
Components of Internal Control: These are the critical aspects or elements that make up an organization’s internal control system. According to COSO, there are five such components:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring Activities
-
Objectives Categories: The COSO framework categorizes objectives into three groups that an organization’s internal control system aims to support:
- Operations objectives (efficiency and effectiveness of operations),
- Reporting objectives (reliability of reporting), and
- Compliance objectives (compliance with applicable laws and regulations).
- Organizational Levels: The framework applies to various levels within an organization, including the entity level, divisional level, operating unit level, and functional level.
The COSO Cube effectively illustrates how these three dimensions intersect and how the five components of internal control are applied across all levels of the organization and across all objective categories. This holistic approach underscores that:
- All components are integral and interrelated; no component is less important or secondary (countering Choice A).
- Accountability for implementing and maintaining the internal control components is distributed across all levels of the organization, not just at the entity level (countering Choice B).
- The framework emphasizes the importance of all categories of objectives (operations, reporting, and compliance) across the entire organization, illustrating that the system of internal control is designed to address a broad spectrum of objectives, not just compliance (countering Choice D).
Therefore, the logic is to convey the comprehensive and integrated nature of the COSO framework in supporting an organization’s internal control across different objectives and organizational levels, as summarized in Choice C. This choice correctly reflects the essence of the COSO Cube by highlighting the applicability and relevance of all components of internal control across all categories of objectives and at all levels within an organization.
Which of the following statements best characterizes the function of a physical access control?
A. Separates unauthorized individuals from computer resources.
Minimizes the risk of incurring a power or hardware failure.
C. Provides authentication of users attempting to log into the system.
D. Protects systems from the transmission of Trojan horses.
Explanation
Choice “A” is correct. Physical access control is designed to keep unauthorized people away from computer resources, like using locks on computer room doors to ensure only authorized personnel can enter.
Choice “B” is incorrect. Physical access control doesn’t prevent power or hardware failures; it’s about restricting physical access, not about hardware reliability.
Choice “C” is incorrect. Physical access control doesn’t handle user authentication for system login; that’s the job of security software.
Choice “D” is incorrect. Physical access control doesn’t stop software threats like Trojan horses; it’s focused on physical, not software security.
Which of the following factors would the independent auditor most likely consider in assessing the objectivity of an internal
auditor?
A. The internal auditor was previously an employee of the auditor’s public accounting firm.
B. The internal auditor has obtained the Certified Internal Auditor designation.
C. The audit committee reviews employment decisions related to the director of internal auditing.
D. The internal auditor attends a number of comprehensive continuing professional education courses each year.
本问题及其答案选项背后的逻辑围绕着从独立审计师的角度评估内部审计师的客观性。这里所说的客观性是指内部审计师在履行职责时不带偏见、不存在利益冲突、不受组织内其他人的不当影响的能力。以下是每个选项与客观性概念的关系：
- 选项 “C “正确： 如果本应独立于管理层的审计委员会审查与内部审计总监有关的聘用决定，则意味着一层独立性和监督。这种设置有助于确保内部审计职能不受管理层压力的影响，并能客观行事。审计委员会的参与表明，治理结构支持内部审计师的客观性。
- 选择 “A “不正确： 内部审计师以前是审计师所在公共会计师事务所的员工，这一事实可能会引起有关独立性的问题，但更直接的问题是潜在的偏见或利益冲突，而不是其当前角色的客观性。这种情况不会直接评估内部审计师在公司内部客观履行当前职责的能力。
- 选项 “B “不正确： 拥有注册内部审计师称号表明其在内部审计领域具有一定的专业能力和知识水平。虽然专业能力至关重要，但它并不能直接评估内部审计师在其组织角色中的客观性。
- 选项 “D “不正确： 参加专业教育课程是内部审计师致力于保持和提高能力的一个指标。与选择 “B “一样，这一因素与其说与客观性有关，不如说与审计师的能力有关。
这里的逻辑强调了治理结构和监督机制（如审计委员会的参与）在支持和评估内部审计职能的客观性方面的重要性，而不是主要表明专业能力或背景的因素。
According to COSO, the proper tone at the top helps a company to do each of the following, except:
A. Create a compliance-supporting culture that is committed to enterprise risk management.
B. Navigate gray areas where no specific compliance rules or guidelines exist.
C. Adhere to fiscal budgets and goals as outlined by the internal audit committee and board of directors.
D. Promote a willingness to seek assistance and report problems before it is too late for corrective action.
本问题评估对特雷德韦委员会赞助组织委员会（COSO）在内部控制和企业风险管理框架中描述的 “高层基调 “概念的理解。高层基调 “指的是组织领导者在公司治理、风险管理和控制方面营造的道德氛围和文化。以下是每个选项背后的逻辑分解：
- 选择 “C “是正确的，因为确定 “高层基调 “的主要作用涉及道德行为、诚信以及合规和风险管理文化。虽然财政预算和目标对组织管理很重要，但它们与 “高层基调 “概念中强调的道德文化和治理实践没有直接关系。此外，内部审计委员会的主要职责是监督内部控制、风险管理和治理流程的有效性，而不是制定财政预算和目标。
- 选择 “A “不正确，因为创建一种致力于企业风险管理的合规支持文化正是 “高层基调 “所要达到的目标。通过促进道德行为、诚信和对合规的承诺，组织的领导者可以营造一种支持风险管理和遵守法律法规的环境。
- 选择 “B “不正确，因为适当的 “高层基调 “的主要好处之一是在规则和准则可能不明确的领域（”灰色地带”）指导决策。组织领导层确立的道德文化和价值观为员工做出符合组织道德标准和风险管理实践的决策提供了框架。
- 选择 “D “是不正确的，因为促进员工寻求帮助和及时报告问题的意愿是健康的组织文化和有效风险管理的一个基本方面。这种意愿受到 “高层基调 “的直接影响，因为在组织领导者重视诚信、开放和问责的环境中，员工更容易放心地报告问题。
理解 “高层基调 “的概念对于认识领导层在道德、合规和风险管理方面的行为和态度如何影响整个组织的文化以及管理风险和实现目标的有效性至关重要。
In assessing the competence of a client’s internal auditor, an independent auditor most likely would consider the:
A. Results of ratio analysis that may identify unusual transactions and events.
B. Client’s policies that limit the internal auditor’s access to management salary data.
C. Evidence supporting a low assessed level of control risk.
D. Internal auditor’s compliance with professional internal auditing standards.
Choice “D” is correct: The competence of an internal auditor is closely tied to their adherence to professional auditing standards. Compliance with these standards demonstrates the internal auditor’s professionalism, knowledge, and ability to conduct audits in a manner that meets established criteria. This can include the Institute of Internal Auditors (IIA) standards or other relevant frameworks. The external auditor can evaluate this by reviewing the internal auditor’s audit plans, procedures, documentation, and overall audit approach.
Choice “C” is incorrect: An external auditor’s assessment of a low level of control risk might reflect well on the internal controls environment of the organization, which could be partly attributed to effective work by the internal audit function. However, this does not provide direct evidence of the internal auditor’s competence. Control risk assessment is broader and encompasses more than just the work or competence of the internal auditor.
Question: In which of the following circumstances may an auditor, such as Strapp LLP, provide information from the Carfagno Inc. audit to a third party without Carfagno’s permission?
A. When Carfagno’s bank requests audit details for a significant loan application.
B. When Carfagno’s shareholders ask for audit documentation to review investment decisions.
C. When Strapp LLP is legally sued by Carfagno Inc. and must defend itself in court.
D. When Carfagno’s competitors request audit insights for market analysis.
Correct Answer: C. When Strapp LLP is legally sued by Carfagno Inc. and must defend itself in court, the auditor may provide necessary information to their attorneys without Carfagno’s permission.
Which activity does not represent the ongoing monitoring of controls within Falco Insurance Group, Inc.?
Options:
A. Reviewing detailed profit margins regularly.
B. Confirming compliance for significant payments.
C. Reporting on internal controls to the audit committee.
D. Evaluating substantial adjustments in financial reserves.
Explanation:
Option “C” does not reflect the direct, regular activities associated with ongoing monitoring of controls but rather pertains to reporting on the control environment’s status to the audit committee.
Here’s what ongoing monitoring typically includes:
- Regular Management and Financial Reviews: High-level reviews by management to understand the business’s financial health and operating effectiveness, such as reviewing financial reports and key performance indicators.
- Supervisory Activities: Actions by supervisors to check the quality of their subordinates’ work and adherence to established policies and procedures.
- Comparison of Actual Performance with Budgets and Forecasts: This includes analysis of variances that could indicate issues with control processes.
- Regular Reconciliations: Ensuring that account balances are reconciled regularly to detect and correct discrepancies.
- Verification of Compliance with Policies: This can involve checks to ensure that transactions are authorized appropriately and comply with established policies.
- Analysis of Operations: Review of operations to identify unexpected results or unusual transactions that might indicate control failures.
Question: When an auditor is learning about an issuer’s internal control on information and communication, which aspect should they focus on?
A. Board or audit committee’s oversight on financial reporting.
B. Significant transaction classes in financial statements.
C. Management’s philosophy on internal control.
D. Ethical values of top management.
Explanation:
B is correct because auditors need to understand significant transactions and how they are communicated and processed within the financial reporting system.
A, C, and D are related to the control environment component of internal control, focusing on oversight responsibilities, management’s operational philosophy, and ethical values, respectively, and not directly on information and communication aspects.
The monitoring component of internal control excludes:
A. Eliminating controls that are not operating effectively.
B. Assessing information derived from external parties.
C. Improving controls that are not operating effectively.
D. Assessing the quality of control performance over time.
Explanation
Choice “A” is correct. Monitoring is the process of assessing the quality of internal control performance over time and taking
necessary corrective actions. Eliminating a control that is not operating effectively would not be an appropriate corrective
action.
Choice “B” is incorrect. Information derived from external parties (such as customer complaints and regulator comments)
may be useful in identifying problems with the internal control structure.
Choice “C” is incorrect. Improving controls that are not operating effectively would be part of the monitoring process.
Choice “D” is incorrect. Assessing the quality of control performance over time is the primary function of the monitoring
component.
Which of the following pairs of accounts would be analyzed together in the audit documentation?
A. Notes payable and notes receivable.
B. Notes receivable and interest income.
C. Interest income and interest expense.
D. Accrued interest receivable and accrued interest payable.
选择 B： 应收票据和利息收入
- 直接关系： 应收票据是欠公司的款项，随着时间的推移会产生利息。利息收入是这些应收票据产生的收入。因此，存在直接关系，因为利息收入来自应收票据金额。
- 为什么正确： 将这两个账户放在一起分析，可以让审计师评估记录的利息收入与应收票据余额的关系是否准确。这是一个自然的搭配，因为一个直接影响另一个。
When a client’s lawyers can’t conclude on lawsuits, what should an auditor do?
A. Check if lawsuit info in financial statements is enough, then issue a standard opinion.
B. Keep auditing but note the limited info in a different opinion.
C. Stop the audit.
D. Ask lawyers again after auditing, and if still unclear, say they can’t give an opinion.
Explanation:
A is right because if lawyers can’t predict lawsuit outcomes, the auditor just needs to make sure the financial statements explain this well and then can give a normal opinion if everything else is fine.
B is wrong because there’s no issue with what the auditor could check, so changing the opinion isn’t needed.
C is too drastic because the issue isn’t with the audit’s scope.
D is wrong because following up with lawyers is okay, but there’s no need to say they can’t give an opinion just because of the lawsuits.
Question: In the planning stage of an audit, what is a CPA most likely to do?
Options:
A. Talk about last year’s audit changes with governance.
B. Ask the client’s lawyer about any legal issues.
C. Compare actual financial data to budgets and forecasts.
D. Get a confirmation from management about the completeness of financial records.
A.就上一年度的审计调整与管理层沟通–这是审计流程的重要组成部分，但通常与审计的完成或总结阶段更为相关，在这一阶段，审计师会与管理层讨论审计结果，包括审计调整。这在一定程度上会影响本年度的规划，但主要不是规划活动。
B.向客户的律师询问有关未决和威胁诉讼及评估的情况–虽然了解诉讼和评估对审计师来说至关重要，但这些询问通常是在审计过程的后期进行的，此时审计师正在评估需要在财务报表中披露或说明的或有事项和承诺。
C.将记录的财务信息与预算和预测的预期结果进行比较 - 这一程序与审计的计划阶段最为吻合。将实际财务信息与预算和预测进行比较有助于审计师了解实体的业务，并确定财务报表中存在重大错报潜在风险的领域。通过将工作重点放在高风险领域，有助于制定审计计划。
D.获取管理层关于所有财务记录可用性的陈述 - 获取管理层的陈述是审计过程的重要组成部分，但通常在审计结束时进行，作为对管理层在整个审计过程中所作陈述的整体评估的一部分。这是获取审计证据的一部分，但不是规划阶段的活动。
Question: If audit procedures show that accounts receivable have doubled but the allowance for doubtful accounts percentage is unchanged, which explanation would be satisfactory?
A. More receivables are now overdue than last year.
B. The company improved how it records cash received.
C. The company opened another store and credit sales matched the first store.
D. The company now sells less to customers with bad credit.
Explanation:
C is correct because if the company expanded by adding a similar store, it would be reasonable for receivables to increase without a change in the allowance percentage, assuming similar collection rates.
A is wrong because if more accounts are overdue, the allowance percentage should rise.
B is wrong because better cash receipt controls should lead to lower, not higher receivables.
D is wrong because selling less to those with bad credit should lower the allowance percentage.
When the auditor’s risk assessment is based on the effective operation of controls, the audit will most likely involve:
A. Reducing inherent risk for most of the assertions relevant to significant account balances.
B. Identifying specific controls relevant to specific assertions.
C. Changing the timing of substantive tests by omitting interim-date testing and performing the tests at year-end.
D. Performing more extensive substantive tests with larger sample sizes than originally planned.
選項”B”是正確的。當審計師的風險評估基於內部控制的有效運作時，審計師應該識別出與特定斷言相關的具體控制措施，這些控制措施有可能防止或發現那些斷言中的重大錯誤。這個過程涉及評估內部控制系統的設計和運作，以及控制措施如何與財務報表的各項斷言相關聯。
選項”A”是不正確的。固有風險是指在不考慮內部控制的情況下，由於錯誤的存在可能導致某個賬戶或交易類型出現重大錯誤的風險。固有風險的評估是獨立於控制風險進行的，因此不會因為審計師基於內部控制的有效運作而調整固有風險的評估。
The scope of an audit is not restricted when an attorney’s response to an auditor as a result of a client’s letter of audit inquiry limits the
response to:
A. The probable outcome of asserted claims and pending or threatened litigation.
B. The attorney’s opinion of the entity’s historical experience in recent similar litigation.
C. Matters to which the attorney has given substantive attention in the form of legal representation.
D. An evaluation of the likelihood of an unfavorable outcome of the matters disclosed by the entity.
選項”C”是正確的。當律師的回應限於其已經實質性關注並提供法律代表服務的事項時，審計的範圍不會受限。律師可能會限制其回應於被認為個別或集體材料的事項。
選項”D”是不正確的。當律師的回應僅限於對被披露事項不利結果可能性的評估時，可能會限制審計的範圍。律師的回應應包含對索賠性質、進展以及應對意圖的描述。
選項”B”是不正確的。當律師的回應僅限於對實體在近期類似訴訟中的歷史經驗的看法時，可能會限制審計的範圍。律師的回應應當針對當前情況，而當前情況可能與歷史經驗不同。
選項”A”是不正確的。當律師的回應僅限於已主張索賠和懸而未決或威脅性訴訟的可能結果時，可能會限制審計的範圍。律師的回應還應包含對索賠性質、迄今進展和應對意圖的描述，以及未主張的索賠。
The degree of audit risk always present in an audit engagement is referred to as a combination of nonsampling and sampling risk. Which
of the following is an example of nonsampling risk?
A. A control not being as effective as the auditor believes.
B. The auditor selecting inappropriate auditing procedures.
C. The auditor concluding the account balance is not materially misstated when it is, in fact, materially misstated.
D. A control being more effective than the auditor believes.
選項”B”是正確的。非抽樣風險包括所有不由於抽樣而產生的審計風險方面。非抽樣風險的例子包括審計師選擇了不適當的審計程序、使用了不恰當的審計證據，以及審計師未能識別所檢查文件中的錯誤。
選項”A”是不正確的。控制措施實際效果不如審計師所認為的有效是抽樣風險的一個例子。這是評估控制風險過低的風險。
選項”C”是不正確的。審計師錯誤地結論賬戶餘額沒有重大錯報的情況是抽樣風險的一個例子。這是錯誤接受的風險。
選項”D”是不正確的。抽樣風險源於當測試控制或實質性測試僅限於一個樣本時，審計師的結論可能與如果對賬戶餘額或交易類別中的所有項目進行了測試所得出的結論不同的可能性。控制措施實際效果比審計師所認為的更有效是抽樣風險的一個例子。這是評估控制風險過高的風險。
Which of the following factors most likely would cause a CPA not to accept a new audit engagement?
A. The inability to review the predecessor auditor’s working papers.
B. The prospective client’s unwillingness to permit inquiry of its legal counsel.
選擇”A”是不正確的，因為無法審閱前任審計師的工作底稿並不一定會導致會計師拒絕接受新的審計任務。根據專業審計標準，即使不能審閱前任審計師的工作底稿，新上任的審計師仍可以進行審計，只是他們需要執行適當程度的工作來證實開戶財務報表餘額的正確性。
專業標準要求審計師在計劃和實施審計工作時，對客戶的財務報表開戶餘額進行足夠的審計程序，以獲得對這些餘額的合理保證。這可以通過執行其他審計程序來實現，例如詢問管理層、觀察存貨盤點、檢視後續事項或其他獨立的證據。
相反，選擇”B”是正確的，因為如果潛在客戶不願意允許審計師詢問其法律顧問，這可能會阻礙審計師獲取審計證據，特別是關於潛在訴訟、索賠和評估的信息。這些信息對於評估公司的財務狀況和了解可能影響財務報表的法律事項是必不可少的。如果這些信息無法獲得，會計師可能無法對財務報表的某些方面發表意見，這可能會導致會計師拒絕接受審計任務或提供帶有保留意見的審計報告。
Communicating to the audit team an increased need for professional skepticism during an audit in response to assessed risks of
material misstatement at the financial statement level is an example of:
A. A combined approach.
B. A substantive procedure.
C. A test of controls.
D. An overall response.
選項”D”（整體響應）是正確的，因為這種溝通活動是對審計整體策略的一部分調整，旨在提高團隊對可能出現的錯報風險的警覺性。這不是針對任何具體的審計程序，而是關於如何在整個審計過程中執行這些程序的指導。
選項”A”（綜合方法）是不正確的。綜合方法指的是審計師同時進行控制測試和實質性程序。提高專業懷疑態度的需求是一種整體策略，而不是一種結合控制測試和實質性程序的方法。
選項”B”（實質性程序）是不正確的。實質性程序是指直接測試賬戶餘額、交易或披露的金額的審計程序。提高專業懷疑態度的需求是關於審計方法的整體指導，而不是特定的實質性測試。
選項”C”（控制測試）是不正確的。控制測試是指審計師測試客戶存在的內部控制措施。提高專業懷疑態度的需求與測試內部控制的效力無關，而是一個關於如何進行整個審計工作的整體策略。
Which of the following is a sampling risk that is associated with the efficiency of an audit?
A. Risk of assessing control risk too high.
B. Risk of incorrect acceptance.
C. Inherent risk.
D. Detection risk.
选项”A”（评估控制风险过高）是正确的，因为这种风险与审计的效率相关联。如果审计师过高地评估了控制风险，可能导致他们进行更多的实质性测试而不是依赖内部控制，这样会增加审计工作量和时间，从而影响审计效率。实际上，如果内部控制实际上比审计师评估的更有效，那么这种过度的审计活动就是不必要的。
选项”B”（错误接受风险）是不正确的，因为这种风险与审计的有效性相关。错误接受风险是指审计师错误地认为财务报表的某个方面没有重大错报的风险，而实际上存在重大错报。这会导致审计师无法发现实际存在的问题，影响审计的有效性。
选项”C”（固有风险）和选项”D”（检测风险）都不正确，因为它们都不是抽样风险。固有风险是指在没有考虑内部控制的情况下，某一断言出现重大错报的潜在风险。检测风险是指审计师未能通过实施适当的审计程序来发现存在的重大错报的风险。这两种风险与审计的整体风险模型相关，而不是直接关联到审计效率或抽样风险。
When using classical variables sampling for estimation, an auditor normally evaluates the sampling results by calculating the
possible error in either direction. This statistical concept is known as:
A. Standard deviation.
B. Projected error.
C. Reliability.
D. Precision.
*选项”D”（精度）**是正确的，因为精度描述的是审计师对抽样结果的评估，特别是关注可能误差的范围。在审计背景下，精度通常与误差的允许上限有关，这个上限反映了在给定置信度下，整体估计值可能偏离总体真实值的程度。
选项”A”（标准偏差）是不正确的。标准偏差是度量一组数据分布的变异性或离散程度的统计量，它表明数据点与平均值的偏离程度。虽然标准偏差是评估数据变异性的重要工具，但它本身并不直接用于评估抽样结果的可能误差范围。
选项”B”（预测误差）是不正确的。预测误差指的是基于样本结果对总体中的误差进行的最佳估计。尽管预测误差是审计师用来估计总体误差的一种方法，但“精度”更直接地涉及到评估可能误差范围的概念。
选项”C”（可靠性）是不正确的。可靠性衡量的是使用的程序频繁地在估计值和总体值之间产生差异的程度。尽管可靠性是一个重要的统计概念，特别是在评估抽样方法的有效性时，但它并不是直接用于描述审计师通过计算两个方向上可能误差的统计概念。
Which of the following would be considered an analytical procedure?
A. Projecting the deviation rate of a statistical sample to the population.
B. Testing purchasing, shipping, and receiving cutoff activities.
C. Comparing inventory balances to recent sales activities.
D. Reconciling physical counts to perpetual records and general ledger balances.
分析性程序（Analytical Procedures）的例子
比较本期与前期的财务比率：例如，审计师可能会比较本期的应收账款周转率与前期的比率，以识别收款周期的任何显著变化。
趋势分析：审计师可能会分析销售收入、成本和其他重要财务指标多年的趋势，以识别不符合预期的变化。
行业比较：将客户的财务数据与行业平均水平或主要竞争对手进行比较，以评估客户的财务表现是否符合行业趋势。
选项”C”（对库存余额与近期销售活动进行比较）代表了分析性程序的应用，因为它涉及对财务数据间关系的评估。这种比较有助于识别数据之间可能存在的不一致性或异常趋势，是分析性程序的典型例子。
实质性测试（Substantive Tests）的例子
实质性分析性程序：审计师可能会计算并分析毛利率的变化，以检测可能的库存评估问题或销售收入的错误记录。
测试详细信息：
对账测试：例如，将银行对账单与公司账簿进行对账，以确认现金余额的准确性。
确认：向第三方（如客户或供应商）发送确认函，以独立验证应收账款或应付账款的余额。
检查支持文件：审计师可能会检查采购订单、发票和付款记录，以验证交易的发生、金额和分类的准确性。
测试控制（Tests of Controls）的例子
观察：审计师现场观察库存计数过程，以评估是否遵循了适当的内部控制程序。
询问和访谈：与财务和非财务人员讨论其执行的内部控制活动，如授权支出的程序。
检查文件和记录：审查员工的时间卡是否得到了适当的批准，或者检查合同是否有必要的签字和批准。
重新执行客户的控制活动：审计师可能会重新执行某些控制，如重新计算工资表，以验证控制活动的执行是否正确。
Confirmation of accounts receivable that have been categorized initially by an auditor as “exceptions” most likely could be due to:
A. Responses that were faxed rather than mailed to the auditor.
B. Payments mailed to the client that have not been recorded.
C. Accounts receivable that have been classified as uncollectible.
D. Customers who have credit or zero balances with the client.
这道题目考察的是审计师在执行应收账款确认过程中遇到的所谓“异常”情况的理解。异常是指在确认过程中发现的与实体记录信息不符的情况。正确理解何种情况最可能导致异常的识别，对于评估和处理这些异常至关重要。
选项”B”（客户已邮寄给客户的付款未被记录）是正确的，因为这种情况直接导致了实体的记录与客户提供的确认信息之间的差异。如果客户已经寄出了付款，但该付款在确认日期（如12/31/Year 1）时尚未被实体记录，客户在确认时可能会指出他们的余额为$0，而实体的记录则显示还有未结余额。这种差异需要审计师进一步调查，以确定是否存在错报。
选项”A”（通过传真而非邮寄向审计师确认的回应）是不正确的。回应的传递方式（传真或邮寄）不会直接导致异常。异常是指信息不符，而非确认方式的问题。尽管电子确认可能需要额外的验证步骤，但这并不构成异常。
选项”C”（已被分类为无法收回的应收账款）是不正确的。应收账款的不可收回性关乎于估值的问题，而与存在性或权利和义务的确认无关。即使客户确认了欠款余额的正确性，这也不会被视为异常，因为确认目的是验证余额的存在性，而非其可收回性。
选项”D”（有信用余额或零余额的客户的确认）也是不正确的。拥有信用余额或零余额的客户的确认不会被初始分类为异常。异常是指实体记录与确认方提供的信息之间存在差异的情况，而拥有信用余额或零余额本身并不构成信息差异，除非实体记录显示与此不符的信息。
Question: Which of the following is not a method of analyzing financial information?
A. Calculating the percentage of each income statement item relative to net sales for industry comparison.
B. Estimating the rate of errors by comparing sample results to the overall data.
C. Predicting this year’s expenses using last year’s figures and the current budget, then comparing with the reported amounts.
D. Forecasting this year’s sales based on industry trends and comparing with the reported sales.
不被视为分析性程序的例子：
选项”B”（通过比较统计样本的结果与实际总体特征来预测偏差率）正确地被指出为不属于分析性程序。这是因为它涉及到使用统计方法来评估样本结果是否代表整个总体，而不是通过分析财务数据间的关系或趋势来识别可能的异常。这种方法更多地关联于实质性测试的一部分，尤其是在测试控制有效性或评估账户余额的正确性时使用的统计抽样技术。
被视为分析性程序的例子：
选项”A”（将收入表账户余额的美元金额转换为净销售额的百分比，以便与行业平均值进行比较）是一个典型的分析性程序，通过比较公司数据与行业平均值，审计师可以识别出与行业趋势不一致的地方。
选项”C”（基于前一年的费用和当年的预算估计当年的预期费用，并与财务报表中记录的金额进行比较）也是分析性程序的一个例子，通过比较实际数据与预期数据，审计师可以识别费用记录是否存在异常。
选项”D”（基于同一行业类似实体的销售趋势来预测当年的预期净销售额，并与财务报表中记录的金额进行比较）同样是一个分析性程序，它利用了行业趋势分析来预测公司的销售表现，然后将这些预测与实际记录的销售数据进行比较。
Which of the following audit techniques ordinarily would provide an auditor with the least assurance about the operating
effectiveness of a control activity?
A. Inquiry of client personnel.
B. Inspection of documents and reports.
C. Observation of client personnel.
D. Preparation of system flowcharts.
选项”D”指的是准备系统流程图。虽然这确实涉及审计师对系统的观察和理解，但关键在于流程图的准备主要是为了帮助审计师理解内部控制系统的设计和流程，而不是直接评估这些控制措施是否在实际操作中有效执行。
Which of the following documents are examples of audit evidence generated by the client?
A. Customer purchase orders and bank statements.
B. Shipping documents and receiving reports.
C. Bills of lading and accounts receivable confirmations.
D. Vendor invoices and packing slips.
在审计过程中，审计证据可以来自于客户内部生成的文档或外部独立来源提供的文档。审计师利用这些证据来评估财务报表的准确性和完整性。理解哪些文档是由客户生成，哪些是从外部获取，对于判断证据的可靠性和相关性至关重要。
客户内部生成的审计证据
选项”B”（发货单据和接收报告）是正确的。这些都是客户内部生成的证据，因为它们是由客户自己的操作过程产生的，而不是从企业外部独立来源获得。发货单据记录了客户发出商品的信息，而接收报告记录了客户接收到货物的详细情况。这些内部文档可以帮助审计师评估销售和采购过程的准确性和完整性。
客户外部获取的审计证据
选项”A”（客户购买订单和银行对账单）是不正确的，因为这些都是从外部独立来源获得的证据。客户购买订单由客户的客户提供，银行对账单由银行提供，这些独立来源增加了审计证据的可靠性。
选项”C”（提单和应收账款确认函）也是不正确的。提单是由运输公司提供的，而应收账款确认函是直接向客户的客户发送并由他们回复的，这些都是从外部独立来源获得的证据。
选项”D”（供应商发票和装箱单）同样不正确。这些文档由供应商提供，因此是从企业外部独立来源获得的证据。
To determine the sample size for a test of controls, an auditor should consider the tolerable deviation rate, the allowable risk of
assessing control risk too low, and the:
A. Expected deviation rate.
B. Upper deviation rate.
C. Risk of incorrect acceptance.
D. Risk of incorrect rejection.
选项”A”（预期的偏差率）是正确的。预期偏差率是审计师在执行抽样计划之前对总体偏差率的最佳估计。这一估计基于审计师的专业判断和可能的前期测试结果，帮助审计师决定需要多大的样本量来合理评估控制的有效性。
选项”B”（上限偏差率）是不正确的。上限偏差率是在执行抽样计划后用于评估余额的概念，它代表在一定置信水平下，总体偏差率可能达到的最高水平。这与确定测试控制的样本大小不直接相关。
选项”C”（错误接受的风险）和选项”D”（错误拒绝的风险）都不正确。错误接受的风险和错误拒绝的风险是与实质性测试相关的概念，特别是在评估账户余额或交易的准确性时考虑的风险。在测试控制的背景下，我们更关注控制是否有效，而不是账户余额的直接准确性。
In planning an audit, the auditor’s knowledge about the design of relevant controls should be used to:
A. Identify the types of potential misstatements that could occur.
B. Document the assessed level of inherent risk.
C. Determine whether controls have been circumvented by collusion.
D. Assess the operational efficiency of internal control.
识别潜在的错报类型
选项”A”（识别可能发生的错报类型）是正确的。通过了解相关控制的设计，审计师可以识别财务报表中可能出现的错报类型。例如，如果审计师发现一个重要的收入确认控制设计不当，这可能会导致收入被过早或错误地确认，从而增加了收入错报的风险。
内在风险的评估
选项”B”（记录评估的固有风险水平）是不正确的。内在风险的评估主要基于业务的性质、经济环境以及其他与控制设计无关的因素。虽然了解控制设计对识别风险有帮助，但固有风险的评估更多地关注于可能导致财务报表错报的因素。
防范勾结绕过控制
选项”C”（确定控制是否被勾结绕过）是不正确的。虽然理解控制设计可以帮助识别控制可能被绕过的情况，特别是通过勾结，但这通常不是审计规划阶段的主要关注点。勾结的识别和评估可能在审计过程中的后期阶段进行，尤其是在实质性测试阶段。
内部控制的运行效率
选项”D”（评估内部控制的运行效率）是不正确的。审计师关注的是内部控制的运行有效性，而不是其运行效率。有效性关注控制是否能够防止或发现并纠正财务报表中的重大错报，这是审计的关键目标。
The refusal of a client’s attorney to provide information requested in an inquiry letter generally is considered:
A. Equivalent to a significant deficiency in internal control.
B. Reason to withdraw from the engagement.
C. A limitation on the scope of the audit.
D. Grounds for an adverse opinion.
选项”C”（审计范围的限制）
正确。当律师拒绝提供审计询函中请求的信息时，这限制了审计师能够获取的证据范围，因此被视为审计范围的限制。这可能导致审计师无法对财务报表中的某些方面做出全面的评估，进而可能需要审计师发表限制范围的（qualified）或免责的（disclaimer）意见。
如果以下情形发生，审计师可能会考虑退出业务：
管理层信函（Management Representation Letter）未提供：如果客户的管理层拒绝提供管理层信函，这通常被视为一个重大问题。管理层信函是审计过程中的一个关键组成部分，它包含管理层对财务报表准确性的声明和确认。如果管理层不愿提供这种确认，这可能表明存在无法解决的审计风险，导致审计师无法完成审计。
律师询证函（Lawyer’s Letter）回应不充分：虽然律师拒绝提供律师询证函不是直接的退出业务理由，但如果律师的回应不充分，导致审计师无法对重大的诉讼、索赔和评估进行适当的评估，且没有其他方式能够获得足够的审计证据，审计师可能会因为这种范围限制而考虑退出业务。
客户拒绝改正或提供关键信息：如果客户拒绝改正已知的重大错报，或者拒绝提供对完成审计至关重要的信息（这可能包括由律师持有的某些文件），并且这些问题对财务报表的公允呈现构成了重大影响，审计师可能会因为无法获取足够的适当审计证据而考虑退出业务。
If an auditor of an issuer examines purchase orders obtained from the issuer to verify proper authorization of transactions, then
the auditor is conducting:
A. A reperformance.
B. A confirmation.
C. An observation.
D. An inspection.
选项”D” - 检查（Inspection）：
正确。检查涉及审查记录或文件，这是审计中常用的一种测试程序。在这种情况下，审计师通过检查采购订单来验证这些交易是否获得了适当的授权，这属于检查文件的过程。
选项”A” - 重执行（Reperformance）：
不正确。重执行是指审计师独立地执行原本作为实体内部控制一部分的程序或控制措施。这与检查发行人提供的采购订单验证授权不同。
选项”B” - 确认（Confirmation）：
不正确。确认是一种特定类型的询证，涉及从独立第三方获取关于账户余额、交易或事件的陈述。例如，审计师可能会向银行或客户发送确认函以验证账户余额或特定交易的准确性。
选项”C” - 观察（Observation）：
不正确。观察是指审计师观看他人执行的过程或程序。例如，审计师可能会观察库存计数过程来评估这一过程的有效性，这与检查文档的活动不同。
The trough of a business cycle is generally characterized by:
A. Shortages of essential raw materials and rising costs.
B. Unused productive capacity and an unwillingness to risk investments.
C. Declining purchasing power and unused productive capacity.
D. Increasing purchasing power and increasing capital investments.
商业周期低谷的一般特征是（ ）：
- A. 基本原材料短缺，成本上升。
B. 生产能力闲置，不愿冒险投资。
C. 购买力下降，生产能力闲置。
D. 购买力增强，资本投资增加。
说明
选择 “B “是正确的。商业周期的低谷是一个经济低点，对未来没有积极的指标。其特点是
其特点是生产能力闲置，不愿意冒险进行新的投资。
选择 “A “不正确。高峰期可能出现短缺。
选择 “C “不正确。购买力下降伴随着通货膨胀；在低谷不太可能。
选择 “D “不正确。购买力的提高和资本投资的增加伴随着经济复苏。
When an audit team identifies a high risk of inventory misappropriation that could materially misstate financial statements, how should they adjust their audit approach?
A. Examine the entity’s inventory protection controls, use analytical procedures, and set an expectation.
B. Assess the entity’s controls over inventory safeguarding, and conduct a physical count of inventory on the last day of the year.
C. Evaluate the entity’s inventory safeguarding controls without changing the substantive inventory procedures.
D. Check the entity’s controls for protecting inventory and carry out inventory counts throughout the year.
Explanation:
B is correct because testing at the year-end is an effective method to address the increased risk of material misstatement.
In assessing the competence of a client’s internal auditor, an independent auditor most likely would consider the:
A.Results of ratio analysis that may identify unusual transactions and events.
B. Evidence supporting a low assessed level of control risk.
C. Client’s policies that limit the internal auditor’s access to management salary data.
D. Internal auditor’s compliance with professional internal auditing standards.
选项”D” - 内部审计人员遵守职业内部审计标准的情况
正确。独立审计师会考虑内部审计人员是否遵守了职业内部审计标准。这可以通过审查内部审计人员使用的审计计划和审计程序，以及评估所提供审计文档的质量来评估。遵守职业标准是衡量内部审计人员能力的一个重要指标，因为它反映了内部审计工作的质量和专业性。
其他选项分析：
选项”A” - 比率分析的结果，可能识别出不寻常的交易或事件
不正确。虽然比率分析可能帮助识别不寻常的交易或事件，但这与评估内部审计人员的能力无直接关系。比率分析更多关注财务数据的分析，而不是评估个人的审计技能。
选项”B” - 证据支持控制风险的低评估水平
不正确。外部审计师对控制风险的评估可能部分基于内部审计团队的存在和有效性，但这并不直接提供关于内部审计人员能力的信息。控制风险的评估更多关注控制环境的有效性，而非个别审计人员的能力。
选项”C” - 客户政策限制内部审计人员访问管理层薪酬数据
不正确。内部审计人员是否能够访问管理层薪酬数据与他们的能力无关。这更多涉及到内部审计的权限范围和组织内的信息访问政策，而不是衡量其审计能力的标准。
