1 answer

6. While performing an audit, the auditor should allow for some misstatement of lessor value than the

assessed materiality level so in total the misstatements might not result in a material misstatement

to the financial statements. In order to do so, the auditor sets which of the following lower than the

materiality level (s)?

a. Test of controls.

b. Difference in comparison of current year amounts to prior-year amounts.

c. Performance materiality.

d. Sampling Unit.

See CPA Exam Review [try Mod 2 #42]

7. Per auditing standards, if the outside CPA firm plans to use internal auditors on the financial audit,

the outside auditor must consider whether the internal auditor is:

a. competent and involved

b. competent and objective

c. educated and involved

d. educated and objective

8. One type of substantive procedures is called:

a. Analytical review

b. Financial review

c. Test of accounts

d. Test of deletions

9. As “materiality goes down”, the amount of desired audit evidence:

a. Goes down.

b. Goes up.

c. Stays the same.

10. Materiality factors include:

a. Qualitative considerations and cost considerations

b. Qualitative considerations and Quantitative considerations

c. Judgmental considerations and cost considerations

d. Judgmental considerations and Quantitative considerations

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