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AUE2601-S2-24-ASSESSMENT-3 -WITH A 100% PASS ALL QUESTIONS AND ANSWERS AND CORRECTIONS
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AUE2601-S2-24-ASSESSMENT-3 -WITH A 100% PASS ALL QUESTIONS AND ANSWERS AND CORRECTIONS
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AUE2601-S2-24-ASSESSMENT-3Started on Friday, 11 October 2024, 9:59 PM
State Finished
Completed on Friday, 11 October 2024, 10:39 PM
Time taken 40 mins 28 secs
Grade 24.00 out of 30.00 (80%)
Question 1
Correct
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Question text
Which option describes a test of control performed by the auditor?
a.
The auditor sends an external confirmation request to a debtor to confirm the amount owed
to the entity
b.
The auditor counts the number of a stock item in the warehouse and traces the number to
the stock listing
c.
The auditor agrees the amount of revenue per the sales invoice to the entry in the
accounting records
d.
The auditor inspects how the accounting manager reviews the bank reconciliation, agrees
the amounts to the external bank statements and verifies the supporting documentation for
the reconciling items included in the reconciliation before signing the reconciliation as proof
of the review
Feedback
Your answer is correct.
Reference
· Auditing notes for South African students (2021): 6/19
, AUE2601-S2-24-ASSESSMENT-3
This option describes a test of control implemented by management; the other options all
describe substantive procedures performed by the auditor.
The correct answer is:
The auditor inspects how the accounting manager reviews the bank reconciliation, agrees
the amounts to the external bank statements and verifies the supporting documentation for
the reconciling items included in the reconciliation before signing the reconciliation as proof
of the review
Question 2
Incorrect
Mark 0.00 out of 2.00
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Question text
Which of the following statements are incorrect?
1) Professional judgement includes being alert to, for example, audit evidence that
contradicts other audit evidence obtained, information that brings into question the
reliability of documents and responses to inquiries to be used as audit evidence.
2) Both reasonable assurance and limited assurance engagements require the application
of assurance skills and techniques and the gathering of sufficient appropriate evidence as
part of an iterative, systematic engagement process.
3) Professional skepticism is necessary in particular regarding decisions about matters
such as materiality and audit risk, the nature, timing, and extent of audit procedures used to
meet the requirements of the ISAs and gathering audit evidence.
4) The nature, timing, and extent of procedures for gathering sufficient appropriate
evidence in a limited assurance engagement are deliberately limited relative to a reasonable
assurance engagement.
5) Reasonable assurance is more than absolute assurance.
a.
1, 2 ,3, 4 and 5
, AUE2601-S2-24-ASSESSMENT-3
b.
1, 2 and 3
c.
1, 2 and 5
d.
1, 3 and 5
Feedback
Your answer is incorrect.
The correct answer is options 1, 3 and 5
Professional skepticism includes being alert to, for example, audit evidence that
contradicts other audit evidence obtained, information that brings into question the
reliability of documents and responses to inquiries to be used as audit evidence.
Professional judgement is necessary in particular regarding decisions about matters such
as materiality and audit risk, the nature, timing, and extent of audit procedures used to meet
the requirements of the ISAs and gathering audit evidence.
Reasonable assurance is less than absolute assurance.
References
· International Framework for Assurance Engagements paragraphs 52 and 53
· SAICA student handbook, Volume 2A (1), ISA 200, paragraphs 15-16 and 18-24
The correct answer is:
1, 3 and 5
Question 3
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