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Auditing Problem FA 2- Audit Planning Exam Questions Answered Correctly!
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Auditing Problem FA 2- Audit Planning Exam Questions Answered Correctly! B - Answers It involves establishing the overall audit strategy for the engagement and developing an audit plan in order to reduce audit risk to an acceptably low level. a. Reporting b. Planning c. Field work d. Or...

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  • November 13, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • auditing problem fa 2 audit planning exam questi

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Auditing Problem FA 2- Audit Planning Exam Questions Answered Correctly!

B - Answers It involves establishing the overall audit strategy for the engagement and developing an
audit plan in order to reduce audit risk to an acceptably low level.



a. Reporting

b. Planning

c. Field work

d. Organizing

C - Answers Adequate planning of the audit work helps the auditor of accomplishing the following
objectives, except:



a. Ensuring that appropriate attention is devoted to important areas of the audit.

b. Identifying the areas that need a service of an expert.

c. Gathering of all corroborating audit evidence.

d. The audit work is completed efficiently.

only 2 is correct - Answers Statement 1: The client should plan the audit work so that the audit will be
performed in an effective manner.



Statement 2: The auditor should develop and document an overall audit plan describing the scope and
conduct of the audit.

I to III - Answers Which of the following activities should be performed by the auditor at the beginning of
the current audit engagement?



I. Perform procedures regarding the continuance of the client relationship and the specific audit
engagement.

II. Evaluate compliance with the requirements of the Code of Ethics for Professional Accountants in the
Philippines, including independence.

III. Establish an understanding of the terms of the engagement.

, Both - Answers Which of the following procedures should be performed by the auditor prior to starting
an initial audit?



I. Perform procedures regarding the acceptance of the client relationship and the specific audit
engagement.

II. Communicate with the previous auditor, where there has been a change of auditors, in compliance
with relevant ethical requirements.

D - Answers Which of the following statements is incorrect?



a. The auditor should plan the audit so that the engagement will be performed in an effective manner.

b. Planning an audit involves establishing the overall audit strategy for the engagement and developing
the audit plan, in order to reduce audit risk to an acceptably low level.

c. Planning involves the engagement partner and other key members of the engagement team to
benefit from their experience and insight and to enhance the effectiveness and efficiency of the
planning process.

d. Planning is not a discrete phase of an audit, but rather a continual and iterative process that often
begins shortly after (or in connection with) the completion of the previous audit and continues until the
finalization of the audit program.

C - Answers The auditor should plan the audit work so that the audit will be performed in an effective
manner. The extent of planning will vary according to any of the following, except:



a. Auditor's experience with the entity and knowledge of the business.

b. The nature and complexity of the audit engagement

c. The assessed level of control risk.

d. Size of the audit client.

Both are correct - Answers Statement 1: Obtaining knowledge of the entity business is an important part
of the planning the audit work.



Statement 2: The auditor's knowledge of the entity's business assists in the identification of events,
transactions and practices which may have a material effect on the financial statements.

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