MID TERM EXAM

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1. ______ requires audit evidence to support their audit

conclusions.
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Internal Auditors
Audit evidence
Audit Software
Other:documentation review

It is the process by which the auditor sends a letter or email to a third

party to verify whether the numbers or details in the financial
statement prepared by management are accurate
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Questioning
Confirmation
Interviewing
Other:

Function of Audit software that is enable enter different file

structures
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File Access
File Reorganization
File Creation
Other:

The most crucial step in planning an internal Audit

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Audit objectives
Audit evidence
Audit Software
Other:
 The HR department prepare the computation of payroll of
employees using the payroll system that was not updated over a year.
What audit assertion will be affected?
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valuation of entries
completeness of entries
timeliness of entries
Other:

_______ intended for audit use should be documented carefully to

define their purpose and to ensure their continued usefulness and
reliability.
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Arithmetic
File Access Action
Computer Programs
Other:

Function of Audit software that deals with extraction of data based

on parameter
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Selection
Statistical
Arithmetic
Other:

Auditor shall undertake professional development activities

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Professionalism
Ethical Standard
Continuing Professional Education
Other:

May be categorized as physical, documentary, testimonial, and

analytical
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Audit Method
Assertion
Audit Evidence
Other:
If an auditor wants to investigate potential fraudulent activities within
a company's financial transaction, what type of sampling selection
technique they should used in order to conduct a detailed analysis to
identify any irregularities or suspicious patterns and to have a guide
on further investigation into potential fraudulent activities?
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Judgement Sampling
Discovery Sampling
Estimation Sampling

Function of Audit software that deals with checking of data numeric

accuracy
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Selection
Statistical
Arithmetic
Other:

The internal auditor needs a consistent approach to draw a sample

from the data and draw conclusions from that sample
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Audit Sampling
Subject Matter
Audit Documentation
Other:

Type of CAAT where Auditor assigned mark transaction number that

will walkthrough on various information systems
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Test Data
Tagging of Transaction
Embeded Module
Other:

In planning, auditor should understand the organization structure of

the business and the internal process
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Nature of Work
Knowledge on the Business
Knowing Business Policies and Procedures
Type of CAAT where Auditor has own software that will put within the
organization Information System to generate daily exception report.
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Test Data
Tagging of Transaction
Embeded Module
Other: