4. Assume that the audit team notes the client has made a significant change in its product line which requires that new equipment be purchased. Which of the following would be of greatest concern to the auditor?

a. Inappropriate book value of new equipment.

b. Impaired value of new equipment.

c. Impaired value of old equipment.

d. Inappropriate depreciation calculation for new equipment.

11. As a result of sampling procedures applied as tests of controls, an auditor incorrectly assesses control risk lower than appropriate. The most likely explanation for this situation is that:

A) The deviation rates of both the auditor’s sample and the population exceed the tolerable rate of deviation.

B) The deviation rates of both the auditor’s sample and the population are less than the tolerable rate of deviation.

C) The deviation rate in the auditor’s sample is less than the tolerable rate of deviation, but the deviation rate in the population exceeds the tolerable rate of deviation.

D) The deviation rate in the auditor’s sample exceeds the tolerable rate of deviation, but the deviation rate in the population is less than the tolerable rate of deviation

17) Which of the following matters would an auditor most likely include in a management representation letter?

a) Communications with the audit committee concerning weaknesses in internal control

b) The completeness and availability of minutes of stockholders’ and directors’ meetings

c) Plans to acquire or merge with other entities in the subsequent year

d) Management’s acknowledgment of its responsibility for the detection of employee fraud

19) In which one of the following instances would an auditor most likely issue a standard unmodified opinion without explanatory language?

a. Management’s disclosures are missing or inadequate.

b. There is substantial doubt about the entity’s ability to continue as a going concern.

c. There is a significant limitation on the scope of the engagement.

d. There is an immaterial deviation from GAAP related to capitalizing repairs.

26. When the auditor is unable to obtain sufficient appropriate evidence because the client did not allow a procedure to be completed, which of the following would the report most likely contain?

a. A Qualification: Yes; An Explanatory Paragraph After the Opinion Paragraph: No.

b. A Qualification: Yes; An Explanatory Paragraph After the Opinion Paragraph: Yes.

c. A Qualification: No; An Explanatory Paragraph After the Opinion Paragraph: Yes.

d. A Qualification: No; An Explanatory Paragraph After the Opinion Paragraph: No.

31. When responding to the auditor as a result of the audit client’s letter of inquiry, how might the attorney limit the response?

a. Limit the response to litigations in process.

b. Limit the response to asserted claims.

c. Limit the response to matters to which the attorney has given substantive attention in the form of legal consultation or representation.

d. Limit the response to items which the attorney believes will result in loss to the client.

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