CPA Audit Practice Test 2
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Question 1 of 10
1. Question
Significant deficiencies and material weaknesses that were corrected during the audit must be communicated by the auditor in writing to the following:
- Internal Audit
- Management
- The public
- Those charge with governance
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Question 2 of 10
2. Question
A timely basis for communicating deficiencies in internal controls for a nonissuer is:
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Question 3 of 10
3. Question
The PCAOB standard states that the auditors of issuers are required to perform a(n):
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Question 4 of 10
4. Question
The presence of a material weakness in internal controls results in a(n):
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Question 5 of 10
5. Question
True or False: When performing a review of financial statements, an auditor is required to corroborate managements responses to inquires made by the auditor with supporting evidence?
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Question 6 of 10
6. Question
There are 5 conditions that must be met in order to issue an opinion on whether supplementary information is fairly stated in all material respects in relation to the financial statement as a whole. An auditor must determine if these conditions are met. Which of the below options is NOT one of these 5 conditions.
- The information was derived from or related directly to the information used to prepare the financial statements.
- The financial statements were audited and the auditor issued and auditor’s report.
- An adverse opinion and disclaimer of opinion was issued on the financial statements
- The information relates to the same period as the financial statements
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Question 7 of 10
7. Question
When an auditor concludes that the financial statements are presented fairly, in all material respects, the auditor should express this type of opinion for a nonissuer:
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Question 8 of 10
8. Question
True or False: In nonstatistical sampling, auditors specify the sampling risk they are willing to accept and then calculate the sample size that provides that degree of reliability?
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Question 9 of 10
9. Question
An auditor is engaged to perform an audit on a service organization. What considerations should be made in the planning stages for internal controls of the organization?
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Question 10 of 10
10. Question
True or False: A review, which is similar to an audit, provides absolute assurance that financial statements are free from material misstatement?
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