Dear All...
Berikut Contoh soal CPA Test,
Mungkin Bisa Membantu Teman2 Yg ingin Mendapatkan Sertifikasi ....
Untuk Lebih Jelasnya...mungkin bisa di tanyakan oleh bapak2 dosen kita
Salam,
AUDIT RISK
Problem:
1. As the acceptable level of detection risk decreases, an auditor may
a. Reduce substantive testing by relying on the assessments of inherent risk
and control risk.
b. Postpone the planned timing of substantive tests from interim dates to the
year-end.
c. Eliminate the assessed level of inherent risk from consideration as a
planning factor.
d. Lower the assessed level of control risk from the maximum level to below
the maximum. Answer & Explaination:
1.
(b) The requirement is to determine a likely auditor reaction to a
decreased acceptable level of detection risk. Answer (b) is correct
because postponement of interim substantive tests to year-end decreases
detection risk by reducing the risk for the period subsequent to the
performance of those tests; other approaches to decreasing detection
risk include changing to more effective substantive tests and
increasing their extent. Answer (a) is incorrect because increased, not
reduced, substantive testing is required. Answer (c) is incorrect
because inherent risk must be considered in planning, either by itself
or in combination with control risk. Answer (d) is incorrect because
tests of controls must be performed to reduce the assessed level of
control risk. Problem:
2. The risk that an
auditor will conclude, based on substantive tests, that a material
misstatement does not exist in an account balance when, in fact, such
misstatement does exist is referred to as
a. Sampling risk.
b. Detection risk.
c. Nonsampling risk.
d. Inherent risk. Answer & Explaination:
2.
(b) The requirement is to identify the risk that an auditor will
conclude, based on substantive tests, that a material error does not
exist in an account balance when, infact, such error does exist. Answer
(b) is correct because detection risk is the risk that the auditor will
not detect a material misstatement that exists in an assertion.
Detection risk may be viewed in terms of two components (1) the risk
that analytical procedures and other relevant substantive tests would
fail to detect misstatements equal to tolerablemisstatement, and (2)
the allowable risk of incorrect acceptance for the substantive tests of
details. Answer (a) is incorrect because sampling risk arises from the
possibility that, when a test of controls or a substantive test is
restricted to a sample, the auditor’s conclusions may be different from
the conclusions he or she would reach if the tests were applied in the
same way to all items in the account balance or class of transactions.
When related to substantive tests sampling risk is only a part of the
risk that the auditor’s substantive tests will not detect a material
misstatement. Answer (c) is incorrect because nonsampling risk includes
only those aspects of audit risk that are not due to sampling. Answer
(d) is incorrect because inherent risk is the susceptibilityof an
assertion to a material misstatement, assuming that there are no
related controls. Problem:
3. As the acceptable level of detection risk decreases, the assurance directly
provided from
a. Substantive tests should increase.
b. Substantive tests should decrease.
c. Tests of controls should increase.
d. Tests of controls should decrease. Answer & Explaination:
3.
(a) The requirement is to identify an effect of a decrease in the
acceptable level of detection risk. Answer (a) is correct because as
the acceptable level of detection risk decreases, the assurance
provided from substantive tests should increase. To gain this increased
assurance the auditors may (1) change the nature of substantive tests
to more effective procedures (e.g., use independent parties outside the
entity rather than those within the entity), (2) change the timing of
substantive tests (e.g., perform them at year-end rather than at an
interim date), and (3) change the extent of substantive tests (e.g.,
take a larger sample). Answer (b) is incorrect because the assurance
provided from substantive tests increases, it does not decrease.
Answers (c) and (d) are incorrect because the acceptable level of
detection risk is based largely on the assessed levels of control risk
and inherent risk. Accordingly, any tests of controls will already have
been performed. Problem:
5. Inherent risk and control risk differ from detection risk in that they
a. Arise from the misapplication of auditing procedures.
b. May be assessed in either quantitative or nonquantitative terms.
c. Exist independently of the financial statement audit.
d. Can be changed at the auditor’s discretion. Answer & Explaination:
5.
(c) The requirement is to determine a manner in which inherent risk and
control risk differ from detection risk. Answer (c) is correct because
inherent risk and control risk exist independently of the audit of the
financial statements as functions of the client and its environment,
whereas detection risk relates to the auditor’s procedures and can be
changed at his or her discretion. Answer (a) is incorrect because
inherent risk and control risk are functions of the client and its
environment and do not arise from misapplication of auditing
procedures. Answer (b) is incorrect because inherent risk, control risk
and detection risk may each be assessed in either quantitative or
nonquantitative terms. Answer (d) is incorrect because inherent risk
and control risk are functions of the client and its environment, they
cannot be changed at the auditor’s discretion. However, the assessed
levels of inherent and control risk (not addressed in this question)
may be affected by auditor decisions relating to the cost of gathering
evidence to substantiate assessed levels below the maximum.
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