4BAC CIS QUIZ BEE part 1

EASY ROUND
1. An assurance engagement should
exhibit ALL of the following
elements
a. The responsible party
b. Subject matter
c. Suitable criteria
d. engagement process
e. conclusion

EASY ROUND
2. Information risk may be reduced by
letting users share information risk
with the management.

EASY ROUND
3. One Step in analytical procedures
during risk assessment involves
developing reasonable expectation.

EASY ROUND
4. Commitment to competence means
the essential element which
influence the effectiveness of the
design, administration and
monitoring controls of an
organization.

EASY ROUND
5. Not all controls are relevant to the
external auditors.

AVERAGE ROUND
1. PSA 330 states that because of the
inherent consistency of IT processing, the
auditor:
a. Needs to increase the extent of testing of
an automated controls
b. May not need to increase the extent of
testing of an automated controls
c. Needs to decrease the extent of testing of
an automated controls
d. Need not test automated controls

AVERAGE ROUND
2. If the auditor suspects that member of senor
management, including members of the board
of directors, are involves in noncompliance to
laws as regulations, and he believes his report
may not be acted upon, he would:
a. Do nothing
b. Issue a disclaimer of opinion
c. Consider seeking legal advice
d. Make special investigation in order to fully
determine the extent of clients noncompliance

AVERAGE ROUND
3. The current file of an auditors
working papers most likely would
include a copy of the:
a. Articles of incorporation and by-laws
b. Current year schedules and
analyses
c. Long term debt agreement
d. Long term customer service
contracts

AVERAGE ROUNDS
4. When would the difference estimation or ratio
estimation sampling methods be inappropriate?
a. If the average difference between the audit
value and book value of population is large
b. If the average difference between the audit
value and book value of population is small
c. If differences between the book value and
audit value of a population are numerous
d. If differences between the book value and
audit value of a population are rare

AVERAGE ROUND
5. If, in the auditors judgment, the entity
will not be able to continue as a going
concern, and the financial statements
have been prepared on a going concern
basis, the auditor should express:
a. A qualified or an adverse opinion
b. A qualified or a disclaimer of opinion
c. An adverse opinion
d. A disclaimer of opinion

DIFFICULT ROUND
1. What opinion would you give if the
examination is affected by conditions
that preclude application of one or
more procedures considered
necessary in the circumstance?

DIFFICULT ROUND
2. The provision of services by a firm
or network firm to an audit client that
involve the design and
implementation of financial
information technology systems that
are used to generate information
forming part of clients financial
statements may most like be what
kind of threat?

DIFFICULT ROUND
3. It includes the governance and
management functions and the
attitudes, awareness and actions of
those charged with governance and
management concerning the entitys
internal control and its importance in
the entity.

DIFFICULT ROUND
4. Arises from the probability that the
auditors conclusion, based on the
sample may be different from the
conclusion reached if the entire
population were subjected to the
same audit procedure.

DIFFICULT ROUND
5. Give the audit risk formula.

End.