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AUE2601 Assignment 4 Semester 2 2024
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5/15/24, 3:31 PM AUE2601-24-S1: Assessment 4 Dashboard Calendar
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Assessment 4
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Attempts allowed: 2
This quiz opened at Wednesday, 15 May 2024, 8:00 AM
This quiz will close on Thursday, 16 May 2024, 11:00 PM.
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Time limit: 1 hour
Grading method: Highest grade
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Attempt State Grade / 30.00 Review
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Submitted Wednesday, 15 May 2024, 2:57 PM
2 Finished 27.50
Submitted Wednesday, 15 May 2024, 3:31 PM
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AUE2601-24-S1
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Question 1
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Which of the following statements are true regarding the system of internal control in less complex entities?
Note: There could be more than one correct answer. Select all correct options.
a. As part of the control environment in a less complex entity, management and the lower-level employees may be working
closely together so employees will frequently be exposed to how managers behave and conduct themselves.
b. Implementing control activities can be expensive and smaller entities may not have the necessary resources to put in more
effective but costly security controls.
c. The information system and related controls in the smaller entity are more likely to have a simple accounting system under the
charge of the accountant.
d. Risk committees, risk officers and formal risk assessments will form part of the risk assessment process.
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Question 2
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Determining materiality involves the exercise of professional judgement. A percentage is often applied to a chosen benchmark as a
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starting point in determining the materiality of the financial statements as a whole.
Which of the following factors affect the identification of the appropriate benchmark on which to calculate materiality?
1. The elements of the financial statements.
2. The relative volatility of the currency in which the entity’s financial statements are presented.
3. Whether there are items on which the attention of the users of the entity’s financial statements tend to be focused.
4. The entity’s ownership structure and the way it is financed.
Select the correct option
a.
2 and 3
b. 2, 3 and 4
c.
1, 3 and 4
d. 1, 2 and 3
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Question 3
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The inventory balance in the financial statements is reflected as R2 800 000. The audit evidence obtained by the auditor indicates the
balance should be R2 300 000. The materiality calculated by the auditor for the audit of the financial statements is R250 000.
Which of the following statements is correct?
a. The misstatement of the inventory balance is clearly trivial and can be ignored by the auditor
b. The inventory balance is misstated in the financial statements and the misstatement amounts to R500 000
c. The inventory balance is accurately presented in the financial statements
d. The inventory balance is misstated in the financial statements and the misstatement amounts to R250 000
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Question 4
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Which one of the following is not an inherent limitation of an audit?
a. The timeliness of financial reporting and the balance between benefit and cost
b. Audit evidence is usually persuasive, rather than conclusive
c. The audit fee may not cover the time spent on the audit and the work done to be able to obtain complete assurance
d. The nature of audit procedures
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