1.The two requirements crucial to achieving audit efficiency and effectiveness with a microcomputer are selecting:
 
　　a.Client data that can be accessed by the auditor's microcomputer and audit procedures that are generally applicable to several clients in a specific industry.
 
　　b.The appropriate audit tasks for microcomputer applications and the appropriate software to perform the selected audit tasks.
 
　　c.Audit procedures that are generally applicable to several clients in a specific industry and the appropriate audit tasks for microcomputer applications.
 
　　d.The appropriate software to perform the selected audit tasks and client data that can be accessed by the auditor's microcomputer.
 
　　2.In which of the following situations would an auditor ordinarily choose between expressing a qualified opinion or an adverse opinion?
 
　　a. Conditions that cause the auditor to have substantial doubt about the entity's ability to continue as a going concern are inadequately disclosed.
 
　　b. The auditor is unable to apply necessary procedures concerning an investor's share of an investee's earnings recognized on the equity method.
 
　　c. There has been a change in accounting principles that has a material effect on the comparability of the entity's financial statements.
 
　　d. The auditor did not observe the entity's physical inventory and is unable to become satisfied about its balance by other auditing procedures?
 
　　3.Silver was asked to perform the first audit of a wholesale business that does not maintain perpetual inventory records. Silver has observed the current inventory but has not observed the physical inventory at the previous year-end date and concludes that the opening inventory balance, which is not auditable, is a material factor in the determination of cost of goods sold for the current year. Silver will probably
 
　　A. Decline the engagement.
 
　　B. Express an unmodified opinion on the balance sheet and income statement except for inventory.
 
　　C. Express an unmodified opinion on the balance sheet and disclaim an opinion on the income statement.
 
　　D. Disclaim an opinion on the balance sheet and income statement.
 
　　4.Which of the following is not an inquiry the auditor should make to identify the risks of material misstatement due to fraud?
 
　　A.How management communicates to employees its views on acceptable business practices.
 
　　B.Whether operating personnel have communicated to management regarding internal control and how it functions to prevent, deter, or detect material misstatement due to fraud.
 
　　C.Whether management is aware of any allegations of fraud.
 
　　D.Whether there are any particular business segments for which a risk of fraud may be more likely to exist.
 
　　Answer:
 
　　1.B
 
　　Choice "B" is correct. In microcomputer audit applications, efficient and effective system usage requires:
 
　　-Identification of the appropriate audit tasks and
 
　　-Appropriate software to perform the selected audit tasks.
 
　　Choice "d" is incorrect. Although microcomputer access to client data is desirable, it is not required.
 
　　Choice "a" is incorrect. Although microcomputer access to client data is desirable, it is not required. Also, microcomputer audit applications need not be applicable to several clients to be efficient and effective.
 
　　Choice "c" is incorrect. Microcomputer audit applications need not be applicable to several clients to be efficient and effective.
 
　　2.A
 
　　Choice "a" is correct. Inadequate disclosure of the substantial doubt about an entity's ability to continue as a going concern is a departure from GAAP, resulting in either a qualified or adverse opinion.
 
　　Choices "d" and "b" are incorrect. Scope limitations result in either a qualified opinion or in a disclaimer of opinion, but not in an adverse opinion.
 
　　Choice "c" is incorrect. A change in accounting principle results in the use of an emphasis-of-matter paragraph following the opinion paragraph in an unmodified report, as long as the change was accounted for properly.
 
　　3.C
 
　　This answer is correct because for the case described in this question, the auditor will be able to gather evidence on all year-end balances. However, evidence with respect to the beginning inventory is lacking making the verification of cost of goods sold, an income statement element, impossible. If no other problems arise, the auditor will be able to issue an unmodified opinion on the balance sheet and a disclaimer on the income statement.
 
　　4.B
 
　　Choice "B" is correct. The auditor should inquire whether management (not operating personnel) has communicated to those charged with governance (not management) regarding internal control and how it functions to prevent, deter, or detect material misstatement due to fraud.
 
　　Choice "a" is incorrect. The auditor should inquire how management communicates to employees its views on acceptable business practices.
 
　　Choice "d" is incorrect. The auditor should inquire whether there are any particular business segments for which a risk of fraud may be more likely to exist.
 
　　Choice "c" is incorrect. The auditor should inquire whether management is aware of any allegations of fraud.

 
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