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Please answer those 4 mcq

5. In order to respond to the increased risks that could be present in the initial audit (means auditing for first time) of an entity, an external auditor should consider the assignment of

1 point

Internal audit personnel with appropriate levels of capabilities and competence

Accounting personnel with appropriate levels of capabilities and competence

Senior management with appropriate levels of capabilities and competence

External audit personnel with appropriate levels of capabilities and competence.

17. What can an auditor do before it's client's year end closing or balance sheet date? ( multiple answer) *

4 points

Knowledge of internal control and business environment

Other risk assessment procedure

Certain substantive testing (ex, sales, expense testing)

Cut off testing

all of the above

18. What can an auditor do after it's client's year end closing or balance sheet date? ( multiple answer) *

4 points

Knowledge of internal control and business environment

Other risk assessment procedure

Certain substantive testing (ex, sales, expense testing)

Cut off testing

Evaluate going concern

Verify lien and collateral

Send legal letter

24. A prospective client's legal and ethical standards defined by following terms (multiple answers)

3 points

Auditor independence

Engagement does not violate laws or code

Communicate with previous auditor

Assess client's reputation

No scope limitation

Management tone at the top

Adequate training, skills and experience

Firm's staffing resources

Reasonable deadline

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