Answered Essay: Which of the following is the least likely to represent a material weakness in internal control for Flynt Corporation?

1. Which of the following is the least likely to represent a material weakness in internal control for Flynt Corporation?

A. Flynt Corporation’s computer systems were not working properly for two days; consequently, employees needed to do all reconciliations manually

B. For the current year, the auditor found a material misstatement in Flynt’s sales recognition that was undetected by the internal controls

C. Flynt’s audit committee is deemed to be ineffective

2. For the purpose of determining proper cutoff for inventory, the auditor will select a sample from which of the following for a few days before and after year-end?

A.     Materials requisitions
B.     Production schedules
C.     Receiving documents
D.     Purchase orders

3. Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity’s ability to continue as a going concern?

A.     Significant related party transactions are pervasive
B.     Usual trade credit from suppliers is denied
C.     Arrearages in preferred stock dividends are paid
D.     Restrictions on the disposal of principal assets are present

4. Generally, loss contingencies that are judged to be remote:

A.     Should be disclosed in the footnotes
B.     Should be recorded in the financial statements
C.     Should not be disclosed in the footnotes
D.     Should be recorded in the financial statements and the footnotes
5. Which of the following is the best audit procedure for the discovery of damaged merchandise in a client’s ending inventory?

A.     Compare the physical quantities of slow-moving items with corresponding quantities of the prior year
B.     Observe the condition of merchandise and raw materials during the client’s physical inventory count
C.     Review the management’s inventory representation letter for accuracy
D.     Test overall fairness of inventory values by comparing the company’s turnover ratio with the industry average
6. Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?

A.     Trace a sample of accounts payable entries recorded just before year-end to the unmatched receiving report file
B.     Compare a sample of purchase orders issued just after year-end with the year-end accounts payable trial balance
C.     Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices
D.    Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions
7. An auditor performing an audit of internal control over financial reporting would be required to:

A.     Rely on the work of internal auditors
B.     Test all of the entity’s internal controls
C.     Form an opinion on the effectiveness of internal control
D.     Randomly identify accounts for an audit of internal control

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