10.  The date of the management representation letter should coincide with the date of the

48.  Which of the following procedures is least likely to be performed before the balance sheet date?

50.  How would increases in tolerable misstatement and assessed level of control risk affect the sample size in a substantive test of details?

27.  When an auditor qualifies the opinion because of inadequate disclosure, the auditor should describe the nature of the omission in one or more separate explanatory paragraph(s) and modify the:

48.  Which of the following procedures is least likely to be performed before the balance sheet date?

26.  Kregl, CPA, has completed the field work for the current annual audit of Hewett Merchandising Corp.  Kregl obtained sufficient and appropriate audit evidence for all of Hewett’s account balances, transactions and disclosures except for Hewett’s beginning-of-year inventory balance.  Due to inadequate records Kregl could not verify Hewett’s beginning-of-year inventory balance.  Kregl’s opinion on Hewett’s current year financial statements most likely will be:

23.  The auditor did not receive replies to second confirmation requests for the existence of accounts receivable.  Which of the following alternative procedures would the auditor most likely perform to confirm the existence of accounts receivable?

45.  Amanda, a staff auditor with Sharp & Shetty, CPAs, observed the mailing of monthly statements to a client’s customers and reviewed evidence of follow-up on errors reported by the client’s customers.  This test of controls most likely was performed to support management’s assertion of:

44.  Which of the following is the best example of a substantive test?

4.  During Smith & Co.’s audit of Carol Industries, Inc., a non-public company, Smith’s staff examined a sample of Carol’s receiving reports.  This procedure most likely was undertaken to obtain support for entries in the: