CPA Auditing and Attestation: Auditing and Attestation Auditor Practice Questions
The free CPA Auditing and Attestation: Auditing and Attestation questions that deal with auditor, with answers and explanations. The full bank and the timed practice test cover every topic the exam asks about.
Question #3
An auditor is concerned about the risk of inventory misstatement in a client's financial statements. What should the auditor do first?
Correct answer: B
Explanation
Assessing internal controls is crucial to determine the potential risk of misstatement before conducting other tests.
Question #5
An auditor concludes that a material misstatement exists in the financial statements. What is the next step?
Correct answer: C
Explanation
The next step is to communicate the misstatement with management to address the issue before proceeding.
Question #6
What should an auditor do if they discover fraud during an audit?
Correct answer: D
Explanation
If fraud is discovered, it must be reported to the audit committee, as they are responsible for governance issues.
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