QUESTION: 43
Which of the following is NOT included in the list of principles for formulating well- stated audit
objectives?

A. Clearly identify the client
B. Clearly identify the type of performance to be audited and separate objectives if more than
one element of performance is to be reviewed
C. Frame objectives that consider a realistic scope and methodology
D. Onsite Observation

Answer(s): D
QUESTION: 44
Carefully crafted audit objectives are important BECAUSE:

A. Objectives provide direction
B. Limit collection of unneeded information
C. Control scope, methodology, timing and nature of audit work
D. Al of the above

Answer(s): D
QUESTION: 45
The scope of an audit defines the boundaries of the audit by addressing such items as the audit
period or number of locations to be reviewed.. Some important considerations when defining the
scope of an audit include:

A. Needs of potential users of the audit report
B Preliminary judgment about materiality levels
B. Both A and B
C. None of the above

Answer(s): C
QUESTION: 46
Fol owing elements should be documented in the audit scope EXCEPT:

A. Time period to be covered by audit tests
B. Available data:
No. of records
Locations
Need to create data
Form
Reliability
C. Prioritizing risks
D. Both A and B
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