Deloitte Audit Business Challenge

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  • 1/33 Questions

    Which of the following is the most important reason for an auditor to gain an understanding of an audit client's system of internal control over financial reporting?

    • Understanding a client's system of internal control can help the auditor assess risk and identify areas where financial statement misstatements might be more likely.
    • Understanding a client's system of internal control can help the auditor make valuable recommendations to management at the end of the engagement.
    • Understanding a client's system of internal control can help the auditor seel consulting services to the client.
    • Understanding a client's system of internal control is not a required part of the audit process.
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About This Quiz

The Deloitte Audit Business Challenge quiz assesses knowledge on the relationships and distinctions between auditing, attest, and assurance services. It explores internal controls, audit opinions, and the purpose of understanding an entity's environment. Essential for those in finance and auditing, enhancing skills in risk assessment and financial reporting.

Deloitte Audit Business Challenge - Quiz

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  • 2. 

    You have asked by the senior auditor to seek out information that can be used in order to gain an understanding of the company you are about to audit. Which of the following would be a source of this information?

    • A. Government statistical records.

    • B. The company’s own annual report.

    • C. The foreign office information department

    Correct Answer
    A. B. The company’s own annual report.
    Explanation
    The company's own annual report would be a source of information that can be used to gain an understanding of the company being audited. The annual report typically contains financial statements, management's discussion and analysis, and other relevant information about the company's operations, performance, and financial position. This information can help the auditor assess the company's financial health, identify potential risks, and understand the company's business activities. Government statistical records may provide general economic data but may not provide specific information about the company being audited. The foreign office information department may provide information about international affairs but may not have specific information about the company being audited.

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  • 3. 

    For what primary purpose does the auditor obtain an understanding of the entity and its environment?

    • To determine the audit fee.

    • To decide which facts about the entity to include in the audit report.

    • To plan the audit and determine the scope of audit procedures to be performed.

    • To limit audit risk to an appropriately high level.

    Correct Answer
    A. To plan the audit and determine the scope of audit procedures to be performed.
    Explanation
    The auditor obtains an understanding of the entity and its environment in order to plan the audit and determine the scope of audit procedures to be performed. This understanding helps the auditor assess the risks of material misstatement in the financial statements, identify areas where fraud or error are more likely to occur, and design appropriate audit procedures to address those risks. By obtaining this understanding, the auditor can effectively plan and execute the audit to obtain sufficient and appropriate audit evidence.

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  • 4. 

    The main area of practice covered in the IFAC Code of Ethics for Professional Accountants is:

    • A. fundamental principles applicable to all professional accountants.

    • B.fundamental principles applicable to professional accountants in public practice.

    • C. fundamental principles applicable to professional accountants in business

    • D.      All of the above

    Correct Answer
    A. D.      All of the above
    Explanation
    The correct answer is D. All of the above. The IFAC Code of Ethics for Professional Accountants covers the fundamental principles applicable to all professional accountants, including those in public practice and those in business. This code sets out the ethical requirements and responsibilities that professional accountants must adhere to in order to maintain public trust and confidence in the profession. By including all three options, the code ensures that all professional accountants, regardless of their specific area of practice, are held to the same high ethical standards.

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  • 5. 

    In gaining an understanding of the entity to be audited, the auditor will document the information/accounting system in place. Which TWO of the following are methods they could employ to do this: 1. Making narrative notes on the system in place. 2. Use last years notes and assume they are correct. 3. Use the notes made from a similar business audited previously. 4. Conduct internal control questionnaires with staff in the entity.

    • A 1 and 4

    • B 3 and 4

    • C 1 and 2

    • D 2 and 3

    Correct Answer
    A. A 1 and 4
    Explanation
    The auditor can employ two methods to document the information/accounting system in place. Firstly, they can make narrative notes on the system to gain a comprehensive understanding of its functioning. Secondly, they can conduct internal control questionnaires with the staff in the entity, which will provide additional insights into the system's operations. These two methods, 1 and 4, allow the auditor to gather relevant information and assess the effectiveness of the entity's accounting system.

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  • 6. 

    Which of the following statements is correct?

    • A. Malaysia imposes both direct and indirect taxes on businesses

    • B. Malaysia does not impose tax on any kind of capital gain

    • C. Income tax is an example of an indirect tax

    • D. Companies which register for goods and service tax (SST) enjoy a lower rate of corporate income tax

    Correct Answer
    A. A. Malaysia imposes both direct and indirect taxes on businesses
    Explanation
    The correct answer is A. Malaysia imposes both direct and indirect taxes on businesses. This means that businesses in Malaysia are subject to both types of taxes, which can include income tax, corporate tax, sales tax, and goods and services tax. Direct taxes are levied directly on individuals or businesses, such as income tax, while indirect taxes are imposed on goods and services, such as sales tax. This answer indicates that Malaysia has a comprehensive tax system that includes both direct and indirect taxes for businesses.

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  • 7. 

    A company limited by shares having not more than _____ shareholders may be registered as a private company.

    • A.      30

    • B.      40

    • C.       50

    • D.      60

    Correct Answer
    A. C.       50
    Explanation
    A company limited by shares can be registered as a private company if it has not more than 50 shareholders. This means that the company can have a maximum of 50 individuals or entities holding shares in the company. This limitation is often imposed to maintain the privacy and control of the company's ownership within a smaller group of shareholders.

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  • 8. 

    What of the following is not a benefit of carrying out a risk assessment prior to the audit?

    • A. To identify potential misstatements due to fraud or error.

    • B. To address the risk areas in the audit.

    • C. To reduce the risk of non-detection of a misstatement to zero.

    • D. To reduce the risk of issuing an inaccurate opinion.

    Correct Answer
    A. C. To reduce the risk of non-detection of a misstatement to zero.
    Explanation
    Carrying out a risk assessment prior to the audit helps in identifying potential misstatements due to fraud or error, addressing the risk areas in the audit, and reducing the risk of issuing an inaccurate opinion. However, it is not possible to reduce the risk of non-detection of a misstatement to zero, as there is always a possibility of some misstatements going undetected during the audit process.

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  • 9. 

    Which of the following should the auditor look at in order to understand the client: i) The industry. ii)Competition. iii)Technology. iv)Laws & Regulations. v)Stakeholders.

    • A. iii) only

    • B. All of the above

    • C. i) ii) & iv) only

    • D. i) & iii) only

    Correct Answer
    A. B. All of the above
    Explanation
    To understand the client, the auditor should look at all of the options provided. The industry analysis helps the auditor gain insights into the client's market and competitive position. Understanding the competition enables the auditor to assess the client's market share and potential risks. Technology assessment helps the auditor understand the client's technological capabilities and potential impact on the business. Laws and regulations are essential to ensure compliance and identify any legal risks. Lastly, understanding stakeholders helps the auditor assess the client's relationships and potential influence on the business. Therefore, all of these factors are important for the auditor to consider in order to gain a comprehensive understanding of the client.

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  • 10. 

    A company name is available if it is not – i. undesirable or unacceptable ii. identical to an existing company, corporation or business iii. identical to a name that is being reserved under this Act

    • A.      I, II and III

    • B.      I, II and IV

    • C.       I, III and IV

    • D.      All of the above

    Correct Answer
    A. D.      All of the above
    Explanation
    The correct answer is D. All of the above. This means that for a company name to be available, it must not be undesirable or unacceptable, it must not be identical to an existing company, corporation, or business, and it must not be identical to a name that is being reserved under the Act. All three conditions must be met for the company name to be considered available.

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  • 11. 

    Risk of material misstatement refers to a combination of which two "client" components of the audit risk model?

    • Audit risk and inherent risk.

    • Audit risk and control risk

    • Inherent risk and control risk.

    • Control risk and detection risk.

    Correct Answer
    A. Inherent risk and control risk.
    Explanation
    The risk of material misstatement refers to the possibility that there are errors or fraud in the financial statements that could potentially have a significant impact on the decision-making of users. Inherent risk refers to the susceptibility of the financial statements to material misstatement, while control risk refers to the risk that internal controls will not prevent or detect material misstatements. Therefore, the combination of inherent risk and control risk represents the client components of the audit risk model that contribute to the risk of material misstatement.

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  • 12. 

    Which of the following is NOT a source of Malaysian revenue law?

    • A. Acts passed by Parliament

    • B. Orders and Regulations made by Ministers as empowered by the Act

    • C. Internal memos issued by the Director General of the Inland Revenue Board to Inland Revenue Board officers

    • D. Case law created by decisions of the Malaysian courts

    Correct Answer
    A. C. Internal memos issued by the Director General of the Inland Revenue Board to Inland Revenue Board officers
    Explanation
    Internal memos issued by the Director General of the Inland Revenue Board to Inland Revenue Board officers are not considered a source of Malaysian revenue law. Revenue laws are primarily derived from acts passed by Parliament, orders and regulations made by Ministers as empowered by the Act, and case law created by decisions of the Malaysian courts. Internal memos may provide guidance and instructions to officers, but they do not have the same legal authority as acts, orders, regulations, and case law.

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  • 13. 

    Which of the following statments relating to attest and assurance services is not correct?

    • Independence is an important attribute of assurance service providers

    • Assurance services can be performed to improve the quality or context of information for decision makers.

    • Financial statement auditing is a form of attest service but it is not an assurance service.

    • In performing an attest service, the CPA determines the correspondence of the subject matter (or an assertion about the subject matter) against criteria that are suitable and available to users.

    Correct Answer
    A. Financial statement auditing is a form of attest service but it is not an assurance service.
    Explanation
    The correct answer is that financial statement auditing is a form of attest service but it is not an assurance service. This means that while financial statement auditing falls under the umbrella of attest services, it does not fall under the category of assurance services. Assurance services involve providing independent and professional opinions on the reliability and credibility of information, whereas financial statement auditing specifically focuses on examining and verifying financial statements for accuracy and compliance with accounting standards.

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  • 14. 

    Which of the following is NOT part of planning the Audit?

    • A. Ensure that the correct engagement team is chosen for the assignment.

    • B. Identify potential problems that may occur on the audit.

    • C. Carry out substantive testing on the balances in the financial statements.

    Correct Answer
    A. C. Carry out substantive testing on the balances in the financial statements.
  • 15. 

    Under the Malaysia Real Property Gain Tax with effect from 1 January 2014, which of the tax rate that would apply if the company to sell property on the 4th year from the date of acquisition of the asset?

    • A. 10%

    • B. 20%

    • C. 5%

    • D. 30%

    Correct Answer
    A. B. 20%
    Explanation
    Under the Malaysia Real Property Gain Tax, if a company sells a property on the 4th year from the date of acquisition, the applicable tax rate would be 20%.

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  • 16. 

    Which of the following statements best describes what is meant by unqualified audit opinion?

    • Issuance of an unqualified auditor's report indicates that in the auditor's opinion the client's financial statements are not fairly enough presented in accordance with agreed-upon criteria to qualify for a clean opinion.

    • Issuance of an unqualified auditor's report indicates that the auditor is not qualified to express an opinion that the client's financial statements are fairly presented in accordance with agreed-upon criteria.

    • Issuance of an unqualified auditor's report indicates that the auditor is expressing different opinions on each of the basic financial statements regarding whether the client's financial statements are fairly presented in accordance with agreed-upon criteria.

    • Issuance of a standard unqualified auditor's report indicates that in the audtior's opinion the client's financial statements are fairly presented in accordance with agreed-upon criteria, which no need for the inclusion of the qualifying phrases.

    Correct Answer
    A. Issuance of a standard unqualified auditor's report indicates that in the audtior's opinion the client's financial statements are fairly presented in accordance with agreed-upon criteria, which no need for the inclusion of the qualifying phrases.
    Explanation
    An unqualified audit opinion means that the auditor believes the client's financial statements are fairly presented in accordance with agreed-upon criteria. This opinion does not require any qualifying phrases or disclaimers. The issuance of an unqualified auditor's report indicates that the auditor has no reservations about the accuracy and completeness of the financial statements and believes they provide a true and fair view of the client's financial position.

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  • 17. 

    When planning an audit, an auditor should

    • Consider whether the extent of substantive procedures may be reduced based on the results of the internal control questionnaire.

    • Determine planning materiality for audit purposes.

    • Conclude whether changes in compliance with prescribed internal controls justify reliance on them.

    • Prepare a preliminary draft of the management representation letter.

    Correct Answer
    A. Determine planning materiality for audit purposes.
    Explanation
    When planning an audit, one of the important tasks for the auditor is to determine planning materiality for audit purposes. Planning materiality refers to the amount or level at which misstatements in the financial statements could potentially influence the decisions of the users. By determining planning materiality, the auditor sets a threshold for identifying significant risks and areas that require more attention during the audit process. This helps the auditor in allocating resources effectively, focusing on areas with higher risks, and ensuring that the audit is conducted in a thorough and efficient manner.

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  • 18. 

    When XYZ Co. receives a purchase invoice it is checked by the accounts clerk for accuracy then authorised by the line manager who signs it to verify that it has been authorised. How can the auditor test the control over authorisation of invoices is being carried out?

    • A. Enquire with the accounts clerk to verify that they observe the line manager do this on a regular basis.

    • B. For a sample of the invoices, re-calculate the invoice amount to ensure it is arithmetically correct.

    • C. For a sample of invoices ensure that they have been signed by the line manager.

    • D. For a sample of the invoices verify that the supplier is one of those on the authorized suppliers list.

    Correct Answer
    A. C. For a sample of invoices ensure that they have been signed by the line manager.
    Explanation
    The auditor can test the control over authorization of invoices by selecting a sample of invoices and checking if they have been signed by the line manager. This ensures that the line manager has authorized the invoices as required by the control procedure. By verifying the presence of the line manager's signature, the auditor can confirm that the control is being followed consistently. This test provides evidence of the effectiveness of the control over authorization of invoices.

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  • 19. 

    Which of the below are the following way of winding up a company: i. voluntary winding up where the members have passed a resolution to wind up the company ii. compulsory winding up where the court has ordered the company to be wound up iii. unwillingly winding up due to unforeseen circumstances

    • A.      I and II

    • B.      I and III

    • C.       II and III

    • D.      All of the above

    Correct Answer
    A. A.      I and II
    Explanation
    The correct answer is A. I and II. This is because voluntary winding up occurs when the members of a company pass a resolution to wind up the company, while compulsory winding up happens when the court orders the company to be wound up. Unwilling winding up due to unforeseen circumstances is not a recognized way of winding up a company.

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  • 20. 

    Which of the following best describes relationships among auditing, attest, and assurance services?

    • Arrest is a type of auditing service.

    • Auditing and attest services represent two distinctly different types of services.

    • Auditing is a type of assurance service.

    • Assurance is a type of attest service.

    Correct Answer
    A. Auditing is a type of assurance service.
    Explanation
    Auditing is a type of assurance service because auditing involves the systematic examination of financial records and statements to ensure their accuracy and compliance with relevant laws and regulations. Assurance services, on the other hand, provide independent and objective assessments of various aspects of an organization's operations, including financial reporting. While auditing is a specific type of assurance service that focuses on financial records, other types of assurance services may cover areas such as risk management, internal controls, and sustainability reporting.

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  • 21. 

    Which of the following will appear in the audit strategy document: i) Documented evidence of the understanding of the entity. ii) Documented evidence of the understanding of the system within the entity. iii) The audit report. iv) The scope of the audit. v) A management representations letter.

    • A. iii) only

    • B. All of the above

    • C. i) ii) & iv) only

    • D. i) & iii) only

    Correct Answer
    A. C. i) ii) & iv) only
    Explanation
    The audit strategy document is a comprehensive plan that outlines the approach and scope of the audit. It includes documented evidence of the understanding of the entity and the system within the entity, as this understanding is crucial for the auditors to effectively plan and execute the audit. Additionally, the scope of the audit is an essential component of the strategy document, as it defines the boundaries and objectives of the audit. Therefore, options i), ii), and iv) are the correct choices for the content that will appear in the audit strategy document.

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  • 22. 

    Which of the following is not a part of the role of internal auditors?

    • Assisting the external auditors.

    • Providing reports on the reliability of financial statments to investors and creditors.

    • Consulting activities.

    • Operational auditrs.

    Correct Answer
    A. Providing reports on the reliability of financial statments to investors and creditors.
    Explanation
    Internal auditors play a crucial role in an organization by conducting independent assessments of its operations. They assist external auditors by providing them with necessary information and supporting their work. Internal auditors also engage in consulting activities, providing recommendations for improving processes and controls. Operational auditors focus on evaluating the efficiency and effectiveness of an organization's operations. However, providing reports on the reliability of financial statements to investors and creditors is typically the responsibility of external auditors, not internal auditors.

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  • 23. 

    TehTime Sdn Bhd wish to change its company name to ChaLive Sdn Bhd. In order to do so, Gill Mi Sdn Bhd should resolve its name be changed by resolution and notify the registrar of the change of its name within fifteen days from the date of the special resolution was passed.

    • A.      True

    • B.      False

    Correct Answer
    A. B.      False
    Explanation
    The statement is false because it states that Gill Mi Sdn Bhd should resolve its name to be changed by resolution and notify the registrar within fifteen days. However, the question is about TehTime Sdn Bhd wanting to change its name, not Gill Mi Sdn Bhd. Therefore, the statement does not apply to the given scenario, making it false.

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  • 24. 

    Which one do you like?

    • Option 1

    • Option 2

    • Option 3

    • Option 4

    Correct Answer
    A. Option 1
  • 25. 

    Much of the work in the audit involves assertions. Which of the following statements is correct relating to assertions:

    • A. The auditor makes the assertion and then tests it during the course of the audit.

    • B. Management make the assertions by inclusion of items in the financial statements and the auditor tests those assertions.

    • C. Management make formal assertions to the auditor in the form of a letter and those assertions are given to the shareholders.

    • D. The auditor may assume that the assertions made by management are correct if the Finance Director is a qualified accountant.

    Correct Answer
    A. B. Management make the assertions by inclusion of items in the financial statements and the auditor tests those assertions.
    Explanation
    The correct answer is B. Management make the assertions by inclusion of items in the financial statements and the auditor tests those assertions. In an audit, management is responsible for making assertions about the financial statements, such as the completeness, accuracy, and valuation of the items included. The auditor's role is to test these assertions through various audit procedures to provide assurance on the reliability of the financial statements. This involves examining evidence, performing analytical procedures, and obtaining third-party confirmations to corroborate the assertions made by management.

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  • 26. 

    The word 'ethics' is derived from the Greek word ethos, meaning character. Which ofthese is nota doctrine or theory of ethics?

    • A. consequentialism

    • B. theology

    • C. utilitarianism

    • D.deontology

    Correct Answer
    A. B. theology
    Explanation
    The question asks for a doctrine or theory of ethics that is not included in the given options. The options provided are consequentialism, utilitarianism, and deontology. These are all well-known ethical theories that focus on the consequences of actions, the greatest good for the greatest number, and the moral duty and obligations, respectively. The correct answer, B. theology, is not a doctrine or theory of ethics, but rather a study of religious beliefs and practices. Theology is concerned with understanding and interpreting the nature of God and religious teachings, not specifically focused on moral principles or ethical theories.

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  • 27. 

    Akash works full time as a pilot and writes books on a part-time basis. Akash wrote a book and received royalty income amounting to RM42,000 in the year of assessment 2018. What is the amount of royalty income which is assessable to tax on Akash for the year of assessment 2018?

    • RM22,000

    • RM42,000

    • RM10,500

    • RM30,000

    Correct Answer
    A. RM22,000
    Explanation
    The amount of royalty income assessable to tax for Akash in the year of assessment 2018 is RM22,000. This is because the question states that Akash works full time as a pilot and writes books on a part-time basis. Therefore, the royalty income from his book would be considered as part of his part-time work and would be subject to tax. The total royalty income received by Akash in 2018 is RM42,000, but only RM22,000 of this amount is assessable to tax.

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  • 28. 

    The view that ethics is not just a matter of what people do but what people are, is known as:

    • A. teleology

    • B. consequentialism

    • C. virtue ethics

    • D. ethical relativism

    Correct Answer
    A. C. virtue ethics
    Explanation
    Virtue ethics is the view that ethics is not solely determined by actions, but also by the character and virtues of individuals. It focuses on developing good character traits and moral virtues in order to make ethical decisions. This perspective emphasizes the importance of cultivating virtues such as honesty, compassion, and courage, rather than simply following rules or seeking specific outcomes. Virtue ethics considers the overall moral character of a person as the foundation for ethical behavior, rather than solely focusing on the consequences of actions or adhering to universal moral principles.

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  • 29. 

    Which of the followings statements regarding a company’s tax residence status is correct?

    • A. A company is resident in Malaysia only if the management and control of all of its businesses are exercised in Malaysia

    • B. A company is resident in Malaysia only if all of its board meetings are conducted in Malaysia

    • C. The location of a company’s board meetings is irrelevant in determining the company’s Malaysian tax residence status

    • D. Where a company does not carry on any business, it is treated as resident in Malaysia if the management and control of its affairs are exercised in Malaysia

    Correct Answer
    A. D. Where a company does not carry on any business, it is treated as resident in Malaysia if the management and control of its affairs are exercised in Malaysia
    Explanation
    The correct answer is D. This statement explains that if a company does not carry on any business, it can still be considered a resident in Malaysia if the management and control of its affairs are exercised in Malaysia. This means that even if the company is not actively conducting business, as long as its management and control are based in Malaysia, it will be treated as a resident for tax purposes.

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  • 30. 

    A company must have at least one company secretary who is a citizen or a permanent resident of Malaysia. In addition, they must ordinarily reside in Malaysia by having their principal place of residence in Malaysia. A company may have more than one company secretary; but at least one of them must fulfil these requirements.

    • A.      True

    • B.      False

    Correct Answer
    A. B.      False
    Explanation
    A company must have at least one company secretary who is a citizen or a permanent resident of Malaysia and must ordinarily reside in Malaysia. However, the statement also mentions that a company may have more than one company secretary, but at least one of them must fulfill these requirements. Therefore, the statement is false as it implies that having only one company secretary who fulfills these requirements is sufficient, while in reality, a company can have more than one company secretary who fulfills these requirements.

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  • 31. 

    An engagement letter can be seen as the contract between the auditor and the client. As such it should contain the terms of the engagement such as: i) Inherent limitations of audit. ii)The form of the audit report. iii)The opinion of the auditor. iv)Any use of internal audit or external experts. v)Deadlines. Which of the above items would not appear in the engagement letter:

    • A. iii) only

    • B. i) only

    • C. i) and iv) only

    • D. i) & iii) only

    Correct Answer
    A. A. iii) only
    Explanation
    The engagement letter is a contract between the auditor and the client, outlining the terms of the engagement. It typically includes information such as the inherent limitations of the audit, the form of the audit report, the opinion of the auditor, the use of internal audit or external experts, and deadlines. Therefore, all of the items listed (i, ii, iii, iv, and v) would appear in the engagement letter except for item iii (the opinion of the auditor).

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  • 32. 

    In the purchases cycle within an entity the control objectives at the stage of placing a purchase order will be: i) To ensure that the item purchased is not already in stock. ii) To ensure that the stock count is accurate. iii) To ensure that the order is actually required. iv) To ensure that all orders are paid for.

    • A. All of the above.

    • B. i) iii) and iv) only.

    • C. i) only

    • D. i) and iii) only.

    Correct Answer
    A. D. i) and iii) only.
    Explanation
    The control objectives at the stage of placing a purchase order are to ensure that the item purchased is not already in stock and to ensure that the order is actually required. These objectives aim to prevent unnecessary purchases and avoid overstocking. The control objective of ensuring that all orders are paid for is not applicable at this stage, as payment is typically made after the purchase order has been placed. Therefore, the correct answer is D. i) and iii) only.

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  • 33. 

    For the year of assessment 2018, Ahmad’s chargeable income was RM30,000. During the year, he paid RM2,000 of alimony to his former wife and RM50 of zakat. What is the amount of personal tax rebates to which Ahmad is entitled for the year of assessment 2018?

    • A. RM50

    • B. RM850

    • C. RM450

    • D. RM2,050

    Correct Answer
    A. B. RM850
    Explanation
    Ahmad is entitled to a personal tax rebate of RM850 for the year of assessment 2018. This is because he paid RM50 of zakat, which qualifies for a tax rebate. Additionally, he is also entitled to a tax rebate of RM800 for making alimony payments to his former wife. Therefore, the total tax rebate amount is RM850.

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  • 34. 

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  • Jan 30, 2023
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