B) EVALUATE THE APPROPRIATENESS OF AUDIT EVIDENCE OBTAINED (a). C) Interim audit. d) Audit … A) four years. Auditor shall report on the accounts examined by him __________. C) Auditor qualification. Answer: C, 60. We are keen to know your feedback in comments and do share this with your study fellows. The ……… is also expected to provide the resources needed and select staff members to accompany the auditors. WORKING PAPERS OF FRAUD RISK ASSESSMENT UNDERTAKEN BY THE AUDITOR. B) expected results D) COOPERATION FROM OTHER AUDITORS, 72. _____ is the specific guidelines and directions for efficient and effective completion of the audit work on timely and daily basis, so as to minimise audit risk. C) audit of receipts. (b). B) IMPROVED INTERNAL CONTROL SYSTEM Board minutes C) general meeting. Final audit is performed (A) after the year ends (B) near the year ends (C) after 9 months of the year (D) only if interim audit has problems. The managing director a) Audit report b) Audit certificate c) Audit programme d) Audit planning 15. The outcome of an audit is a/an (A) certificate (B) report (C) income and expenses (D) profit or loss. C) to verify statements. (b). (c). B) MANAGEMENT REPRESENTATION LETTER C) examination of books, accounts, vouchers etc. These quiz objective … 2. Answer: D, 28. Vouching of the balances of all incomes and expenses account is known as vouching of ______. B) quality B) Continuous audit. Are responsible for ensuring that the company pays its tax by the due date C) ADOPTION OF CONSERVATIVE ACCOUNTING PRINCIPLES Answer: C, 45. D) floating asset. B) It helps to discover material misstatements in the financial statements. D) preliminary results. A) reasonably honest. A vacancy caused by resignation of an auditor is filled by _________. B) to know that all receipts and payments have been properly recorded. Home » AUDITING MCQs » 300+ TOP AUDITING Objective Questions and Answers MCQs, A) product D) none of these can appoint a person to fill the vacancy. Online Quiz in Audit … A) Civil According to ISA 500, the strength of audit evidence is determined by which two qualities? Engineering 2021 , Engineering Interview Questions.com, AUDITING Objective type Questions with Answers. A) Debenture holders. (d). A) fictitious asset. B) OBTAIN KNOWLEDGE OF MATTERS THAT RELATE TO THE NATURE OF ENTITY’S BUSINESS II) DISAGREEMENT WITH MANAGEMENT CONCERNING AUDITING PROCEDURES The main object of the audit of the cash book may be ________. B) external Analytical review. When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do? Answer: B, 31. THE PREDECESSOR AUDITOR BEFORE ACCEPTING ENGAGEMENT? C) Internal audit. Are responsible for ensuring that the company complies with the law C) management (system) Audit standards and reference documents used D) It helps to accumulate evidence supporting the validity of a specific account balance D) NO DOCUMENTATION IN REQUIRED. (a). 1. D) take help of other auditors. Because the risk to the accounts of their being incorrectly stated is greater Of the following, which is the least persuasive type of audit evidence? (c). Audit team members (c). (c). C) AAS-9. any qualifications in the report Answer: B, 18. 67. One of the audit procedures to check the issue of share capital of the newly formed company is __________. B) neither honest nor dishonest. Auditing MCQs from 11 to 12. D) None of the above. (a). IT Audit MCQs Q 1. IV) NOTIFICATION OF ANY CHANGES IN THE ORIGINAL ARRANGEMENTS OF THE AUDIT. D) MANAGEMENT INCENTIVE SYSTEM BASED ON SALES DONE IN A QUARTER, 62. (b). Answer: B, 53. Answer: C, 58. b. be independent of the accounting department. THE USE OF AN AUDIT ENGAGEMENT LETTER IS THE BEST METHOD OF ASSURING THE AUDITOR WILL HAVE WHICH OF THE FOLLOWING? (c). (a). Auditing Practices Board, 6. D) Income statement audit. Answer: B, 56. the potential use of internal audit, 16. C) be heard at the meeting. D) the auditor and his audit assistants. C) NOT NECESSARILY HONEST D) DISHONEST UNLESS PROVED OTHERWISE. In the Audit Report the auditor gives their … D) AAS-3. B) REQUEST INVENTORY COUNT AT A DATE CLOSE TO YEAR­END C) internal auditor Which of the following is NOT a main element of a purchases system? 61. A) the central government appoints a person to fill the vacancy Which section givers such powers? A) related party purchases. THE LEAST IMPORTANT ELEMENT IN THE EVALUATION OF AN AUDIT FIRM’S SYSTEM OF QUALITY CONTROL WOULD RELATE TO, A) ASSIGNMENT OF AUDIT ASSISTANTS (d). D) dishonest unless proved otherwise. Reporting to the shareholders on the accuracy of the accounts 7. C) THE RESTATEMENT OF SALES (d). Control risk International Standard on Review Engagement (ISRE-2400 & 2410), Objective and general principal governing Audit (ISA 200), Test of Controls (ISA-330) & Substantive Procedures (ISA-330). (b). Reliability & extensiveness 63. 66. Answer: B, 46. A) propriety audit. Confirmation of the court is necessary for __________. The independent auditor’s primary responsibility is to: (a). C) ENSURE AUDIT FEES IS CHARGED ACCORDING TO THE TYPE OF AUDIT WORK ASSIGNED A) Continuous audit. The main objects of investigation is _________. C) within one month of the commencement of the business of the company. Page: 1 | 2 | 3. Considering whether the financial statements show a true and fair view, 12. B) the central government. Goods received B) Documents obtained by auditor from third parties directly. B. 8. D) the debenture holders. A) Final audit. A) Prior years errors. International Audit and Assurance Standards Board C) Detailed audit. Audit in Automated Environment. A) the auditor. 8. 5. Match the following: be derived from: A. C) banking Audit is a fact-finding process that compares actual results with …………………. Internal audit A) the C & AG. C) the share holders. 64. AN AUDITOR OBTAINS KNOWLEDGE ABOUT A NEW CLIENT’S BUSINESS AND ITS INDUSTRY TO, A) MAKE CONSTRUCTIVE SUGGESTIONS CONCERNING IMPROVEMENTS TO THE CLIENT’S INTERNAL CONTROL SYSTEM (b). C) VOUCH GOODS SENT ON APPROVAL VERY CAREFUL Y Answer: A, 48. Management has the primary responsibility for: ... (15) Audit Evidence - Cabrera MCQ … Analytical review B) SYSTEM OF DETERMINING AUDIT FEES D) seven years. D.i), ii) & iv) only. A) recording business transactions. B) preparing the final accounts. D) to the general public. Answer: A, 21. D) co-operative societies (b). Answer: D, 44. 3. A) to the shareholders. D) Effectiveness audit. A) engage experts. Identification of involved parties: auditor, auditee, and third party Most Asked Technical Basic CIVIL | Mechanical | CSE | EEE | ECE | IT | Chemical | Medical MBBS Jobs Online Quiz Tests for Freshers Experienced. (c). Systematic selection A) board of directors. Sample questions on Performance Audit Guidelines 1. (b). the company’s bank 5. WHICH OF THE FOLLOWING INFORMATION SHOULD A SUCCESSOR AUDITOR OBTAIN DURING THE INQUIRY OF? (d). Audit Programme is prepared by ___________. Answer: C, 37. D) omission of a sales transaction from being recorded. D) Co-operation from other auditors C) Preliminary Sale of land is a __________. (a).Background i.e. You can have great quality and value as the material is most authentic on the web. (a). Because they are easier to audit B) managing director. D) remittance audit. A) Annual audit. The most comprehensive type of audit is the ……… system audit, which examines suitability and effectiveness of the system as a whole. A) AAS-7. A) the BOD of the company Auditing standards differ from auditing procedures in that procedures relate to a) Measure of performance. Share may be issued _____________. MCQ-06216 Which of the following events that occurred after a client's calendar-year end, but before the audit report date, would require disclosure in the notes to the financial statements, but no adjustment … D) Both A & B. MCQ- Audit Planning and Risk Assessment Multiple choice questions-Audit Planning and Risk Assessment 1) Which of the following is one of the procedures in the planning phase? Supplying information and explanations to the auditor, 5. International auditing standards are issued by the: D) to check the bank balance. whether corrections from the inventory count have been implemented B) Balance sheet audit. CPA EXAM MULTIPLE CHOICE QUESTIONS - Introduction to Auditing 1. A) management integrity. B) efficiency cum performance audit. C) premature results Objectivity & independence, 19. B) client ASSESSMENT THAT THE RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD IS HIGH IN RELATION TO EXISTENCE OF INVENTORY? For more Audit MCQs keep visiting auditorforum.com. B) The shareholders are authorized to do so Pervasive selection Answer: D, 35. (c). B) intangible asset. B) related party sales. (a).Duty to report to the company’s bankers This is an amazing course for all the CA Inter Students. THE MOST DIFFICULT TYPE OF MISSTATEMENT TO DETECT FRAUD IS BASED ON: A) RELATED PARTY PURCHASES A) (I) AND (I) B) (I) AND (I I) C) (I), (I) AND (I I) D) I) AND (I I), 70. (c). C) UNDERSTAND THE EVENTS AND TRANSACTIONS THAT MAY HAVE AN EFFECT ON CLIENT’S FINANCIAL STATEMENTS. Answer: C, 42. B) process C) inform management about it. C) to check the internal control system in business. D) Partial audit. (d). c) Auditor can ignore substantive audit procedures where all business activities and reports … C) QUALITY CRITERION The auditor of a government company shall be appointed by ________. Duty to report to the members Which of the following is NOT one of those factors? (a). A) It helps to study relationship among balance sheet accounts. Each of the three parties involved in an audit ……………………. Which of the following is NOT the responsibility of a company’s directors? A) Statutory audit. iv)The report in a review engagement will be in the form of positive assurance. Online mock test in Audit in Automated Environment. Establishment of internal controls 12. C) ACCESS TO ALL BOOKS, ACCOUNTS AND VOUCHERS REQUIRED FOR AUDIT PURPOSE A) Bank statements obtained from the client B) at premium. Answer: C, 27. B) first annual general meeting. Report suspected fraud and money laundering to the authorities, 3. B) to prevent errors and frauds. A. Mcqs Provided here are very Important for Federal … B) Error of omission. Which of the following is NOT an accepted method of selection in sampling? Answer: D, 39. Answer: A, 50. the directors. B) RELATED PARTY SALES D) Computations made by the auditor. They may give such information in light of which it may be found unnecessary to qualify the report. Obtaining written representations, 15. B) Internal check. A) assets D) the client, the auditor, and the auditee. C) six years. A) Economic audit. (a). Details of the work done on the inventory count, 18. Senior Auditor by Fpsc, Junior Auditor, Accountant, Internal Auditors, External Auditors. Protect the interests of the minority shareholders C) DOCUMENT MATERIAL FRAUD, RISK FACTORS AND RESPONSE TO THEM. Professional skepticism requires that the auditor assume that management is _________. The work of one clerk is automatically check by another clerk is called _________. The concept of stewardship means that a company’s directors PROFESSIONAL SKEPTICISM REQUIRES THAT THE AUDITOR ASSUME THAT MANAGEMENT IS, A) REASONABLY HONEST THE RISK OF MANAGEMENT FRAUD INCREASES IN THE PRESENCE OF: A) FREQUENT CHANGES IN SUPPLIES (b). C) Adjusted interim financial statement. Balance sheet audit included verification of ________. (A) junior staff. Apply to the court to have the proposal removed Assess the effectiveness of the company’s performance 11. Who among the following can be appointed as auditor of a company? AUDITING STANDARDS DIFFER FROM AUDIT PROCEDURES IN THAT PROCEDURES RELATE TO, A) AUDIT ASSUMPTIONS Appropriateness & competence Which one of the following is NOT considered to be part of planning? Answer: B, 24. B) FAILURE TO CORRECT KNOWN WEAKNESS IN INTERNAL CONTROL SYSTEM In India balance sheet audit is synonymous to _______________. Sufficiency & appropriateness In determining the level of materiality for an audit what should not be considered? 2. Which of the following is not a fact of EPA? D) avoidable The audit final report should include, at a minimum, the following: C) the client, the moderator, and the auditee C) Balance sheet audit. Duty to report on any violation of law, 8. A) A partner or a director of the company. C) Carbon copies of sales invoices inspected by the auditor D) To provide a guide for advising another client on similar issues. Compliance risk B) NEITHER HONEST NOR DISHONEST B) the C & AG. The Professionals at AuditorForum have employed their best efforts and knowledge in developing state of the art Material that is not only easy and up-to-date but according to the latest exam requirements. Answer: B, 36. D) all the above. WHICH OF THE FOLLOWING STATEMENTS IS CORRECT CONCERNING THE REQUIRED DOCUMENTATION IN? C) not necessarily honest. A) at par. plays a role that contributes to its success. Before the auditor gives a qualified report, he should discuss the points with the directors. Management audit is a programme of one year c. Management audit cannot be conducted by an independent person d. No time limit can be fixed for submission of the report under management audit (b). C) EXPECTATION OF RECEIVING A WRITTEN MANAGEMENT REPRESENTATION LETTER. The audit report should be dated A. the same date the engagement letter is dated B. the date the report is prepared C. the date the fieldwork is completed D. none of the above. (2) involves a suitability audit of the documented procedures against the selected reference standard. last year’s audit (c). (c). Auditor forum have a high quality system to share information on the website. Until the directors remove them, 11. the company’s creditors (payables) Financial Accounting Standards Board An individual or organisation possessing expertise in a field other than accounting or auditing, whose work in that field is used by the internal auditors to assist in obtaining sufficient appropriate audit … D) OMISSION OF A SALES TRANSACTION FROM BEING RECORDED. Answer: D, 29. B) RESPONSIBILITIES OF MANAGEMENT WITH RESPECT TO AUDIT WORK The independent auditor’s primary responsibility is to: Marketing Despatching the goods and invoicing customers D) THE COMPANY HAS MADE POLITICAL CONTRIBUTIONS. (b). B) Chartered accountant. (b). II) OBJECTIVE AND SCOPE OF AUDITOR’S WORK ALSO WE ARE PRPARING CHAPTERWISE NOTES AND CHAPTERWISE MCQS ON AUDITING … C) the audit assistants. Intimidation threat with examples and related safeguards, Self Interest Threat to Auditor and related …, Management Responsibilities relating to Financial Statements, Basic Accounting Concepts and accounting Principles, The Basic Types of Data Transmission Media, Flowchart Practice Questions and their answers, Auditor Forum - A Question Answer Platform for Strong Business Skills. THE USE OF AN AUDIT ENGAGEMENT LETTER IS THE BEST METHOD OF DOCUMENTING, I) THE REQUIRED COMMUNICATION OF SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL Audit of rent, deposits and remittances does not cover ____________. B) Section 224(1) and Section 224(2). B. Why do auditors concentrate their efforts on material items in accounts? B) Efficiency audit. C) PREDECESSOR AUDITOR’S ADVICE AS TO WHETHER AUDIT FEES WERE PAID PROMPTLY (c). The timing of the audit (d). The mandate of performance audit can 5. A) Personal ledger. At the planning stage you would NOT consider: D) control risk. Audit committee met infrequently, often for only an hour at a time. C) conversion of shares into stock. Answer: D, 47. D) ALL OF THE ABOVE. Sufficient Appropriate Audit Evidence and related Q/A. Answer: D, 51. Because it reduces the audit time AN AUDITOR WHO ACCEPTS AN AUDIT BUT DOES NOT POSSESS THE INDUSTRY EXPERTISE OF THE BUSINESS ENTITY SHOULD, A) ENGAGE EXPERTS (d). A) the government company itself. A) within one month of completion of capital subscription state of the company (B) report … A) Section 233(A). Duty to sign the audit report The owners of the company are called __________. All of the above. (d). The auditor shall place this paragraph immediately before the opinion paragraph in the auditor’s report. D) The provision for such removal are contained in section 224(7) An auditor who accepts an audit but does not posses the industry expertise of the business entity should ______________. Which one of the following is NOT a duty of the auditor? D) TAKE HELP OF OTHER AUDITORS, 74. WHICH OF THE FOLLOWING IS THE MOST APPROPRIATE POTENTIAL REACTION OF THE AUDITOR TO HIS? C) the shareholders at an annual general meeting. The board of directors in a board meeting Preliminary expenses are the best example for _________. B) Management representation letter. All the content is approved and Tested by Professionals. Audit of banks is an example of __________. We provide all important questions and answers from chapter Auditing. B) get his representation circulated. C) the managing director of the company appoints a person to fill the vacancy. C) Cash This type of report is known as qualified report as distinct from a clean report. D) central government. 5. Auditor of a _______ company does not have right to visit foreign branches of the company. Answer: C, 14. D) preparing final accounts. 7. internal audit Auditing MCQs taken from previous NTS,PTS,FPSC,SPSC,PPSC,OTS, SBP IBP tests for government jobs in Pakistan.Prepare well for mcqs … Receiving purchase invoices As per C & AG Act, 1971 the tenure of the comptroller and Auditor General is ______ a. four years. F8 Chapter 6 Questions – Types of audit report: modified/unmodified F8 Chapter 7 Questions – The stages of an audit – Appointment F8 Chapter 8 Questions – The Stages of an Audit – After Appointment process F8 Chapter 9 Questions – Risk. WHICH OF THE FOLLOWING IS NOT LIKELY TO BE A FRAUD RISK FACTOR RELATING TO MANAGEMENT’S? A) Internal control. C) Civil and Criminal. Considering the work to be done by the client staff e.g. D) ALL OF THE ABOVE, Your email address will not be published. D) Sales The board of directors shall appoint first auditor of a company ___________. C) capital expenditure. (adsbygoogle = window.adsbygoogle || []).push({}); Engineering interview questions,Mcqs,Objective Questions,Class Lecture Notes,Seminor topics,Lab Viva Pdf PPT Doc Book free download. C) Compensating error. the timing of the audit (d). Type of audit conducted WHICH OF THE FOLLOWING IS NOT A QUALITY CONTROL CONSIDERATION ON ACCEPTING A NEW CLIENT? Because the directors have asked for it, 4. I) INFORMATION ABOUT INTEGRITY OF MANAGEMENT C.i), ii) & iii) only. Speak at the AGM/EGM where the removal is proposed Placing orders (a).International Accounting Standards Board Which of the following is NOT a main element of a sales system? B) PROVISION OF OTHER SERVICES TO THE CLIENT WHICH MAY IMPAIR INDEPENDENCE A) the client, the auditor, and the auditeer Summary of unadjusted errors (b). B) obtain knowledge of matters that relate to the nature of entity business. Which of the following statement is most closely associated with analytical procedure applied at substantive stage? D) sequential. Answer: A, 40. C) Section 226(3) and Section 226(4). CA Inter Audit MCQ’s for Preparation of CA Inter exams November 2019. auditing and assurance mcq. B) capital receipt. Random selection A) the memorandum of association and articles of association. B) the shareholders. A) revenue receipt. B) The auditor remuneration. D) audit of expenditure. Answer: C, 32. (b). These quiz objective … D) need not possess any professional qualification. a) Audit planning b) Audit report c) Audit programme d) Audit … (a).The shareholders in a general meeting A) AUDITOR WILL OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE. Which should NOT be considered at the planning stage? B) the share transfer register. In case the directions fail to appoint first auditors, the shareholders shall appoint them at _______ by passing a resolution. 69. C) income and expenditure accounts where appropriate. C) CONSULTATION WITH EXPERTS Answer: B, 23. A) Section 226(1) and Section 226(2). 6. Verification of the value of assets, liabilities, the balance of reserves, provision and the amount of profit earned or loss suffered a firm is called _________. A) He is removed at a general meeting. D) CONFIDENTIALITY OF CLIENT’S INFORMATION, 75. Answer: B. (d). B) A person of unsound mind.

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