At the planning stage you would NOT consider____________??
A. the timing of the audit
B. whether corrections from the inventory count have been implemented
C. last year’s audit
D. the potential use of internal audit
Category: Audit Mcqs
The auditor’s permanent working paper file should not normally, include__________??
A. Extracts from client’s bank statements
B. Past year’s financial statements
C. Attorney’s letters
D. Debt agreements
Process of verifying the documentary evidences of transactions are known as___________??
A. Auditing
B. Testing
C. Vouching
D. Verification
The working papers which auditor prepares for financial statements audit are___________??
A. Evidence for audit conclusions
B. Owned by the client
C. Owned by the auditor
D. Retained in auditor’s office until a change in auditors
Which of the following factors would least likely affect the quantity and content of an auditor’s working papers?
A. The assessed level of control risk
B. The possibility of peer review
C. The nature of auditor’s report
D. The content of management representation letter
Window dressing implies_______________??
A. Curtailment of expenses
B. Checking of Wastages
C. Under valuation of assets
D. Over Valuation of assets
Which of the following best describes the primary purpose of audit programme preparation??
A. To detect errors or fraud
B. To comply with GAAP appropriate evidence
C. To gather sufficient
D. To assess audit risk
Floating assets are valued at____________??
A. cost
B. Market price
C. Cost or market price whichever is lower
D. Cost less depreciation
The quantity of audit working papers complied on engagement would most be affected by__________??
A. Management’s integrity
B. Auditor’s experience and professional judgment
C. Auditor’s qualification
D. Control risk
Audit in depth is synonymous for____________??
A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit
