Auditing Quiz 2
1 / 50
In determining the level of materiality for an audit, what should not be considered?
2 / 50
Floating assets are valued at____________?
3 / 50
4 / 50
To test whether sales have been recorded, the auditor should draw a sample from a file of__________?
5 / 50
Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?
6 / 50
Why do auditors concentrate their efforts on material items in accounts?
7 / 50
What are analytical procedures?
8 / 50
Which one of the following may auditors NOT perform for their client?
9 / 50
Which of the following is a revenue reserve?
10 / 50
Scope of financial audit is__________?
11 / 50
What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?
12 / 50
Which of the following is true about explanatory notes?
13 / 50
Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?
14 / 50
When is evidential matter, generally, considered sufficient?
15 / 50
Analytical procedures issued in the planning stage of an audit, generally?
16 / 50
____________ is a systematic examination of the books and records or a business?
17 / 50
Which of the following statements is not true about continuous audit?
18 / 50
Which one of the following is NOT considered to be part of planning?
19 / 50
Which of the following statements is most closely associated with analytical procedure applied at substantive stage?
20 / 50
Window dressing implies_______________?
21 / 50
Which of the following will not lead to creation of secret reserve?
22 / 50
The concept of stewardship means that a company?s directors________________?
23 / 50
The nature, timing and extent of substantive procedures is _________ related to assessed level of control risk?
24 / 50
Which of the following statements is INCORRECT?
25 / 50
The term of the auditor ship of first auditor would be from the date of appointment till________?
26 / 50
Of the following, which is the least persuasive type of audit evidence?
27 / 50
Internal audit is undertaken:
28 / 50
The term ?Audit? is derived from a Latin word ?audire? which means___________?
29 / 50
The date on auditor?s report should not be____________?
30 / 50
What is meant by the expression ?expectation gap??
31 / 50
Auditing is compulsory for____________?
32 / 50
The auditor?s permanent working paper file should not normally, include__________?
33 / 50
Which of the following statements is not true with respect to management representations obtained as per AAS?11?
34 / 50
Verification refers to_________?
35 / 50
At the planning stage you would NOT consider____________?
36 / 50
What is meant by negative assurance?
37 / 50
The basic assumption underlying the use of analytical procedures is:____________?
38 / 50
Which of the following should NOT be considered at the planning stage?
39 / 50
Auditing engagement can be performed w.r.t.
40 / 50
Concurrent audit is a part of____________?
41 / 50
The branch auditor is appointed by___________?
42 / 50
Pick the odd one:
43 / 50
Depreciation does not arise form _______
44 / 50
In case the directions fail to appoint first auditor (s), the shareholders shall appoint them at_________by passing a resolution.
45 / 50
What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?
46 / 50
Which of the following statement is true regarding an auditor?s working papers?
47 / 50
Which of the following statements is correct?
48 / 50
Which of the following is not a corroborative evidence?
49 / 50
In Pakistan, balance sheet audit is synonymous to___________?
50 / 50
When restrictions that significantly affect the scope of the audit are imposed by the client, the auditor generally should issue which of the following opinion?
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