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Auditing Quiz 3

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Auditing Quiz 3

1 / 50

Pick the odd one:

2 / 50

The board of directors shall appoint first auditor of a company

3 / 50

Which of the following affects audit effectiveness?

4 / 50

The authority to remove the first auditor before the expiry of term is with__________?

5 / 50

The quantity of audit working papers complied on engagement would most be affected by__________?

6 / 50

Who is responsible for the appointment of statutory auditor of a limited company ?

7 / 50

The nature, timing and extent of substantive procedures is related to assessed level of control risk

8 / 50

Which of the following statements is, generally, correct about the reliability of auditevidence?

9 / 50

______the audit risks_______the materiality and_________the audit effort.

10 / 50

According to ISA 500, the strength of audit evidence is determined by which two qualities?

11 / 50

Test Checking refers to___________?

12 / 50

Stock should be valued at_________?

13 / 50

Audit risk is composed of 3 factors. Which of the following is NOT one of those factors?

14 / 50

Audit in depth is synonymous for?_____________?

15 / 50

A statutory auditor has a right of access at all times to___________?

16 / 50

When is evidential matter, generally, considered sufficient?

17 / 50

What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?

18 / 50

Which one of the following is NOT a duty of the auditor?

19 / 50

Which of the following is true about written representations?

20 / 50

In an audit of financial statements, substantive tests are audit procedures that __________?

21 / 50

When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?

22 / 50

The auditor should examine subsequent realization of revenue such as dividends, interest,commission, etc to:?_____________?

23 / 50

If a casual vacancy in the office of auditor arises by his resignation it should only be filled by the company in a_________?

24 / 50

Which of the following expenses should not be treated as capital expenditure?

25 / 50

Which of the following describes sampling risk?

26 / 50

If the book value of an asset stands at________per cent of the original cost, a company need not provide depreciation on it.

27 / 50

Who out of the following cannot be appointed as a statutory auditor of the company?

28 / 50

According to ISA 315, which of the following is NOT an element of the control environment?

29 / 50

Audit programme is prepared by____________?

30 / 50

Balance sheet audit includes verification of____________?

31 / 50

Which of the following is correct in relation to materiality?

32 / 50

Which of the following factors is most important in determining the appropriations of audit evidence?

33 / 50

An auditor is like a_______________?

34 / 50

Which one of the following is part of the auditor?s function?

35 / 50

Errors of Omission are_____________?

36 / 50

The client changed method of depreciation from straight line to written down value method. This has been disclosed as a note to the financial statements. It has an immaterial effect on the current financial statements. It is expected, however, that the change will have a significant effect on future periods. Which of the following option should the auditor express?

37 / 50

The fundamental objective of the audit of a company is to_____________?

38 / 50

Auditing is what?

39 / 50

Goods sold on the basis of ?sales or return ? should:

40 / 50

Which of the following is not an advantage of the preparation of working paper?

41 / 50

The auditor has serious concern about the going concern of the company. It is dependent on company?s obtaining a working capital loan from a bank which has been applied for. The management of the company has made full disclosure of these facts in the notes to the balance sheet. The auditor is satisfied with the level of disclosure. He should issue___________?

42 / 50

Which of the following is NOT an accepted method of selection in sampling?

43 / 50

Which of the following is normally the most reliable source of audit evidence?

44 / 50

An auditor should not accept a loan on favourable commercial terms from an audit client because of the threat to his or her independence. The threat would be a___________?

45 / 50

Analytical procedures issued in the planning stage of an audit, generally

46 / 50

Audit in depth is synonymous for____________?

47 / 50

When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the_____________?

48 / 50

Process of verifying the documentary evidences of transactions are known as___________?

49 / 50

Concealment of shortage by delaying the recording of cash receipts is known as_____________?

50 / 50

A sale of Rs. 50.000 to A was entered as a sale to B This is an example of____________?

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