Auditor Test 3
1 / 49
_______the audit risk,_______the materiality and _______the audit effort?
2 / 49
Which of the following would you not use as a benchmark for comparison when undertaking analytical procedures?
3 / 49
The fundamental objective of the audit of a company is to_____________?
4 / 49
Analytical procedures issued in the planning stage of an audit, generally
5 / 49
The quantity of audit working papers complied on engagement would most be affected by__________?
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What is the primary objective of analytical procedures used in the overall review stage of an audit?
7 / 49
Which of the following should NOT be considered at the planning stage?
8 / 49
Stock should be valued at_________?
9 / 49
When is evidential matter, generally, considered sufficient?
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When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________?
11 / 49
Which of the following documents is not relevant for vouching cash sales?
12 / 49
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
13 / 49
Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?
14 / 49
What is meant by the expression ‘expectation gap’?
15 / 49
Lapping is also known as___________?
16 / 49
In Pakistan, balance sheet audit is synonymous to___________?
17 / 49
Which of the following best describes the primary purpose of audit programme preparation?
18 / 49
Why do auditors concentrate their efforts on material items in accounts?
19 / 49
Which of the following are you unlikely to see in the current file of auditors’ working papers?
20 / 49
Process of verifying the documentary evidences of transactions are known as___________?
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Audit of banks is an example of_____________?
22 / 49
Goods sold on the basis of ‘sales or return ‘ should
23 / 49
Which of the following statements is, generally, correct about the reliability of auditevidence?
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When applying analytical procedures, an auditor could develop independent estimate of an account balance to compare it to___________?
25 / 49
Analytical procedures issued in the planning stage of an audit, generally?
26 / 49
The auditor’s permanent working paper file should not normally, include__________?
27 / 49
Of the following, which is the least persuasive type of audit evidence?
28 / 49
Auditing engagement can be performed w.r.t.
29 / 49
____________ is a systematic examination of the books and records or a business?
30 / 49
Which of the following statements is most closely associated with analytical procedure applied at substantive stage?
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Which of the following is true about explanatory notes?
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Which of the following describes sampling risk?
34 / 49
The concept of stewardship means that a company’s directors________________?
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Which of the following is NOT the responsibility of a company’s directors?
36 / 49
Which of the following is not true about opinion on financial statements?
37 / 49
Which of the following affects audit effectiveness?
38 / 49
The scope of internal audit is decided by the___________?
39 / 49
At the planning stage you would NOT consider____________?
40 / 49
How many Standards on Auditing have been issued?
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In an audit of financial statements, substantive tests are audit procedures that __________?
42 / 49
______the audit risks_______the materiality and_________the audit effort
43 / 49
Who is responsible for the appointment of statutory auditor of a limited company ?
44 / 49
Which of the following statements is, generally, correct about the reliability of audit evidence?
45 / 49
In determining the level of materiality for an audit, what should not be considered?
46 / 49
The working papers which auditor prepares for financial statements audit are___________?
47 / 49
The nature, timing and extent of substantive procedures is _________ related to assessed level of control risk?
48 / 49
What sort of assurance is provided in a review engagement?
49 / 49
Auditing is compulsory for____________?
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