Auditor Test 1
1 / 50
Process of verifying the documentary evidences of transactions are known as___________?
2 / 50
Which of the following are you unlikely to see in the current file of auditors’ working papers?
3 / 50
The concept of stewardship means that a company’s directors________________?
4 / 50
Which of the following describes sampling risk?
5 / 50
Which of the following documents is not relevant for vouching cash sales?
6 / 50
In determining the level of materiality for an audit, what should not be considered?
7 / 50
Which of the following statements is, generally, correct about the reliability of auditevidence?
8 / 50
The auditor’s permanent working paper file should not normally, include__________?
9 / 50
The nature, timing and extent of substantive procedures is _________ related to assessed level of control risk?
10 / 50
_______the audit risk,_______the materiality and _______the audit effort?
11 / 50
Why do auditors concentrate their efforts on material items in accounts?
12 / 50
____________ is a systematic examination of the books and records or a business?
13 / 50
In an audit of financial statements, substantive tests are audit procedures that __________?
14 / 50
The fundamental objective of the audit of a company is to_____________?
15 / 50
Which of the following best describes the primary purpose of audit programme preparation?
16 / 50
Who is responsible for the appointment of statutory auditor of a limited company ?
17 / 50
Auditing is compulsory for____________?
18 / 50
Auditing engagement can be performed w.r.t.
19 / 50
Which of the following is NOT the responsibility of a company’s directors?
20 / 50
What is meant by the expression ‘expectation gap’?
21 / 50
Stock should be valued at_________?
22 / 50
When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________?
23 / 50
The scope of internal audit is decided by the___________?
24 / 50
When applying analytical procedures, an auditor could develop independent estimate of an account balance to compare it to___________?
25 / 50
The quantity of audit working papers complied on engagement would most be affected by__________?
26 / 50
Which of the following is not true about opinion on financial statements?
27 / 50
Audit of banks is an example of_____________?
28 / 50
Lapping is also known as___________?
29 / 50
Which of the following should NOT be considered at the planning stage?
30 / 50
At the planning stage you would NOT consider____________?
31 / 50
Which of the following affects audit effectiveness?
32 / 50
Which of the following is true about explanatory notes?
33 / 50
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
34 / 50
Analytical procedures issued in the planning stage of an audit, generally
35 / 50
Which of the following statements is, generally, correct about the reliability of audit evidence?
36 / 50
In case the directions fail to appoint first auditor (s), the shareholders shall appoint them at_________by passing a resolution.
37 / 50
Which of the following statements is most closely associated with analytical procedure applied at substantive stage?
38 / 50
Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?
39 / 50
What is the primary objective of analytical procedures used in the overall review stage of an audit?
40 / 50
What sort of assurance is provided in a review engagement?
41 / 50
The working papers which auditor prepares for financial statements audit are___________?
42 / 50
Analytical procedures issued in the planning stage of an audit, generally?
43 / 50
How many Standards on Auditing have been issued?
44 / 50
Of the following, which is the least persuasive type of audit evidence?
45 / 50
In Pakistan, balance sheet audit is synonymous to___________?
46 / 50
Which of the following would you not use as a benchmark for comparison when undertaking analytical procedures?
47 / 50
Goods sold on the basis of ‘sales or return ‘ should
48 / 50
______the audit risks_______the materiality and_________the audit effort
49 / 50
50 / 50
When is evidential matter, generally, considered sufficient?
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