B) To provide a basis for subsequent audits [B] Balance sheet audit. D) METHODS OF WORK. The audit plan is more detailed than the audit strategy and it includes the nature, timing and extent of audit procedures to be performed by the engagement team members. 64. B) auditor experience and professional judgement. Answer: C, 60. D) Partial audit. D) floating asset. Answer: D, 44. D) AAS-3. Balance sheet audit is very popular in the United States of America. D) non-profit making. Q: The 2003 audit of a calendar year client will be the last audit of that client for the person currently serving as the "lead" partner. C) Adjusted interim financial statement. Audit of rent, deposits and remittances does not cover ____________. Answer: B, 17. D) Co-operation from other auditors Periodical audit is one which is taken up at the close of the financial or trading period when all the accounts have been balanced and Trading and Profit and Loss Accounts and the Balance Sheet have been prepared. C) the managing director of the company appoints a person to fill the vacancy. A) Continuous audit. Critical nonconformities and other observations C) PREDECESSOR AUDITOR’S ADVICE AS TO WHETHER AUDIT FEES WERE PAID PROMPTLY 3. The owners of the company are called __________. B) the client. The liabilities of an auditor can be _________. Periodical audit is one which is taken up at the close of the financial or trading period when all the accounts have been balanced and Trading and Profit and Loss Accounts and the Balance Sheet have been prepared. B) FAILURE TO CORRECT KNOWN WEAKNESS IN INTERNAL CONTROL SYSTEM D) ALL OF THE ABOVE. B) A person of unsound mind. 67. An audit is usually conducted in three steps: (1) A pre-examination or opening meeting with the auditee marks the beginning of the process. D) sequential. B) to prevent errors and frauds. An auditor's statement that he/she has reviewed the financial statements of a company and believes that they are accurate, complete, and in accordance with Generally Accepted Accounting Principles.Most of the time, a publicly-traded company's annual report contains an accountant's opinion; a report without one can be a matter of concern to investors. C) ADOPTION OF CONSERVATIVE ACCOUNTING PRINCIPLES His remuneration is fixed by _____________. D) Official Verification of the value of assets, liabilities, the balance of reserves, provision and the amount of profit earned or loss suffered a firm is called _________. Answer: B. D) PERFORM ANALYTICAL PROCEDURES. AUDITING STANDARDS DIFFER FROM AUDIT PROCEDURES IN THAT PROCEDURES RELATE TO, A) AUDIT ASSUMPTIONS Answer: A, 50. C) PLANT AND MACHINERY IS SOLD AT A LOSS. Which of the following statement is most closely associated with analytical procedure applied at substantive stage? D) none of these can appoint a person to fill the vacancy. This report is essential because it determines whether controls are properly designed and operating as intended in the processing and recording of Medicaid payments. Additionally, in May 2017, EDA created a THE RISK OF MANAGEMENT FRAUD INCREASES IN THE PRESENCE OF: A) FREQUENT CHANGES IN SUPPLIES A) AL RISK FACTORS AS MENTIONED IN AAS4, SHOULD BE CONSIDERED AND DOCUMENTED ALONG WITH RESPONSE TO THEM. The final report includes a summary of the procedures and techniques used for completing the audit, a description of audit findings, and suggestions for improvements to … 8. A forensic audit is also needed to have a proper plan, procedure, and report like other audit engagement. Audit means ___________. D) need not possess any professional qualification. B) IMPROVED INTERNAL CONTROL SYSTEM C) the share holders. C) Internal audit. IV) ORGANIZATION STRUCTURE Give it a try and choose the right answer according to you for each question. D) Income statement audit. THE PRIMARY PURPOSE OF ESTABLISHING QUALITY CONTROL POLICIES AND PROCEDURES FOR DECIDING ON CLIENT EVALUATION IS TO, A) ENSURE ADHERENCE TO GENERAL Y ACCEPTED AUDITING STANDARDS C) the audit assistants. A) the C & AG. Duration of audit. Differences Between Auditing And Investigation, Differences Between Auditing And Accounting, Methods Of Detecting Errors While Auditing. THE AUDIT ENGAGEMENT LETTER, GENERAL Y, SHOULD INCLUDE A REFERENCE TO EACH OF THE FOLLOWING EXCEPT. d) Audit of banking companies. This is the most satisfactory types of audits from auditor’s point of view and is usually adopted where practicable particular in the case of small concern however … The statutory auditor of a Government Company submits his report to _________ Answer: D, 47. AN AUDITOR OBTAINS KNOWLEDGE ABOUT A NEW CLIENT’S BUSINESS AND ITS INDUSTRY TO, A) MAKE CONSTRUCTIVE SUGGESTIONS CONCERNING IMPROVEMENTS TO THE CLIENT’S INTERNAL CONTROL SYSTEM Answer: A, 15. 6. A) assets Marketing systems audit. I. Answer: C. 22. a) Final audit b) Internal audit c) Company audit d) Statutory audit 33. A) AUDITOR WILL OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE. D) central government. C) CONSULTATION WITH EXPERTS A) revenue receipt. The only thing is that the audit is completed in one continuous session. C) Auditor qualification. a) Statutory and private audit Answer: B, 16. A) fictitious asset. An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure.The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity, and operating effectively to achieve the organization's goals or objectives. B) first annual general meeting. A) to verify the assets and liabilities. The use of an audit engagement letter is the best method of assuring the auditor will have which of the following? B) section 233(B) Answer: B, 38. D) the auditor and his audit assistants. THE PREDECESSOR AUDITOR BEFORE ACCEPTING ENGAGEMENT? C) private limited company only. Which of the following is not a fact of EPA? C) Interim audit. [A] Continuous audit. B) get his representation circulated. C) capital expenditure. ‘He developed not only bookkeeping rules but also the procedures for preparing periodic income statements and budgets and performing independent audits.’ ‘This is an independent state audit body in charge of the fiscal management and control of public bodies, with particular regard to the way that State assets are used.’ 18. Audit of transactions does not include __________. THE USE OF AN AUDIT ENGAGEMENT LETTER IS THE BEST METHOD OF ASSURING THE AUDITOR WILL HAVE WHICH OF THE FOLLOWING? C) Civil and Criminal. It may also commence before the final accounts are prepared and continue till the audit is completed even after the close of the financial or trading period. The auditor of a government company shall be appointed by ________. Answer: D, 28. ASSESSMENT THAT THE RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD IS HIGH IN RELATION TO EXISTENCE OF INVENTORY? A) recording business transactions. C) Compensating error. 5. The ……… is also expected to provide the resources needed and select staff members to accompany the auditors. C) Shareholders D) the company secretary. B) The auditor remuneration. D) NO DOCUMENTATION IN REQUIRED. B) DOCUMENT THE IDENTIFICATION OF FRAUD RISK FACTORS ALONG WITH RESPONSE TO THEM. Answer: D, 51. B) PROVISION OF OTHER SERVICES TO THE CLIENT WHICH MAY IMPAIR INDEPENDENCE A) AVAILABILITY OF AUDIT ASSISTANTS WITH NECESSARY SKILL AND COMPETENCE. In determining the level of materiality for an audit what should not be considered? D) co-operative societies C) audit of sanctions 63. B) the central government. D) Both A & B. B) Continuous audit. A) Prior years errors. (2) involves a suitability audit of the documented procedures against the selected reference standard. A) To provide a basis for review of audit work. 21. Internal auditor of a company must be _______________. C) the restatement of sales. When at an annual general meeting of a company no auditor is appointed or reappointed. C) EXPECTATION OF RECEIVING A WRITTEN MANAGEMENT REPRESENTATION LETTER. * Auditor should prove the final accounts correcting irregularities as far as possible. A) Personal ledger. A) Economic audit. The work of one clerk is automatically check by another clerk is called _________. D) It helps to accumulate evidence supporting the validity of a specific account balance 2 The audit typically applies to, but is not limited to. C) to verify statements. WHICH OF THE FOLLOWING INFORMATION SHOULD A SUCCESSOR AUDITOR OBTAIN DURING THE INQUIRY OF? Interim audit.C. Identification of involved parties: auditor, auditee, and third party A) AAS-7. Balance sheet audit is an annual audit and it covers each and every item of nominal accounts as appeared in profit and loss account, assets, liabilities, reserves, provisions, stocks and surplus. Answer: B, 19. D) Income statement audit. CHARACTERISTICS, A) TAX EVASION B) managing director. plays a role that contributes to its success. C) Detailed audit. In response to the OSA audit, EDA submitted a corrective action plan (CAP) to address OSA’s recommen dations. a snFeety system or elements thereof, and is applicable to process, products, or to services. C) NOT NECESSARILY HONEST Answer: C, 57. D) Computations made by the auditor. The time required and costs involved in an external audit are much higher as compared to internal audits. When the auditor is an employee of the organization being audited (auditee), the audit is classified as an …….. quality audit. The most difficult type of misstatement to detect fraud is based on __________. The audit concluded that Los Alamos National Laboratory was in compliance with the 10 mrem/year dose limit required by 40 CFR 61, Subpart H for the year 2001 (referred to below as Subpart H for brevity). A) Section 233(A). D) A DESCRIPTION OF THE AUDITOR’S METHOD OF SAMPLE SELECTION. A) THE COMPANY IS PLANNING AN INITIAL PUBLIC OFFER OF QUALITY SHARES TO RAISE ADDITIONAL CAPITAL FOR EXPANSION. Answer: B, 46. Answer: A, 25. D) annual general meeting To know whether the organization has maintained regularity at the time of maintaining books of accounts. Answer: C, 37. 5. A vacancy caused by resignation of an auditor is filled by _________. Based on each year's risk assessment, we develop an audit plan outlining the work we intend to accomplish during the next fiscal year. B) ACCEPTANCE OR RETENTION OF CLIENTS WHOSE MANAGEMENT DOES NOT LACK INTEGRITY Answer: A, 52. PROFESSIONAL SKEPTICISM REQUIRES THAT THE AUDITOR ASSUME THAT MANAGEMENT IS, A) REASONABLY HONEST II) DISAGREEMENT WITH MANAGEMENT CONCERNING AUDITING PROCEDURES B) reduction of share capital. B) expected results 10. A petition audit is an audit of a political subdivision (typically a local government entity), which is conducted at the request of registered voters who live within its boundaries. D) HIGH MANAGEMENT TURNOVER, 68. Audit is a fact-finding process that compares actual results with …………………. A) Final audit. B) related party sales. 1. When a transaction has not been recorded in the books of account either wholly or partially such errors are called as _________. [C] Interim audit. A) management integrity. D) TAKE HELP OF OTHER AUDITORS, 74. Answer: C, 58. C) compliance B) five years. B) EVALUATE THE APPROPRIATENESS OF AUDIT EVIDENCE OBTAINED Marketing strategy audit. C) Balance sheet audit. B) Section 224(1) and Section 224(2). Audit Programme is prepared by ___________. D) REVIEW OF AUDIT WORK DONE BY ONE PARTNER BY THE OTHER, 77.
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