This quiz works best with JavaScript enabled. Home > Accounting > Auditing > Auditing – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Auditing Quiz 24 (17 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The word 'Audit ' is derived from a Latin word ''audire" which means ..... A) To inspect. B) To examine. C) To hear. D) None of above. Show Answer Correct Answer: C) To hear. 2. An Auditor can hold the audit of not more than ..... companies A) 20. B) 15. C) 10. D) 30. Show Answer Correct Answer: A) 20. 3. Audit procedures to determine whether the balance of trade receivables can be collected or not can be carried out by..... A) Compare the amount of accounts receivable write-offs with the amount of sales. B) Carry out an analysis of the aging list of receivables. C) Confirming accounts receivable. D) Conduct interviews with the accounts receivable ledger section. Show Answer Correct Answer: B) Carry out an analysis of the aging list of receivables. 4. .... is the system in which we keep physical register of journal and ledger for keeping the records of each transactions. A) Traditional accounting. B) Manual accounting. C) Cost accounting. D) Management accounting. Show Answer Correct Answer: B) Manual accounting. 5. If the auditor's independence is compromised and restricted from accessing certain data, the auditor has the right to issue an opinion in the form of: A) WTP. B) WDP. C) Unreasonable. D) Do not give an opinion. Show Answer Correct Answer: D) Do not give an opinion. 6. Auditor is A) Staff. B) Employee of the concern. C) A independent person. D) None of these. Show Answer Correct Answer: C) A independent person. 7. ..... auditors assert whether financial statements are free of material misstatement due to error or fraud. A) External. B) Public. C) Independent. D) Internal. Show Answer Correct Answer: A) External. 8. When the financial statement are fairly stated but the auditor concludes there is substantial doubt whether the client can continue in existence, the auditor should issue an ..... A) Adverse Opinion. B) Unqualified Opinion. C) Qualified Opinion only. D) Unqualified Opinion with explanatory paragraph. Show Answer Correct Answer: D) Unqualified Opinion with explanatory paragraph. 9. Safety audit is mandatory for ..... A) Manufacturer industries. B) Mining industries. C) Hazardous industries. D) Textile industries. Show Answer Correct Answer: C) Hazardous industries. 10. To ensure that the inventory recorded is original and can be trusted, the auditor must......, except A) Increase the number of auditors in observing client inventory. B) Be present in the client's physical calculations. C) Observation of client calculation procedures. D) Carrying out independent tests in physical calculations of client inventory. Show Answer Correct Answer: A) Increase the number of auditors in observing client inventory. 11. Audit information is detailed instructions that explain the audit evidence that must be obtained during the audit A) CORRECT. B) SALAH. Show Answer Correct Answer: A) CORRECT. 12. Audit based on Time A) Continuous audit. B) Periodic audit. C) Partial audit. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. Which of the following does not describe the definition of audit? A) Examination of various books of account to ensure following correct standards. B) Physical checking of inventory to ensure all departments following documented system of recording transactions. C) Evaluating clientele to measure the ability to expand the business. D) Enhancing the credibility of financial statements. Show Answer Correct Answer: C) Evaluating clientele to measure the ability to expand the business. 14. The standard report includes all of the following except ..... A) Introductory Paragraph. B) Explanatory Language Paragraph. C) Scope Paragraph. D) Opinion Paragraph. Show Answer Correct Answer: B) Explanatory Language Paragraph. 15. The following are the auditor's opinions or opinions, except..... A) Reasonable with exceptions. B) Reasonable with the exception of explanatory language. C) Improper opinion. D) The statement does not provide an opinion. Show Answer Correct Answer: B) Reasonable with the exception of explanatory language. 16. Internal audit functions within the organization, except: A) Helps protect assets. B) Reducing acts of fraud. C) Increase efficiency in operations. D) Striving to increase company revenue. Show Answer Correct Answer: D) Striving to increase company revenue. 17. Some of the things below are deviations from generally accepted accounting principles in Indonesia that relate to risk, except..... A) Inadequate disclosure. B) Limitation of the scope of accounting. C) Inaccuracy of accounting principles. D) Unreasonable accounting estimates. Show Answer Correct Answer: B) Limitation of the scope of accounting. ← PreviousRelated QuizzesAccounting QuizzesAuditing Quiz 1Auditing Quiz 2Auditing Quiz 3Auditing Quiz 4Auditing Quiz 5Auditing Quiz 6Auditing Quiz 7Auditing Quiz 8Auditing Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books