This quiz works best with JavaScript enabled. Home > Accounting > Auditing > Auditing – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Auditing Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... is the evidence to check whether it adequately covers the hazards in the organization A) Interviews. B) Documentation. C) Observation. D) None. Show Answer Correct Answer: B) Documentation. 2. Casual vacancy can be filled by A) Managing directors. B) Company secretary. C) Board of directors. D) Central government. Show Answer Correct Answer: C) Board of directors. 3. The internal auditor's independence is most likely to be compromised when the internal audit department is responsible directly to audit committee of the board of directors. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 4. An audit report is any information that supports the figures or other information presented in a financial report, which can be used by the auditor as a reasonable basis for expressing an opinion. A) CORRECT. B) SALAH. Show Answer Correct Answer: B) SALAH. 5. Investigation is an examination of ..... A) Books of accounts. B) Trial balance. C) Final account. D) All of these. Show Answer Correct Answer: D) All of these. 6. Subsidiary object of auditing is A) Detection of errors. B) Prevention of errors. C) Detection and prevention of errors and fraud. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 7. The auditor's main notes regarding the audit work that has been carried out which can contain audit procedures, tests carried out, various evidence and information obtained during the audit, and the conclusions reached by the auditor in carrying out the audit constitute a..... A) External documents. B) Audit evidence. C) Working papers. D) Physical evidence. Show Answer Correct Answer: C) Working papers. 8. The following are the objectives and contents of the audit working papers, except: A) Assists in planning and executing tasks. B) Indicates whether the goal of the task has been achieved. C) Contribute to the professional development of internal audit staff. D) Obtain privileged access rights to relevant data. Show Answer Correct Answer: D) Obtain privileged access rights to relevant data. 9. 'Audit in Depth' means A) Audit of each and every item. B) Intensive audit of each and every item. C) Intensive audit of a few items. D) Audit of a few selected items. Show Answer Correct Answer: C) Intensive audit of a few items. 10. Routine checking and vouching are the same A) True. B) False. Show Answer Correct Answer: B) False. 11. Fixed asset sales transactions have been recorded in the 2022 accounting period, and not in the 2021 period. This is one application of the assertion..... A) Presentation. B) Pisah batas (cut-off). C) Classification. D) Keakurasian (accuracy). Show Answer Correct Answer: B) Pisah batas (cut-off). 12. Which auditing standard requires auditors to gather information to understand their clients' internal controls? A) Second field work standard. B) First general standard. C) Third field work standard. D) First reporting standard. Show Answer Correct Answer: A) Second field work standard. 13. Audit planning..... A) Preliminary survey, client acceptance, signing engagement letter, audit risk analysis, preparation of audit program. B) Preliminary survey, client acceptance, signing of engagement letter, year-end audit stage. C) Preliminary survey, client acceptance, signing of engagement letter, Audit Phase for current year, preparation of audit program. D) Preliminary survey, client acceptance, signing engagement letter, reporting audit results. Show Answer Correct Answer: A) Preliminary survey, client acceptance, signing engagement letter, audit risk analysis, preparation of audit program. 14. During an audit of a company's cash balance on a company with operations in only one country, the auditor is most concerned with which management assertion A) Existence. B) Rights and obligations. C) Valuation or allocation. D) Occurrence. Show Answer Correct Answer: A) Existence. 15. The risk if the collected evidence fails to find errors that exceed the tolerable amount, is known as..... A) Acceptable Audit Risk. B) Detection Risk. C) Inherent Risk. D) Control Risk. Show Answer Correct Answer: B) Detection Risk. 16. Which of the following is not a type of auditor? A) Financial auditor. B) Company auditor. C) External auditor. D) Governmental auditor. Show Answer Correct Answer: A) Financial auditor. 17. Along with other disciplines such as accounting and law, equips you with all the knowledge that is required to enter auditing as a profession. A) Auditing. B) Taxation. C) Finance. D) Taxation and Finance both. Show Answer Correct Answer: A) Auditing. 18. Vouching of the balances of all incomes and expenses account is known as vouching of ..... A) Personal ledger. B) Impersonal ledger. C) Cash. D) None of above. Show Answer Correct Answer: B) Impersonal ledger. 19. Inventory on hand is one application of the assertion..... A) Presentation. B) Existence. C) Completeness. D) Keterjadian (Occurrence). Show Answer Correct Answer: B) Existence. 20. Hi A) Hello. B) Blhe. C) EgfQEF. D) SFqsfc. Show Answer Correct Answer: A) Hello. ← PreviousNext →Related QuizzesAccounting QuizzesAuditing Quiz 1Auditing Quiz 2Auditing Quiz 3Auditing Quiz 4Auditing Quiz 6Auditing Quiz 7Auditing Quiz 8Auditing Quiz 9Auditing Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books