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Auditing Quiz 9 (30 MCQs)

Quiz Instructions

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1. The Word audit is derived from the Latin word 'audire' which means
2. Before the work of audit is commenced, the auditor plans out the whole audit work is called
3. Written records relating to audit evidence or information obtained during the audit as well as the methods, procedures applied, tests carried out and conclusions made by the auditor, are called.....
4. The time required and costs involved in an external audit are much higher as compared to internal audits
5. The following are reasons for auditors to use the pick test method, except.....
6. The notes kept by the auditor regarding audit procedures constitute the meaning of.....
7. Which one of the following is true of the position of an auditor regarding the system of internal check in the organisation?
8. ..... is a person whose job it is to make sure that information reported on financial statements is true and accurate and that the financial statements are prepared according to GAAP principles.
9. To test client compliance with designed internal controls, auditors carry out the following two types of tests, namely.....
10. One of the control test procedures below will test the existence of cash disbursements, except.....
11. The amount of value that if omitted or misstated accounting information could result in changes or influence the judgment of people who place reliance on the information, is called.....
12. What is meant by a Financial Statement audit is:
13. States that the auditor's responsibility is to express an opinion on the financial statements based on the audit to contrast this with management's responsibility for preparing financial statements is
14. The auditor's opinion that the auditor cannot formulate or does not formulate an opinion regarding the fairness of the financial statements in accordance with generally accepted accounting principles is an opinion.....
15. The distinction between the role of auditor and accountant can be best describe as
16. The word 'audit' is derived from the Latin word .....
17. When the Chartered Accountact Act of India was made
18. Which statement is incorrect?
19. The systematic process of obtaining and knowing, obtaining and evaluating evidence related to assertions about economic actions and events objectively to determine the level of compliance between those assertions and established criteria and communicating the results with interested parties is called..... .
20. The difference between the nature of accounting and auditing in general is.....
21. ..... auditors perform accounting, tax and consulting work for corporations, governments and individuals.
22. Say true or false; An auditor can be appointed in more than one company.
23. Federal and state government auditors performed different type of operational auditing.
24. When the auditor is an employee of the organization being audited, the audit is classified as an ..... quality audit
25. What is the best way to reduce information risk?
26. Which of the following is part of the Current File? A. Trial Balance B. Bank Reconciliation C. Deed of establishment
27. One of the obligations of public accounting practitioners in the principles of Professional Conduct.....
28. At the planning state, the auditor considered materiality at the financial statement level only
29. Based on the form of auditing organization:
30. Audit process Which order is correct? 1. reporting 2. client acceptance 3. risk assessment 4. risk response
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