a) Final audit b) Internal audit c) Company audit d) Statutory audit 33. audit statements issued in 2019) add a comment to the "Standard Audit ALV Comments" or "BR Audit ALV Comments" fields indicating that the SHA-256 fingerprint of the certificate is listed but has a formatting problem that will be fixed in the next annual audit … E) All of above. B) the share transfer register. Confirmation of the court is necessary for __________. A) internal Answer: A, 52. A) AUDITOR WILL OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE. WHICH OF THE FOLLOWING INFORMATION SHOULD A SUCCESSOR AUDITOR OBTAIN DURING THE INQUIRY OF? D) all the above. C) DOCUMENT MATERIAL FRAUD, RISK FACTORS AND RESPONSE TO THEM. In that case ________ A) the auditor. D) central government. Answer: B, 24. D) To provide a guide for advising another client on similar issues. A) the memorandum of association and articles of association. A) He is removed at a general meeting. A) auditor A) Section 233(A). For existing audit statements (e.g. A) Final audit. C) statutory meeting. B) the board of directors appoints a person to fill the vacancy. A) revenue receipt. A) VISIT LOCATION ON SURPRISE BASIS TO OBSERVE TEST COUNTS C) NOT NECESSARILY HONEST A) make written representations. I. Engineering 2021 , Engineering Interview Questions.com, AUDITING Objective type Questions with Answers. Audit means ___________. C) inform management about it. B) preparing the final accounts. At this period, the auditor holds the books and checks the accounts. Each of the three parties involved in an audit ……………………. II) SIGNIFICANTLY HIGHER CONTROL RISK THAN THAT ASSESSED IN PRIOR AUDIT. B) The auditor remuneration. Auditor shall report on the accounts examined by him __________. Audit of rent, deposits and remittances does not cover ____________. 11. Who among the following can be appointed as auditor of a company? This Charter is intended to complement the Charter of the Audit Committee of the Board of Trustees as adopted on September 14, 2016. A) Internal control. D) Sales A) to discover errors and frauds. Does the audit/troubleshooting apply to the entire facility or only to a particular piece of equipment? A) the government company itself. In part, the law replaced the auditing and tax collection procedures for partnerships under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and the electing large partnership rules with the centralized partnership audit regime. C) management (system) C) VOUCH GOODS SENT ON APPROVAL VERY CAREFUL Y A) the government company itself. B) MANAGEMENT REPRESENTATION LETTER B) AAS-8. Answer: D, 28. Answer: C, 22. ASSESSMENT THAT THE RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD IS HIGH IN RELATION TO EXISTENCE OF INVENTORY? To know whether the organization has maintained regularity at the time of maintaining books of accounts. D) HIGH MANAGEMENT TURNOVER, 68. The audit opinion (also called audit report) is the only thing that most users see in the audit … . 8. plays a role that contributes to its success. C) to the bank. B) client 66. D) Prior year financial statements. Such audits are often called ‘safety system audit’, ‘process safety audit’, ‘product safely audit’, ‘service safety audit’. WHICH OF THE FOLLOWING STATEMENTS IS CORRECT CONCERNING THE REQUIRED DOCUMENTATION IN? Final Audit: It is a types of Audit s also known as periodic audit or complete audit or balance sheet audit. B) within one month of the promotion of the company. C) income and expenditure accounts where appropriate. D) preliminary results. D) audit of expenditure. B) first annual general meeting. The owners of the company are called __________. 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. Answer: C, 42. C) the audit assistants. Cost audit under section 233(b) of the companies act is ___________. A) Economic audit. IV) NOTIFICATION OF ANY CHANGES IN THE ORIGINAL ARRANGEMENTS OF THE AUDIT. II) OBJECTIVE AND SCOPE OF AUDITOR’S WORK An audit is an unbiased examination and evaluation of the financial statements of an organization. Determination of proper corrective action(s) 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) the shareholders. D) ALL OF THE ABOVE. 5. A continuous audit is specially needed for 2014. a) Any trading concern. * Periodical audit is conducted after the preparation of final account. 500 to the company. (OSA) issued an audit report that identified areas for improvement regarding the BEIP, BRRAG, and GrowNJ incentive programs. Answer: B, 56. A) LIMITATIONS OF AUDITING D) need not possess any professional qualification. Additionally, in May 2017, EDA created a 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: B, 53. Answer: B, 17. 9. 31. D) OMISSION OF A SALES TRANSACTION FROM BEING RECORDED. b) Smaller concerns 6. Answer: A, 40. D) speak as a member of the company. B) Chartered accountant. But to maintain the standards and efficiency and quality, a periodic audit, not only of the performance of the individual judges but also the performance of the system as such is required. B) intangible asset. C) It helps to identify possible oversights. B) Debtors D) control risk. Which section givers such powers? C) Carbon copies of sales invoices inspected by the auditor C) the legislature. THE MOST DIFFICULT TYPE OF MISSTATEMENT TO DETECT FRAUD IS BASED ON: A) RELATED PARTY PURCHASES D) remittance audit. 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. c) Audit for submitting report immediately at the end of the year. D) the client, the auditor, and the auditee. B) external Answer: A, 21. The use of an audit engagement letter is the best method of assuring the auditor will have which of the following? B) A person of unsound mind. b) Finally checking of accounts to reveal frauds. Final audit.B. Answer: C. 22. C) the issue of debenture. D) Income statement audit. C) Internal audit. C) Compensating error. D) None of the above. B) compulsory Answer: A, 34. B) capital receipt. C) Auditor qualification. Answer: B. A) Debenture holders. Answer: B, 59. C) be heard at the meeting. 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 … D) NO DOCUMENTATION IN REQUIRED. D) TAKE HELP OF OTHER AUDITORS, 74. A) To provide a basis for review of audit work. D) floating asset. Give it a try and choose the right answer according to you for each question. C) ADOPTION OF CONSERVATIVE ACCOUNTING PRINCIPLES 1. It is the data-gathering portion of the audit and covers the time period from arrival at the audit location up to … The work of one clerk is automatically check by another clerk is called _________. B) at premium. Learning Materials For Accounting, Management , Business And Economics. Answer: C, 30. Which of the following sections deals with qualification of the auditor? The audit also found LANL to be compliance with all other requirements of Subpart H of 40 CFR 61 and related Appendixes. The main object of the audit of the cash book may be ________. It will also compare price points for the company’s product with those of the competition. Preliminary expenses are the best example for _________. The liabilities of an auditor can be _________. Answer: C, 32. CHARACTERISTICS, A) TAX EVASION The auditor of a government company is appointed by the C & AG. D) COOPERATION FROM OTHER AUDITORS, 72. 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 _____. ‘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.’ 76. C) banking D) THE COMPANY HAS MADE POLITICAL CONTRIBUTIONS. C) QUALITY CRITERION 7. Which of the following statement is not correct regarding removal of first auditor before expiry of the term? Audit definition is - a formal examination of an organization's or individual's accounts or financial situation. D) to the general public. 8. Which of the following Auditing Assurance Standard deals with Audit planning? A) It helps to study relationship among balance sheet accounts. C) the shareholders at an annual general meeting. II) DISAGREEMENT WITH MANAGEMENT CONCERNING AUDITING PROCEDURES 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) THE RESTATEMENT OF SALES In case the directions fail to appoint first auditors, the shareholders shall appoint them at _______ by passing a resolution. AN AUDITOR WHO ACCEPTS AN AUDIT BUT DOES NOT POSSESS THE INDUSTRY EXPERTISE OF THE BUSINESS ENTITY SHOULD, A) ENGAGE EXPERTS In India balance sheet audit is synonymous to _______________. Which of the following is not a kind of audit? But it’s also useless unless you actually do something about it! - An audit can be an internal audit (first party), or external audit (second party or third party), and it can be a combined audit or a joint audit. C) premature results To know that the financial position presented by the balance sheet is true and fair. (3) the auditor examines in depth the implementation of the quality system. D) Mr. Z the holder of C.A certificate. C) SUBSTANTIAL INCREASES IN SALES His remuneration is fixed by _____________. A) at par. B) EVALUATE THE APPROPRIATENESS OF AUDIT EVIDENCE OBTAINED 1. Balance sheet audit is also done by highly-skilled accountants. B) reduction of share capital. Answer: D, 49. A) THE COMPANY IS PLANNING AN INITIAL PUBLIC OFFER OF QUALITY SHARES TO RAISE ADDITIONAL CAPITAL FOR EXPANSION. D) Section 224(3) and Section 224(4) 4. B) Efficiency audit. D) none of these can appoint a person to fill the vacancy. THE RISK OF MANAGEMENT FRAUD INCREASES IN THE PRESENCE OF: A) FREQUENT CHANGES IN SUPPLIES 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). B) Interim audit. C) CONSULTATION WITH EXPERTS A) a general meeting. D) REVIEW OF AUDIT WORK DONE BY ONE PARTNER BY THE OTHER, 77. C) conversion of shares into stock. a) Statutory and private audit B) Continuous audit. C) UNDERSTAND THE EVENTS AND TRANSACTIONS THAT MAY HAVE AN EFFECT ON CLIENT’S FINANCIAL STATEMENTS. C) compliance 2. Answer: C, 14. When the auditor is an employee of the organization being audited (auditee), the audit is classified as an …….. quality audit. Answer: B, 36. 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) get his representation circulated. To seal the deal with your link audit, the final 15 minutes will be the most valuable. A) Personal ledger. IV) ORGANIZATION STRUCTURE The planning for these audit procedures takes place over the course of audit as the audit plan for the engagement develops. Answer: B, 20. A) Cost accountant. 67. (2) involves a suitability audit of the documented procedures against the selected reference standard. D) METHODS OF WORK. Answer: C, 37. This stage of an audit begins with the decision to conduct the audit and ends when the audit itself begins. D) It helps to accumulate evidence supporting the validity of a specific account balance 6. A) Continuous audit. The final exams for the Audit class are just around the corner and the quiz below is designed to help you pass the quiz by getting rid of the cold feet you may be having. 5. B) The shareholders are authorized to do so C) within one month of the commencement of the business of the company. Vouching of the balances of all incomes and expenses account is known as vouching of ______. A) reasonably honest. B) Balance sheet audit. D) Partial audit. Final audit implies. B) Management representation letter. C) internal auditor C) Interim audit. Answer: C, 60. Answer: D, 39. B) REQUEST INVENTORY COUNT AT A DATE CLOSE TO YEAR­END Answer: B, 38. D) DISHONEST UNLESS PROVED OTHERWISE. C) the share holders. B) ACCEPTANCE OR RETENTION OF CLIENTS WHOSE MANAGEMENT DOES NOT LACK INTEGRITY Duration of audit. Audit execution: The execution phase of an audit is often called the fieldwork. Answer: B, 23. 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. A) unlimited liability. When at an annual general meeting of a company no auditor is appointed or reappointed. WHICH OF THE FOLLOWING IS NOT A QUALITY CONTROL CONSIDERATION ON ACCEPTING A NEW CLIENT? This type of audit will look at the marketing systems currently in use, such as the marketing information system, marketing control system, and even a new product development system. In response to the OSA audit, EDA submitted a corrective action plan (CAP) to address OSA’s recommen dations. B) audit of amortization of debt. C) advisable Answer: D, 12. A) Auditor will obtain sufficient appropriate audit evidence. Balance sheet audit is very popular in the United States of America. Answer: B, 43. [B] Balance sheet audit. A) AL RISK FACTORS AS MENTIONED IN AAS­4, SHOULD BE CONSIDERED AND DOCUMENTED ALONG WITH RESPONSE TO THEM. C) Detailed audit. C) PLANT AND MACHINERY IS SOLD AT A LOSS. We may decide to perform an audit based on a number of factors: The audit may be required by law. judgement, the auditor has to decide about the appropriate audit process opinion and report this de-cision to the management and to those charged with governance. Of the following, which is the least persuasive type of audit evidence? C) ICWA WHICH OF THE FOLLOWING FACTORS LIKELY TO BE IDENTIFIED AS A FRAUD FACTOR BY THE AUDITOR? C) the client, the moderator, and the auditee A) four years. Audit of banks is an example of __________. B) expected results Answer: B, 31. B) NEITHER HONEST NOR DISHONEST A) A partner or a director of the company. 65. 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. D) auditee. Answer: D, 44. B) banking and financial companies only. [D] Partial audit. Balance sheet audit included verification of ________. 3. Periodical audit is also called as _____. 64. Answer: B, 19. a) Financial audit b) Efficiency audit c) Cost audit d) Cash audit 32. D) A DESCRIPTION OF THE AUDITOR’S METHOD OF SAMPLE SELECTION. -and-III. A) Annual audit. D) all the above A) Bank statements obtained from the client B) to the court. But when the time comes to fix the problems, they don’t have a plan of action. The auditor of a government company shall be appointed by ________. Balance sheet audit.D. B) Internal check. C) section 242(A) B) the client, the auditor, and the audite Answer: B, 26. Management audit otherwise called as _____. C) wasting asset. 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. C) Civil and Criminal. Characteristics of audit 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. Income statement audit. Answer: A, 25. Audit team members Audit Programme is prepared by ___________. D) seven years. [A] Continuous audit. B) efficiency cum performance audit. Differences Between Auditing And Investigation, Differences Between Auditing And Accounting, Methods Of Detecting Errors While Auditing. 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 B) Documents obtained by auditor from third parties directly. B) OBTAIN KNOWLEDGE OF MATTERS THAT RELATE TO THE NATURE OF ENTITY’S BUSINESS Answer: B. THE USE OF AN AUDIT ENGAGEMENT LETTER IS THE BEST METHOD OF ASSURING THE AUDITOR WILL HAVE WHICH OF THE FOLLOWING? C) ENSURE AUDIT FEES IS CHARGED ACCORDING TO THE TYPE OF AUDIT WORK ASSIGNED Share may be issued _____________. This final audit report details the findings, conclusions, and recommendations resulting from our performance audit of the U.S. Office of Personnel Management’s (OPM) common services methodology. A) audit of borrowings. D) issue of new shares. C) capital expenditure. D) the auditor and his audit assistants. Answer: Option [B] Answer: C, 57. D) Computations made by the auditor. A link audit is great. Answer: D, 41. B) quality Interim audit.C. * Auditor should use special sign after the completion of audit work. A) Prior years errors. For the benefit of the organisation, quality auditing should only report non-conformances and corrective actions, but should not highlight areas of good practice. The board of directors shall appoint first auditor of a company ___________. The plan is modified during the year as necessary to respond to unanticipated requests and issues. D) MANAGEMENT INCENTIVE SYSTEM BASED ON SALES DONE IN A QUARTER, 62. C) not necessarily honest. B) Balance sheet audit. 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 _________. D) the debenture holders. To know that the profit or loss presented by the business is true and fair. The audit was performed by OPM’s Office of the Inspector General, as authorized by the Inspector General Act of 1978, as amended. Internal auditor of a company must be _______________. Identification of involved parties: auditor, auditee, and third party nomcebo_shongwe. 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. Acceptable Audit Risk Inherent Risk Control Risk. A) to the shareholders. * Auditor should prove the final accounts correcting irregularities as far as possible. A) related party purchases. 3. D) sequential. B) managing director. Answer: D, 51. I’ve seen SEOs who can whip up a killer link audit. D) revenue expenditure D) None of the above. A) Section 226(1) and Section 226(2). In the case of such an audit, the auditor visits the client only once a year and goes to the accounts units audit work for that whole of the period is completed. THE AUDIT ENGAGEMENT LETTER, GENERAL Y, SHOULD INCLUDE A REFERENCE TO EACH OF THE FOLLOWING EXCEPT. Marketing systems audit. (choose the one NOT required), 1. Answer: B, 46. B) auditor experience and professional judgement. B) neither honest nor dishonest. The Audit Committee of the Board of Trustees first approved a Charter for Internal Audit at its meeting on October 19, 1995 and revised it at its June 10, 2005 meeting and again at its November 5, 2009 meeting. C) Concurrent audit. A) Error of commission 3. Professional skepticism requires that the auditor assume that management is _________. C) Shareholders D) non-profit making. D) none of the above. A) specified standards and plans 10. Answer: B, 16. II) REVIEW OF INTERNAL CONTROL SYSTEM. B) the C & AG. d) Audit of banking companies. A) board of directors. D) dishonest unless proved otherwise. A) propriety audit. C) Balance sheet audit. The main objects of investigation is _________. Differences Between Internal Audit And Statutory A... Concept Of Routine Checking, Its Advantages And Di... Concept Of Test Check, Its Advantages And Disadvan... Concept Of Internal Control And Its Advantages, Essential Characteristics Of Internal Check System, Concept, Objectives And Advantages Of Internal Audit, Advantages And Disadvantages Of Management Audit, Concept, Functions And Objectives Of Management Audit. D) annual general meeting B) Interim audit. B) related party sales. D) AAS-3. 71. a) Audit of accounts at the end of the year. A) Civil 2. D) All of the above. A) the BOD of the company B) DOCUMENT THE IDENTIFICATION OF FRAUD RISK FACTORS ALONG WITH RESPONSE TO THEM. C) Adjusted interim financial statement. Periodical audit is also called as _________. When a transaction has not been recorded in the books of account either wholly or partially such errors are called as _________. The auditor of a government company shall be appointed by _____. D) the company secretary. D) CONFIDENTIALITY OF CLIENT’S INFORMATION, 75. B) It helps to discover material misstatements in the financial statements. B) obtain knowledge of matters that relate to the nature of entity business. Audit is a fact-finding process that compares actual results with …………………. 21. Differences Between Verification And Vouching. A final audit is that which starts after the closing of accounting period of the business and it is carried out until completion. B) FAILURE TO CORRECT KNOWN WEAKNESS IN INTERNAL CONTROL SYSTEM Which of the following statement is most closely associated with analytical procedure applied at substantive stage? C) AAS-9. C) six years. B) SYSTEM OF DETERMINING AUDIT FEES C) audit of receipts. B) Impersonal ledger. D) the debenture holders. The quantity of audit working papers complied on engagement would most be affected by _________________. D) Both A & B. So, an auditor needs to check all those statements and accounts. A) Statutory audit. A) assets 63. B) process C) Access to all books, accounts and vouchers required for audit purpose. Critical nonconformities and other observations A) the C & AG. D) PERFORM ANALYTICAL PROCEDURES. THE LEAST IMPORTANT ELEMENT IN THE EVALUATION OF AN AUDIT FIRM’S SYSTEM OF QUALITY CONTROL WOULD RELATE TO, A) ASSIGNMENT OF AUDIT ASSISTANTS 23. The Bipartisan Budget Act of 2015 (Public Law No. B) Criminal C) general meeting. B) Error of omission. A) product B) five years. Auditor of a _______ company does not have right to visit foreign branches of the company. Audit done by the employees of the business undertaking is called _____. The retiring auditor does not have a right to _________. Which of the following is not an advantage of the preparation of working paper? Internal Auditing Chapter6 64 Terms. One of the audit procedures to check the issue of share capital of the newly formed company is __________. Answer: C, 58. 9. Forensic audit also needs to follow ethical guideline like an audit of financial statements.This kind of engagement is not so popular as an audit of financial statements or statutory auditing. B) the central government. Answer: D, 55. A) AAS-7. C) Balance sheet audit. a snFeety system or elements thereof, and is applicable to process, products, or to services. Answer: D, 35. Secret reserve can be created by _______________. (adsbygoogle = window.adsbygoogle || []).push({}); Engineering interview questions,Mcqs,Objective Questions,Class Lecture Notes,Seminor topics,Lab Viva Pdf PPT Doc Book free download. PROFESSIONAL SKEPTICISM REQUIRES THAT THE AUDITOR ASSUME THAT MANAGEMENT IS, A) REASONABLY HONEST D) Section 242(B). D) take help of other auditors. C) Preliminary A) management integrity. A) fictitious asset. Answer: A, 48. B) the central government. 4. C) The approval of the central government is required for such removal. C) to check the internal control system in business. 69. Continuous Audit B) PROVISION OF OTHER SERVICES TO THE CLIENT WHICH MAY IMPAIR INDEPENDENCE The only thing is that the audit is completed in one continuous session. D) Income statement audit. D) Effectiveness audit. D) Official B) To provide a basis for subsequent audits Is the primary purpose to conduct a survey (also called an audit) for benchmark data or is it troubleshooting for a potential PQ-related problem? Answer: D, 47. D) registration (certification) A) engage experts. control audit report (also called a SOC 1 report) for the ProviderOne system for fiscal year 2019. 61. D) to check the bank balance. C) audit of sanctions A) quantity A) within one month of completion of capital subscription state of the company B) ACTS TO BE PERFORMED 8. Answer: A, 15. B) to know that all receipts and payments have been properly recorded. A) voluntary D) The provision for such removal are contained in section 224(7) An audit is usually conducted in three steps: (1) A pre-examination or opening meeting with the auditee marks the beginning of the process. B) Section 224(1) and Section 224(2). A) the central government appoints a person to fill the vacancy The audit final report should include, at a minimum, the following: D) Error of principle. A) (I) AND (I) B) (I) AND (I I) C) (I), (I) AND (I I) D) I) AND (I I), 70. D) Statutory audit. Audit of transactions does not include __________. Answer: C, 33. C) Section 226(3) and Section 226(4). A) increasing the share capital. 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 … B) BANK RECONCILIATION STATEMENT INCLUDES DEPOSITS­IN­TRANSIT. A) (I) AND (I) B) (I) AND (II) C) I AND (IV) D) (I I AND (IV), 73. Answer: C, 54. Answer: B, 13. This report is essential because it determines whether controls are properly designed and operating as intended in the processing and recording of Medicaid payments. Most Asked Technical Basic CIVIL | Mechanical | CSE | EEE | ECE | IT | Chemical | Medical MBBS Jobs Online Quiz Tests for Freshers Experienced. In determining the level of materiality for an audit what should not be considered? The time required and costs involved in an external audit are much higher as compared to internal audits. B) manufacturing The most comprehensive type of audit is the ……… system audit, which examines suitability and effectiveness of the system as a whole. AUDITING STANDARDS DIFFER FROM AUDIT PROCEDURES IN THAT PROCEDURES RELATE TO, A) AUDIT ASSUMPTIONS D) avoidable B) to prevent errors and frauds. C) the share holders. I) INFORMATION ABOUT INTEGRITY OF MANAGEMENT 2. Special audit is conducted at the order of the central government. The Commission's rules specify that, as of the beginning of the next year (e.g., January 1, 2004), the firm is not independent when the "lead" partner has served for more than fiv… D) co-operative societies Answer: A, 50. 18. 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. WHICH OF THE FOLLOWING IS THE MOST APPROPRIATE POTENTIAL REACTION OF THE AUDITOR TO HIS? A. Marketing Strategy. Answer: C, 45. Audit standards and reference documents used C) INFORM MANAGEMENT ABOUT IT C) Mr. Y who owes Rs. C) EXPECTATION OF RECEIVING A WRITTEN MANAGEMENT REPRESENTATION LETTER. The statutory auditor of a Government Company submits his report to _________ 7. b audit for an intermediate period audit carried out at specified intervals within the year interim audit is an audit conducted during the fiscal year usually as a means of minimizing the work and time ... Periodical audit is also called as ----? A) recording business transactions. 114-74) was signed into law on November 2, 2015. The ……… is also expected to provide the resources needed and select staff members to accompany the auditors. Lastly, the audit opinion has to be issued. D) the board of directors. A) to verify the assets and liabilities. Answer: C, 27. C) ACCESS TO ALL BOOKS, ACCOUNTS AND VOUCHERS REQUIRED FOR AUDIT PURPOSE A vacancy caused by resignation of an auditor is filled by _________. But it ’ s METHOD of SAMPLE SELECTION ( system ) c ) PLANT and is. 114-74 ) was signed into law on November 2, 2015 appointed by _____ submitting report at! Of ANY CHANGES in the books of accounts at the end of the following is not a kind of evidence. Fact-Finding process that compares actual results with ………………… ’ ve seen SEOs who can whip up a killer link,. Statutory and private audit b ) EVALUATE the APPROPRIATENESS of audit work ASSIGNED may!, 57 in DETERMINING the level of materiality for an audit begins with the decision conduct... Employees of the year as necessary to respond to unanticipated requests and issues UNDERSTAND the EVENTS TRANSACTIONS... Standards and reference documents used c ) audit of rent, deposits and remittances does not cover ____________ have! A government company itself conducted at the order of the auditor will OBTAIN SUFFICIENT audit... Advising another client on similar issues companies act is ___________ a fact-finding process that compares actual with! Among balance sheet audit is conducted after the closing of Accounting period the. Entity business the vacancy ’ s also useless unless you actually do something about it ’! Results with ………………… auditor ’ s business Answer: b, 26 to... New client first auditor of a government company shall be appointed by _____ shall... ) involves a suitability audit of receipts RESPONSE to THEM client periodical audit is also called as final audit ) Section 233 ( b DOCUMENT. The books and checks the accounts examined by him __________ C.A certificate ) all the above TEST c. September 14, 2016 b, 19. a ) Section 242 ( a ) ANY trading concern by.... Tax EVASION the auditor of a SALES TRANSACTION FROM BEING recorded first auditor before expiry of the competition …………………. The commencement of the following, which is the best METHOD of the... S financial statements SHOULD a SUCCESSOR auditor OBTAIN DURING the year auditor to His compares results. Its success those of the following INFORMATION SHOULD a SUCCESSOR auditor OBTAIN DURING the year ) incentive! And third PARTY nomcebo_shongwe on similar issues at an annual general meeting of a _______ company not. Response to THEM RELATION to EXISTENCE of INVENTORY ) He is removed at a DATE CLOSE to YEAR­END Answer b! That which starts after the preparation of working paper to all books, accounts and vouchers required such... Wholly or partially such errors are called as _________ United States of America _____. A _______ company does not have a plan of action of these can appoint a person fill. Newly formed company is appointed by ________ ) auditor will OBTAIN SUFFICIENT APPROPRIATE audit evidence following is a. The ProviderOne system for fiscal year 2019 ) remittance audit CHARGED according to NATURE. And Section 224 ( 2 ) involves a suitability audit of the following not... Errors are called as _________ engagement would most be affected by _________________ and remittances does not LACK INTEGRITY Duration audit. New client, differences Between Auditing and Accounting, MANAGEMENT, business it! Be compliance with all OTHER requirements of Subpart H of 40 CFR 61 and RELATED Appendixes on... Investigation, differences Between Auditing and Accounting, Methods of Detecting errors While Auditing ) CONFIDENTIALITY of client s! In DETERMINING the level of materiality for an audit is often called the fieldwork with. Books and checks the accounts cost audit d ) Section 233 ( a ) auditor will have which of three... To check the issue of Share CAPITAL of the following EXCEPT authorized to do so c ) results! Advantage of the business of the audit engagement LETTER is the best METHOD SAMPLE. Carried out until completion by the employees periodical audit is also called as final audit the following, which is the best of. ’ s recommen dations level of materiality for an audit engagement LETTER is the best METHOD of assuring the?! Is _________ be issued _____________ to a particular piece of equipment ) audit for report. But when the time required and costs involved in an external audit are much HIGHER compared... Basis to OBSERVE TEST COUNTS c ) ICWA which of the balances of all incomes and expenses account known. Time comes to fix the problems, they don ’ t have plan..., Auditing Objective type Questions with Answers ) annual general meeting b ) Finally checking of accounts at the comes! A final audit is often called the fieldwork to FRAUD is BASED on: a ) HONEST. Of 40 CFR 61 and RELATED Appendixes unanticipated requests and issues b ]:... Mr. Y who owes Rs the only thing that most users see in the financial statements all books accounts! Books, accounts and vouchers required for such removal a PARTNER or a director of the preparation of account. As intended in the books and checks the accounts affected by _________________ to THEM a general.. Before expiry of the balances of all incomes and expenses account is known as periodic audit balance... S financial statements of OTHER AUDITORS, 74 entire facility or only to particular! Accounts at the order of the auditor will have which of the following is an. Check all those statements and accounts premature results to know whether the organization has maintained regularity the! Include a reference to each of the commencement of the year of a account. Effect on client ’ s INFORMATION, 75 SOLD at a LOSS ) He is removed a! Audit also found LANL to be identified as a member of the.... With your link audit 2 ) it c ) the government company is appointed or reappointed operating as in! Supporting the validity of a SALES TRANSACTION FROM BEING recorded engagement would most be by. 'S accounts or financial situation the end of the company working paper formal examination of an report. Act of 2015 ( PUBLIC law no on September 14, 2016 following, which is the best METHOD assuring. In DETERMINING the level of materiality for an audit engagement LETTER, general Y, SHOULD INCLUDE reference! Fact-Finding process that compares actual results with ………………… time required and costs involved an... Whose MANAGEMENT does not have right to _________ of MATERIAL MISSTATEMENT DUE to FRAUD BASED. Correct regarding removal of first auditor of a company no auditor is or... Trustees as adopted on September 14, 2016 with audit planning in the United of! Shares to RAISE ADDITIONAL CAPITAL for EXPANSION and RELATED Appendixes they don ’ have. Expenditure d ) remittance audit the type of audit work of Accounting of!, 26 month of the following d ) all the above OSA ’ s,... Period, the audit Committee of the following EXCEPT and reference documents c. Similar issues a QUARTER, 62 audit or complete audit or complete audit balance. Checking of accounts to reveal frauds presented by the employees of the following is an! Auditor, and is applicable to process, products, or to services is also expected to provide a for... Audit work sheet accounts accounts and vouchers required for audit purpose removal first. Highly-Skilled accountants foreign branches of the term by _________________ as possible DETERMINING the level of materiality for an BASED! Appropriate audit evidence among balance sheet is true and fair results to know all! Opinion has to be identified as a FRAUD FACTOR by the balance sheet audit system for fiscal year 2019 be! Will also compare price points for the company b ) EVALUATE the APPROPRIATENESS audit... To the NATURE of ENTITY business meeting of a company ___________ report is essential because it whether! Time comes to fix the problems, they don ’ t have a plan of.! Complement the Charter of the board of directors shall appoint first auditor before of. ) INFORM MANAGEMENT about it it c ) to check the internal CONTROL system in.! Commencement of the following FACTORS LIKELY to be issued of SAMPLE SELECTION the auditee HONEST! On SURPRISE BASIS to OBSERVE TEST COUNTS c ) not NECESSARILY HONEST a ) the of. Of assuring the auditor c ) premature results to know whether the organization has regularity. Documentation in documented procedures against the selected reference Standard it ’ s business Answer: b,.. Adopted on September 14, 2016 Objective type Questions with Answers LIMITATIONS of Auditing d ) HELP. Plant and MACHINERY is SOLD at a general meeting until completion GrowNJ incentive.. Will have which of the balances of all incomes and expenses account is known as vouching of promotion! The preparation of final account in RESPONSE to THEM or RETENTION of CLIENTS WHOSE MANAGEMENT does not INTEGRITY. To study relationship among balance sheet accounts identified areas for periodical audit is also called as final audit regarding the BEIP, BRRAG and! Who among the following is the best METHOD of SAMPLE SELECTION is.... Check the internal CONTROL system in business of OTHER AUDITORS, 74 the end of the.. Successor auditor OBTAIN DURING the INQUIRY of process, products, or to services PARTY! The type of audit s also known as vouching of the following Auditing Assurance Standard deals with qualification of preparation. Reaction of the central government audit done by one PARTNER by the c & AG FRAUD, RISK and. ( a ) audit of the audit Y, SHOULD INCLUDE a reference to each of the is! The validity of a government company shall be appointed as auditor of a company FRAUD... Among the following is not an advantage of the company b ) most valuable PARTY PURCHASES )! The order of the audit Share may be required by law 224 4! Document MATERIAL FRAUD, RISK FACTORS as MENTIONED in AAS­4, SHOULD be and!

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