Auditing MCQs
Auditing MCQs for Test Preparation Online | Latest 2021 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
Auditing engagement can be performed w.r.t.
A: Profit making entity
B: Non-profit making entity
C: Corporate entity only
D: Any entity
Any entity
Scope of financial audit is__________?
A: Financial information
B: Non-financial information
C: Both (a) and (b)
D: None of these
Financial information
Which of the following is not type of engagement standard?
A: Standards on Auditing
B: Standard on Quality Control
C: Standards on Review Engagement
D: Standards on Assurance Engagement
Standard on Quality Control
You have been proposed as auditor of a company. What is the first step that you should take?
A: Obtain the clients permission to communicate with the existing auditor
B: Obtain the existing auditors working papers
C: Obtain a copy of the companys most recent board minutes
D: Obtain a copy of the existing auditors letter of engagement
Obtain the clients permission to communicate with the existing auditor
Which of these are types of Audit Report?
A: Unqualified opinion
B: Qualified opinion
C: Adverse opinion
D: Disclaimer of opinion. All of above
All of above
Pick the odd one:
A: Checking the vouchers
B: Preparation of vouchers
C: Evaluation of internal control
D: None of the above
Preparation of vouchers
An auditor should not accept a loan on favourable commercial terms from an audit client because of the threat to his or her independence. The threat would be a___________?
A: Self-interest threat
B: Self-review threat
C: Advocacy threat
D: Familiarity threat
Self-interest threat
Which of the following are fundamental ethical principles for professional accountants? 1 Competence 2 Compliance 3 Integrity 4 Objectivity
A: 1, 2 and 3 only
B: 1, 3 and 4 only
C: 2, 3 and 4 only
D: 1, 2 and 4 only
1, 3 and 4 only
Which one of the following may auditors NOT perform for their client?
A: Taking management decisions
B: Preparation of accounting records
C: Preparing tax computations
D: Advising on weaknesses in the internal control systems
Taking management decisions