Auditing MCQs

A: Annual audit

B: Continuous audit

C: Detailed audit

D: Statutory audit

A: The auditor

B: The client

C: The audit assistants

D: The auditor and his audit assistants

A: Evidence for audit conclusions

B: Owned by the client

C: Owned by the auditor

D: Retained in auditors office until a change in auditors

A: Managements integrity

B: Auditors experience and professional judgment

C: Auditors qualification

D: Control risk

A: Minutes of meetings

B: Confirmations from debtors

C: Information gathered by auditor through observation

D: Worksheet supporting consolidated financial statements

A: Randomly

B: Disproportionately

C: Directly

D: Inversely

A: Helps to determine the nature, timing and extent of other audit procedures

B: Directs attention to potential risk areas

C: Indicates important aspects of business

D: All of the above

A: Examining the physical existence and valuation of assets.

B: Examining the journal and ledger

C: Examination of vouchers related to assets.

D: None of the above.

A: Cost

B: Market price

C: Cost or Market price whichever is lower.

D: Cost less depreciation.

A: cost

B: Market price

C: Cost or market price whichever is lower

D: Cost less depreciation