Auditing MCQs and Notes

M

Mr. Dubey • 51.47K Points
Coach

Q 41. The audit that is made compulsory under the statute is called –

(A) Statuary audit

(B) Partial audit

(C) Complete audit

(D) Continues audit

M

Mr. Dubey • 51.47K Points
Coach

Q 42. Internal auditor is appointed by –

(A) The management

(B) The shareholders

(C) The government

(D) statutory body

M

Mr. Dubey • 51.47K Points
Coach

Q 43. Before the work of audit is commenced, the auditor plans out the whole of audit work is known as –

(A) Audit plan

(B) Audit note

(C) Audit risk

(D) Audit program

M

Mr. Dubey • 51.47K Points
Coach

Q 44. This kind of audit is generally conducted between two annual audits.

(A) Internal audit

(B) Interim audit

(C) Final audit

(D) Continuous audit

M

Mr. Dubey • 51.47K Points
Coach

Q 45. Under check system principle of_________ is followed.

(A) Division of labour

(B) Division of work

(C) Principle of scalar chain

(D) Accountancy

M

Mr. Dubey • 51.47K Points
Coach

Q 46. When issuing unqualified opinion the auditor who evaluates the audit findings should be satisfied that the :

(A) Amount of known miss-statement is documented in working papers.

(B) Estimates of the total likely misstatement are less than materiality level.

(C) Estimated of the total likely misstatement is more than materiality level.

(D) Estimates of the total likely misstatement cannot be made.

M

Mr. Dubey • 51.47K Points
Coach

Q 47. Balance sheet does not include :

(A) Verification of assets & liabilities.

(B) Vouching of income & expense accounts related to assets and liabilities.

(C) Examination of adjusting and auditing & closing entries.

(D) Routine checks.

M

Mr. Dubey • 51.47K Points
Coach

Q 48. Which of the following is not a fact of EPA ?

(A) Economic audit.

(B) Efficiency audit.

(C) Expenditure audit.

(D) Effectiveness audit.

M

Mr. Dubey • 51.47K Points
Coach

Q 49. Which of the following statements is not true about continuous audit?

(A) It is conducted at regular interval.

(B) It may be carried out on daily basis.

(C) It is needed when the organization has a good internal control system.

(D) It is expensive.

M

Mr. Dubey • 51.47K Points
Coach

Q 50. Balance sheet audit included verification of :

(A) Assets.

(B) Liabilities.

(C) Income & expenditure accounts where appropriate.

(D) All of the above.

Auditing

Q 41. The audit that is made compulsory under the statute is called –

Q 42. Internal auditor is appointed by –

Q 43. Before the work of audit is commenced, the auditor plans out the whole of audit work is known as –

Q 44. This kind of audit is generally conducted between two annual audits.

Q 45. Under check system principle of_________ is followed.

Q 46. When issuing unqualified opinion the auditor who evaluates the audit findings should be satisfied that the :

Q 47. Balance sheet does not include :

Q 48. Which of the following is not a fact of EPA ?

Q 49. Which of the following statements is not true about continuous audit?

Q 50. Balance sheet audit included verification of :

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