Auditing Mcqs

A. It helps the auditor to study relationship among elements of financial information
B. Relationship among data exist and continue in the absence of known condition to the contrary
C. Analytical procedures will not be able to detect unusual relationships
D. None of the above.

A. It helps to study relationship among balance sheet accounts
B. It helps to discover material misstatements in the financial statements
C. It helps to identify possible oversights
D. It helps to accumulate evidence supporting the validity of a specific account balance

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. Amount of known misstatement is documented in working papers
B. Estimates of the total likely misstatement is less than materiality level
C. Estimate of the total likely misstatement is more than materially level
D. Estimates of the total likely misstatement cannot be made

A. Lower, Higher, Lower
B. Lower, Lower, Higher
C. Higher, Lower, Lower
D. Lower, Higher, Higher

A. Verification of assets and liabilities
B. Vouching of income and expense accounts related to assets and liabilities
C. Examination of adjusting and closing entries
D. Routine checks

A. Assets
C. Income and expense accounts where appropriate
B. Liabilities
D. All of the above

A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit

A. Annual audit
B. Continuous audit
C. Detailed audit
D. Statutory audit

A. Statutory audit
B. Balance sheet audit
C. Concurrent audit
D. Both (A. and (B.
E. All of the above