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Introduction to Auditing

Which of the following statements is, generally, correct about the reliability of audit evidence?

Auditing Mcqs, Introduction to Auditing /
Which of the following statements is, generally, correct about the reliability of audit evidence?

A. To be reliable, evidence should conclusive rather than persuasive
B. Effective internal control system provides reliable audit evidence
C. Evidence obtained from outside sources routed through the client
D. All are correct.

Which of the following statements is, generally, correct about the reliability of audit evidence? Read More »

Auditing Mcqs, Introduction to Auditing

Of the following, which is the least persuasive type of audit evidence?

Auditing Mcqs, Introduction to Auditing /
Of the following, which is the least persuasive type of audit evidence?

A. Bank statements obtained from the client
B. Documents obtained by auditor from third parties directly.
C. Carbon copies of sales invoices inspected by the auditor
D. Computations made by the auditor

Of the following, which is the least persuasive type of audit evidence? Read More »

Auditing Mcqs, Introduction to Auditing

Which of the following statements is most closely associated with analytical procedure applied at substantive stage?

Auditing Mcqs, Introduction to Auditing /
Which of the following statements is most closely associated with analytical procedure applied at substantive stage?

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

Which of the following statements is most closely associated with analytical procedure applied at substantive stage? Read More »

Auditing Mcqs, Introduction to Auditing

Analytical procedures issued in the planning stage of an audit, generally

Auditing Mcqs, Introduction to Auditing /
Analytical procedures issued in the planning stage of an audit, generally

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

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Auditing Mcqs, Introduction to Auditing

When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________?

Auditing Mcqs, Introduction to Auditing /
When issuing unqualified oion, the auditor who evaluates the audit findings should be satisfied that the___________?

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

When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________? Read More »

Auditing Mcqs, Introduction to Auditing