The scope of internal audit is decided by the___________?
A. holders
B. Management
C. Government
D. Law
The scope of internal audit is decided by the___________? Read More »
Auditing McqsInternal audit is undertaken:
A. By independent auditor
B. Statutorily appointed auditor
C. By a person appointed by the management
D. By a government auditor
Internal audit is undertaken: Read More »
Auditing McqsWhich of the following statements is not true?
A. Management fraud is more difficult to detect than employee fraud
B. Internal control system reduces the possibility of occurrence of employee fraud and management fraud
C. The auditor’s responsibility for detection and prevention of errors and frauds is similar.
D. All statements are correct.
Which of the following statements is not true? Read More »
Auditing McqsGoods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication
Lapg is also known as___________?
A. Teeming and lading
B. Loog
C. Embezzlement
D. Hacking
Lapping is also known as___________? Read More »
Auditing McqsAccording to ISA 315, which of the following is NOT a control activity?
A. Performance reviews
B. Physical controls
C. Organizational structure
D. Segregation of duties
According to ISA 315, which of the following is NOT a control activity? Read More »
Auditing McqsAccording to ISA 315, which of the following is NOT an element of the control environment?
A. Participation of management
B. Information processing
C. Commitment to competence
D. Human resource policies and practices
The degree of effectiveness of an internal control system depends on:
A. The design of the internal control system and the implementation of the controls
B. The design of the internal controls and the implementation of the control system
C. The implementation of the controls and the correctness of the accounting records
D. The design of the internal control system and the correctness of the accounting records
The degree of effectiveness of an internal control system depends on: Read More »
Auditing McqsWhich of the following is normally the most reliable source of audit evidence?
A. Internal audit
B. Suppliers’ statements
C. Board minutes
D. Analytical review
Which of the following is normally the most reliable source of audit evidence? Read More »
Auditing McqsAccording to ISA 500, the strength of audit evidence is determined by which two qualities?
A. Appropriateness & competence
B. Sufficiency & appropriateness
C. Reliability & extensiveness
D. Objectivity & independence
