- (A) By independent auditor
- (B) Statutorily appointed auditor
- (C) By a person appointed by the management
- (D) By a government auditor
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- (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.
- (A) Error of principle
- (B) Error of commission
- (C) Error of omission
- (D) Error of duplication
- (A) Teeming and lading
- (B) Looping
- (C) Embezzlement
- (D) Hacking
- (A) Performance reviews
- (B) Physical controls
- (C) Organizational structure
- (D) Segregation of duties
- (A) Participation of management
- (B) Information processing
- (C) Commitment to competence
- (D) Human resource policies and practices
- (A) Prior year’s errors
- (B) The auditor’s remuneration
- (C) Adjusted interim financial statements
- (D) Prior year’s financial statements
- (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) Materiality is a relative concept
- (B) Materiality judgments involve both quantitative and qualitative judgments
- (C) Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statements
- (D) At the planning state, the auditor considers materiality at the financial statement level only
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