- (A) Testing of accounts and records
- (B) Checking of selected number of transactions
- (C) Examination of adjusting and closing entries
- (D) Checking of all transactions recorded
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- (A) Curtailment of expenses
- (B) Checking of Wastages
- (C) Under valuation of assets
- (D) Over Valuation of assets
- (A) Technical errors
- (B) Errors of principle
- (C) Compensating errors
- (D) None of the above
- (A) Staff specially appointed for the purpose
- (B) Internal auditor
- (C) Supervisor of the staff
- (D) Members of the staff
- (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
- (A) 1949
- (B) 1956
- (C) 1961
- (D) 1972
- (A) Randomly
- (B) Disproportionately
- (C) Directly
- (D) Inversely
- (A) May be eliminated for an account balance under certain conditions
- (B) Are designed to discover significant subsequent events
- (C) Will increase proportionately when the auditor decreases the assessed level of control risk
- (D) May be test of transactions, test of balance and analytical procedures
- (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.
- (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
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