- (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
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- (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
- (A) To help to corroborate the conclusions drawn from individual components of financial statements
- (B) To reduce specific detection risk
- (C) To direct attention to potential risk areas
- (D) To satisfy doubts when questions arise about a client’s ability to continue
- (A) client’s unedited account balance
- (B) client’s unedited account balance adjusted for trends in the industry
- (C) Prior year audited balance
- (D) Prior year audited balance adjusted for trends in the industry
- (A) Tracing of purchases recurred in the purchase book to purchase invoices.
- (B) Comparing aggregate wages paid to number of employees
- (C) Comparing the actual costs with standard costs
- (D) All of them are analytical procedure
- (A) Substantive tests designed to assess control risk
- (B) Substantive tests designed to evaluate the validity of management’s representation letter
- (C) Substantive tests designed to study relationships between financial and nonfinancial
- (D) All of the above
- (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 abov
- (A) Capital redemption reserve
- (B) Security premium account
- (C) Debenture redemption reserve
- (D) Capital reserve
- (A) Undervaluation of closing stock
- (B) Charging capital expenditure to revenue
- (C) Goods sent on consignment being shown as actual sales
- (D) Charging higher rates of depreciation on fixed assets than actually required
- (A) effluxion of time
- (B) use
- (C) obsolescence through technology be market changes
- (D) remarket expectation
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