- (A) Prior year’s errors
- (B) The auditor’s remuneration
- (C) Adjusted interim financial statements
- (D) Prior year’s financial statements
Auditing Mcqs
- (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
- (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
- (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
