- (A) Annual audit
- (B) Continuous audit
- (C) Detailed audit
- (D) Statutory audit
Auditing Mcqs
- (A) Statutory audit
- (B) Balance sheet audit
- (C) Concurrent audit
- (D) Both (
- (A) Reporting the financial information
- (B) Examination of financial statements
- (C) Preparation financial statements
- (D) maintaining the ledger records
- (A) A flowchart of the internal controls
- (B) Organisation charts
- (C) A copy of financial statements
- (D) Copies of bond and debentures
- (A) The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation
- (B) The safe custody of working papers is the responsibility of client, if kept at his premises
- (C) The working papers must be retained by an audit firm for a period of 10 years
- (D) Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required.
- (A) They document the level of independence maintained by the auditor
- (B) They should be considered as the principle support for the auditor’s report
- (C) They should not contain details regarding weaknesses in the internal control system
- (D) They help the auditor to monitor the effectiveness of the audit firm’s quality control
- (A) The assessed level of control risk
- (B) The possibility of peer review
- (C) The nature of auditor’s report
- (D) The content of management representation letter
- (A) For the time period the entity remains a client of the audit firm.
- (B) For a period of ten years
- (C) For a period auditor opines them to be useful in servicing the client
- (D) For the period the audit firm is in existenc
- (A) Extracts from client’s bank statements
- (B) Past year’s financial statements
- (C) Attorney’s letters
- (D) Debt agreements
- (A) To provide a basis for review of audit work
- (B) To provide a basis for subsequent audits
- (C) To ensure audit work is being carried out as per programme
- (D) To provide a guide for advising another client on similar issues
