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Auditing Mcqs

Audit in depth is synonymous for____________?

  • (A)  Complete audit
  • (B)  Completed audit
  • (C)  Final audit
  • (D)  Detailed audit
Submitted By :Ali Uppal

Concurrent audit is a part of____________?

  • (A)  Internal check system
  • (B)  Continuous audit
  • (C)  Internal audit system
  • (D)  None of these
Submitted By :Ali Uppal

Audit of banks is an example of_____________?

  • (A)  Statutory audit
  • (B)  Balance sheet audit
  • (C)  Concurrent audit
  • (D)  All of the above
Submitted By :Ali Uppal

The scope of internal audit is decided by the___________?

  • (A)  Shareholders
  • (B)  Management
  • (C)  Government
  • (D)  Law
Submitted By :Ali Uppal

Internal audit is undertaken:

  • (A)  By independent auditor
  • (B)  Statutorily appointed auditor
  • (C)  By a person appointed by the management
  • (D)  By a government auditor
Submitted By :Ali Uppal

Which of the following statements is not true?

  • (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.
Submitted By :Ali Uppal

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

  • (A)  Error of principle
  • (B)  Error of commission
  • (C)  Error of omission
  • (D)  Error of duplication
Submitted By :Ali Uppal

Lapping is also known as___________?

  • (A)  Teeming and lading
  • (B)  Looping
  • (C)  Embezzlement
  • (D)  Hacking
Submitted By :Ali Uppal

According to ISA 315, which of the following is NOT a control activity?

  • (A)  Performance reviews
  • (B)  Physical controls
  • (C)  Organizational structure
  • (D)  Segregation of duties
Submitted By :Ali Uppal

According to ISA 315, which of the following is NOT an element of the control environment?

  • (A)  Participation of management
  • (B)  Information processing
  • (C)  Commitment to competence
  • (D)  Human resource policies and practices
Submitted By :Ali Uppal

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