This quiz works best with JavaScript enabled. Home > Accounting > Auditing > Auditing > Auditing – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Auditing Quiz 15 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Is an Audit which is conducted in between two annual Audits A) Interim Audit. B) Complete Audit. C) Internal Audit. D) External Audit. Show Answer Correct Answer: A) Interim Audit. 2. A transaction is recorded in the books only when a documentary evidence is available to support the transaction. That documentary evidence is known as ..... A) Voucher. B) Cash Memo. C) Pay-in-slips. D) All of the above. Show Answer Correct Answer: A) Voucher. 3. Audit experts can help you with ..... A) Achieve high levels of accuracy bookkeeping. B) Improve the way you manage your budgets and cost accounting. C) Buy or sell other companies. D) Prepare for future changes in tax regulation. Show Answer Correct Answer: A) Achieve high levels of accuracy bookkeeping. 4. Find a synonym to the word "disruptive": A) Enable. B) Subjective. C) Vital. D) Troublemaking. Show Answer Correct Answer: D) Troublemaking. 5. Failure to detect material monetary errors in the financial statements is a risk that the auditor mitigates primarily by A) Performing tests of controls. B) Performing substantive tests. C) Evaluating internal control. D) Obtaining representation letter. Show Answer Correct Answer: B) Performing substantive tests. 6. Vouching is an ..... device. A) Mechanical. B) Intelligent. C) Reliability. D) None of above. Show Answer Correct Answer: B) Intelligent. 7. If a casual vacancy in the office of auditor arises by his resignation it should only be filled by the company in a A) Annual general meeting. B) Board meeting. C) Extraordinary general meeting. D) General meeting. Show Answer Correct Answer: B) Board meeting. 8. A governing body established by the Sarbanes-Oxley Act, also mandates ethics and independence rules for firms registered with the Board to conduct audits of public companies. A) PBCAO. B) PCBAO. C) PCAOB. D) PCOAB. Show Answer Correct Answer: C) PCAOB. 9. IFRS 9:Financial InstrumentsIFRS 16:LeasesIFRS 17:Insurance ContractsIFRS 41:? A) Revenues. B) Agriculture. C) Investment Property. D) None of the choices. Show Answer Correct Answer: D) None of the choices. 10. When the auditor is an employee of the organization being audited, the audit is classified as ..... A) Internal. B) External. C) Compliance. D) Both A & B. Show Answer Correct Answer: A) Internal. 11. Company A hired Sampson & Delila, CPAs, to audit the financial statements of Company B and deliver the audit report to Megabank. Which is the client? A) Sampson & Delila. B) Megabank. C) Company A. D) Company B. Show Answer Correct Answer: C) Company A. 12. Obtain sufficient appropriate evidence regarding the appropriateness of ..... of the going concern basis of accounting in the preparation of the financial statements. A) Management's estimation. B) Management's judgement. C) Management's use. D) None of above. Show Answer Correct Answer: C) Management's use. 13. Which of the following is a record of the tracked actions of users? A) Performance Monitor. B) Audit Trails. C) Permissions. D) System and event logs. Show Answer Correct Answer: B) Audit Trails. 14. What are the three factors in "the fraud triangle" A) Opportunity, pressure, incentive. B) Incentive, opportunity, rationalization. C) Opportunity, skepticism, rationalization. D) Incentive, manipulation, rationalization. Show Answer Correct Answer: B) Incentive, opportunity, rationalization. 15. Which of the following is true about accounting? A) Accounting is resoonsibility of management. B) Accounting is responsibility of owners of company. C) Accounting is responsbiliy of auditor. D) Accounting is responsibility of both accountant and audtior. Show Answer Correct Answer: A) Accounting is resoonsibility of management. 16. Which one is not the duty of public sector organisations? A) Maintain proper accounting system and practice. B) Perform record keeping. C) Review statements and provide any related comments. D) Prepare financial statements at the end of the day. Show Answer Correct Answer: C) Review statements and provide any related comments. 17. Is the monitoring process conducted within the validity period of halal certification? A) No, the monitoring process is not run on a regular basis. B) Yes the monitoring process is not run on a regular basis. C) Yes, the monitoring process is run on a regular basis. D) No, the monitoring process is run on a regular basis. Show Answer Correct Answer: C) Yes, the monitoring process is run on a regular basis. 18. You have established a baseline for your server. Which of the following is the best tool to use to monitor any changes to that baseline? A) Antivirus software. B) Vulnerability assessments software. C) Performance Monitor. D) Anti-spyware. Show Answer Correct Answer: C) Performance Monitor. 19. A symbol or word legally Registered established by use us Representing a Company or Product A) Trade Mark. B) Patent. C) Goodwill. D) Copy Right. Show Answer Correct Answer: A) Trade Mark. 20. The minimum required phases and considerations within SDLC phases are ..... if the system or software development deals with ..... data in any way. A) Mandatory; Level 0. B) Optional; Level 1. C) Optional; Level 0. D) Mandatory; Level 1. Show Answer Correct Answer: D) Mandatory; Level 1. 21. Which type of Principle of Ethic that is related for the following situation? "Auditor need to maintain attitude of impartiality and do not be bias toward the company" A) Professional Behaviour. B) Confidentiality. C) Integrity. D) Objectivity. Show Answer Correct Answer: D) Objectivity. 22. Who is responsible for the appointment of statutory auditor of a limited company? A) Directors of the company. B) Members of the company. C) The Central Government. D) All of the above. Show Answer Correct Answer: B) Members of the company. 23. How many types of error are there in auditing? A) 20. B) 2. C) 10. D) 5. Show Answer Correct Answer: D) 5. 24. Subscription Receivable collectible beyond 12 months shall be treated as A) Current Assets (Receivables). B) Addition to Subscribed Share Capital. C) Deduction to Subscribed Share Capital. D) None of above. Show Answer Correct Answer: C) Deduction to Subscribed Share Capital. 25. The auditor shall assemble the audit documentation in an audit file within ..... days of completion of audit. A) 60 days. B) 180 days. C) 90 days. D) 30 days. Show Answer Correct Answer: A) 60 days. ← PreviousRelated QuizzesAuditing QuizzesAccounting QuizzesAuditing Quiz 1Auditing Quiz 2Auditing Quiz 3Auditing Quiz 4Auditing Quiz 5Auditing Quiz 6Auditing Quiz 7Auditing Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books