This quiz works best with JavaScript enabled. Home > Auditing > Auditing > Auditing – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Auditing Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The quantity of audit working papers complied on engagement would most be affected by A) Management's integrity. B) Auditor's experience and professional judgment. C) Auditor's qualification. D) Control risk. Show Answer Correct Answer: B) Auditor's experience and professional judgment. 2. Which is not a characteristic of a specialized industry? A) Complex accounting. B) Strict compliance requirements. C) High Risk. D) Unusual or rare in nature. Show Answer Correct Answer: D) Unusual or rare in nature. 3. External audit firms performing regulatory audits is also called ..... A) Statutory Audio. B) Stutatory Audits. C) Statotury Audits. D) Statutory Audits. Show Answer Correct Answer: D) Statutory Audits. 4. .... are the assets which may arise on the happening of an uncertain event. A) Fixed assets. B) Intangible assets. C) Contingent assets. D) Wasting assets. Show Answer Correct Answer: C) Contingent assets. 5. Independent auditors of financial statements perform audits that reduce and control A) The business risks faced by investors. B) The information risk faced by investors. C) The complexity of financial statements. D) Quality reviews performed by other public accounting firms. Show Answer Correct Answer: B) The information risk faced by investors. 6. Which type of Ethic is applicable to an auditor who provide Audit Services to the client/company? A) Practice Ethic. B) Business Ethic. C) Subject Ethic. D) Company Ethic. Show Answer Correct Answer: A) Practice Ethic. 7. In the initial stage auditing was not ..... for all A) Compulsory. B) Voluntary. C) Specific. D) None. Show Answer Correct Answer: A) Compulsory. 8. Which of following is the most basic form of IDS? A) Anormaly-based. B) Behavioral-based. C) Signature-based. D) Statistical-based. Show Answer Correct Answer: C) Signature-based. 9. Subscription Receivable collectible within 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: A) Current Assets (Receivables). 10. International Standards on Auditing (ISA 500), Audit Evidence classifies assertions into several broad categories EXCEPT: A) Competency. B) Existence. C) Occurrence. D) Measurement. Show Answer Correct Answer: A) Competency. 11. Auditing means A) Detection and prevention of frauds. B) Detection and prevention of errors. C) Detection and prevention of errors and frauds. D) Controlling of accounts. Show Answer Correct Answer: C) Detection and prevention of errors and frauds. 12. What materiality level would be considered by the auditor to determine whether the proposed adjustments are significant or not? A) Overall materiality. B) Scoping materiality. C) Specific materiality. D) Performance materiality. Show Answer Correct Answer: A) Overall materiality. 13. Audits procedures are methods or techniques that auditors use to obtain audit ..... and form an opinion regarding the financial statements of a company. A) Evidence. B) Information. C) Knowledge. D) Source. Show Answer Correct Answer: A) Evidence. 14. The third standard of field work states that sufficient competent evidential matter may in part be obtained through the following methods except A) Inspection. B) Observation. C) Confirmation. D) Reconciliation. Show Answer Correct Answer: D) Reconciliation. 15. Which of the following is NOT the statutory duty of an external auditor? A) To report his opinion on whether the financial statements give a true and fair view. B) To ensure the accounting and other records are kept as required by the Company Act 2016. C) To attend attend general meeting or annual general meeting where the financial statements are laid. D) None of above. Show Answer Correct Answer: B) To ensure the accounting and other records are kept as required by the Company Act 2016. 16. Auditor do the valuation of assets A) True. B) False. C) None. D) None of above. Show Answer Correct Answer: B) False. 17. When computer programme or files can be accessed from terminals, access can be limited to authorized individuals by A) Appointing a librarian. B) Controlling passwords. C) Appointing EDP auditor. D) Both (a) and (b). Show Answer Correct Answer: B) Controlling passwords. 18. The official legal Right to Make or Sell .an Invention for a Particular Number of years A) Copy Right. B) Fraud. C) Patent. D) Trade Mark. Show Answer Correct Answer: C) Patent. 19. Audit means to check ..... A) Employees. B) Management. C) Financial Statements. D) Market. Show Answer Correct Answer: C) Financial Statements. 20. The audit procedure which is least useful in gathering evidence on significant computer processes is A) Documentation. B) Observation. C) Test decks. D) Generalized audit software. Show Answer Correct Answer: B) Observation. ← PreviousNext →Related QuizzesAuditing QuizzesAuditing Quiz 1Auditing Quiz 2Auditing Quiz 3Auditing Quiz 4Auditing Quiz 5Auditing Quiz 6Auditing Quiz 7Auditing Quiz 8Auditing Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books