This quiz works best with JavaScript enabled. Home > Auditing > Auditing > Auditing – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Auditing Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The government examines tax returns completed and submitted by a taxpaying entity to confirm that information on a tax return is correctly reported and accurate. A) Internal Revenue Service Audit. B) Internal Revenue System Audit. C) Internal Revenue Source Audit. D) None of above. Show Answer Correct Answer: A) Internal Revenue Service Audit. 2. The standards of due audit care requires the auditor to A) Make perfect judgement decision in all cases. B) Ensure that the financial statements are free from error. C) Possess skills clearly above the average for the profession. D) Apply judgement in a conscientious manner, carefully weighing the relevant factors before reaching a decision. Show Answer Correct Answer: D) Apply judgement in a conscientious manner, carefully weighing the relevant factors before reaching a decision. 3. Which of the following quality control procedures relates to engagement performance A) Hiring. B) Direction. C) Professional development. D) Advancement. Show Answer Correct Answer: B) Direction. 4. Wages Act A) 1934. B) 1932. C) 1938. D) 1936. Show Answer Correct Answer: D) 1936. 5. As you review your firewall log, you see the following information. What type of attack is this? S=207.50.135.54:53-D=10.1.1.80:0S=207.50.135.54:53-D=10.1.1.80:1S=207.50.135.54:53-D=10.1.1.80:2S=207.50.135.54:53-D=10.1.1.80:3S=207.50.135.54:53-D=10.1.1.80:4S=207.50.135.54:53-D=10.1.1.80:5 A) Denial-of-service. B) Port scanning. C) Ping scanning. D) DNS Spoofing. Show Answer Correct Answer: B) Port scanning. 6. Financial report auditing can best be described as: A) A regulatory function that prevents the issuance of improper financial information. B) A professional activity that measures and communicates financial and business data. C) A discipline that attests to the results of accounting and other functional operations and data. D) A branch of accounting. Show Answer Correct Answer: C) A discipline that attests to the results of accounting and other functional operations and data. 7. In what way can you gather information from a remote printer? A) HTTP. B) SNMP. C) CA. D) SMTP. Show Answer Correct Answer: B) SNMP. 8. Recording a transaction twice in the books of original entry is an error of ..... A) Principle. B) Commission. C) Duplication. D) None of above. Show Answer Correct Answer: C) Duplication. 9. Which of the following standards are to be applied, as an appropriate, in the audit of historical financial information? A) PSREs. B) PSAEs. C) PSRSs. D) PSAs. Show Answer Correct Answer: D) PSAs. 10. The Auditors Working Papers are divided into two parts A) Permanent audit file and current audit file. B) B)Permanent audit file and temporary audit file. C) Temporary audit file and current audit file. D) Current audit file and transitory audit file. Show Answer Correct Answer: A) Permanent audit file and current audit file. 11. Objectives of internal audit includes ..... A) Proper control. B) Perfect accounting system. C) Asset protection. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. The auditor is required to determine three different levels of materiality:(1) materiality for the financial statements as a whole, (2) performance materiality, and (3) A) Overall materiality. B) Planning materiality. C) General materiality. D) Specific materiality. Show Answer Correct Answer: D) Specific materiality. 13. The general standards of the generally accepted auditing standards include a requirement that: A) The fieldwork to be adequately planned. B) The auditor's report to state whether the financial statements are presented in conformity with PFRS. C) Due professional care be exercised by the auditor. D) The auditor to obtain sufficient, competent evidential matter. Show Answer Correct Answer: C) Due professional care be exercised by the auditor. 14. Which of the following is the most relevant assertion with regards to the audit of cash? A) Existence. B) Rights and obligations. C) Valuation and allocation. D) Presentation and disclosure. Show Answer Correct Answer: A) Existence. 15. Focus on the effectiveness and efficiency of business operations and could include A) Financial Audits. B) Operational Audits. C) General Control Audits. D) Application Audits. Show Answer Correct Answer: B) Operational Audits. 16. An auditor in a casual vacancy is appointed by the ..... A) Board of Directors. B) Shareholders. C) Central Government. D) Company Law board. Show Answer Correct Answer: A) Board of Directors. 17. Remuneration of an internal auditor is fixed by ..... A) Management. B) Shareholders. C) Government. D) Statutory body. Show Answer Correct Answer: A) Management. 18. Auditor should see that amount received for premium on issue of shares should be shown in ..... A) Subscribed capital. B) Capital Reserve Account. C) Share Premium account. D) Paid-up capital account. Show Answer Correct Answer: C) Share Premium account. 19. Internal auditor of a company must be ..... A) Cost accountant. B) Chartered accountant. C) ICWA. D) Need not possess any professional qualification. Show Answer Correct Answer: D) Need not possess any professional qualification. 20. Capital stock having no references generally in terms of dividends, voting rights, or distributions. A) Bond. B) Equity. C) Common stock. D) Share. Show Answer Correct Answer: C) Common stock. ← 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