This quiz works best with JavaScript enabled. Home > Auditing > Auditing > Auditing – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Auditing Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Planning an audit involvesI. Establishing the overall audit strategy for the engagement. II.-Developing an audit plan. A) I only. B) II only. C) Both I and II. D) Neither I nor II. Show Answer Correct Answer: C) Both I and II. 2. Who among the following can be appointed as auditor of a company? A) A partner or a director of a company. B) A person of unsound mind. C) Mr. who owes Rs.500 to the company. D) Mr. Z the holder of C.A certificate. Show Answer Correct Answer: D) Mr. Z the holder of C.A certificate. 3. When accountant or auditor attend formal education, relevant practical training and experience and continuing professional education, he or she is said to fulfill which type of Principles of Ethic? A) Integrity. B) Objetcivity. C) Professional Competence and Due Care. D) Professional Behaviour. Show Answer Correct Answer: C) Professional Competence and Due Care. 4. What is the purpose of audit? A) To satisfy the auditor. B) To assist management to do financial stataement. C) To provide reliable information to users. D) To avoid shareholder being cheated by management. Show Answer Correct Answer: C) To provide reliable information to users. 5. Which of the followings are not the types of auditor? A) Financial auditor. B) Company auditor. C) External auditor. D) Governmental auditor. Show Answer Correct Answer: A) Financial auditor. 6. Based on answer given, which is the correct test for accuracy of listing of non-current liabilities. A) Test clerical. B) Test clinical. C) Test cleryical. D) Test clirecal. Show Answer Correct Answer: A) Test clerical. 7. Audit can be done by ..... only in India A) Accountant. B) B.Com Graduate. C) Chartered Accountant. D) Owner of company. Show Answer Correct Answer: C) Chartered Accountant. 8. When is evidential matter, generally, considered sufficient? A) When it constitutes entire population. B) When it is enough to provide a basis for giving reasonable assurance regarding truthfulness. C) When it is objective and relevant. D) When auditor collects and evaluates it independently. Show Answer Correct Answer: B) When it is enough to provide a basis for giving reasonable assurance regarding truthfulness. 9. The main object of anaudit is .....? A) Expression of opinion. B) Detection and Prevention of fraud and error. C) Both (A) and (B). D) Depends on the type of audit. Show Answer Correct Answer: D) Depends on the type of audit. 10. An auditor should have ..... in carrying his roles in SDLC: A) Empathy. B) Trustworthy. C) Kindness. D) Competence. Show Answer Correct Answer: D) Competence. 11. Objectives of auditing can be mainly categorised into ..... parts A) 1. B) 3. C) 6. D) 9. Show Answer Correct Answer: B) 3. 12. Involve examining support for the individual debits and credits posted to an account. A) Tests of details of balances. B) Tests of controls. C) Tests of details of transactions. D) Analytical procedures. Show Answer Correct Answer: C) Tests of details of transactions. 13. An auditor of Government company has to submit his report to the:- A) Shareholders. B) Central Government. C) C & A-G. D) Ministry concerned. Show Answer Correct Answer: B) Central Government. 14. Sec.143 of Companies Act 20913 deals with ..... A) Powers and rights of an auditor. B) Removal of an auditor. C) Appointment of an auditor. D) Remuneration of an auditor. Show Answer Correct Answer: A) Powers and rights of an auditor. 15. Sec.139 (7) provides that in the case of a Government Company or any other company owned or controlled by the Central Government, or by any State Government, the first auditor shall be appointed by ..... A) Controller and Auditor-General of India. B) Central Government. C) State Government. D) None of the above. Show Answer Correct Answer: A) Controller and Auditor-General of India. 16. A progressive audit programme is also called a A) Tailor made. B) Man made. C) Auditor made. D) Skeleton. Show Answer Correct Answer: D) Skeleton. 17. Which of the following standards are to be applied to compilation engagements, engagements to apply agreed-upon procedures to information, and other related services engagements as specified by the AASC? A) PSRSs. B) PSAs. C) PSAEs. D) PSREs. Show Answer Correct Answer: A) PSRSs. 18. Which of the following best describes what is meant by generally accepted auditing standards? A) Audit objectives generally determined on audit engagements. B) Acts to be performed by the auditor. C) Measure of the quality of the auditor's performance. D) Procedures to be used to gather evidence to support financial statements. Show Answer Correct Answer: D) Procedures to be used to gather evidence to support financial statements. 19. It is a type of Enterprise that is owned and Run by one person A) Enterprise. B) Enterprenur. C) Sole Trading Concern. D) All the above. Show Answer Correct Answer: C) Sole Trading Concern. 20. ..... is the remaining level of risk following the development and implementation of the entity's response. A) Risk. B) Inherent Risk. C) Residual Risk. D) Returns. Show Answer Correct Answer: C) Residual Risk. ← 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