TasDia Network
TasDia Network

MCQs 1: Audit risk is composed of 3 factors. Which of the following is NOT one of those factors?

Compliance risk Detection risk Control risk Inherent risk
Answer Explanation

MCQs 2: Which of the following should NOT be considered at the planning stage?

The timing of the audit Analytical review Last year’s written representation letter Obtaining written representations
Answer Explanation

MCQs 3: At the planning stage you would NOT consider____________?

the timing of the audit whether corrections from the inventory count have been implemented last year’s audit the potential use of internal audit
Answer Explanation

MCQs 4: Which of the following describes sampling risk?

The risk of the auditor carrying out a test the wrong way round The risk of reliance on unsuitable audit evidence The risk that the sample does not reflect the population The risk of the auditor reaching the wrong conclusions from testing
Answer Explanation

MCQs 5: Which of the following is NOT an accepted method of selection in sampling?

Systematic selection Pervasive selection Random selection Haphazard selection
Answer Explanation

MCQs 6: Which of the following are you unlikely to see in the current file of auditors’ working papers?

Memorandum & articles of association Audit planning memorandum Summary of unadjusted errors Details of the work done on the inventory count
Answer Explanation

MCQs 7: According to ISA 500, the strength of audit evidence is determined by which two qualities?

Appropriateness & competence Sufficiency & appropriateness Reliability & extensiveness Objectivity & independence
Answer Explanation

MCQs 8: Which of the following is normally the most reliable source of audit evidence?

Internal audit Suppliers’ statements Board minutes Analytical review
Answer Explanation

MCQs 9: The degree of effectiveness of an internal control system depends on:

The design of the internal control system and the implementation of the controls The design of the internal controls and the implementation of the control system The implementation of the controls and the correctness of the accounting records The design of the internal control system and the correctness of the accounting records
Answer Explanation

MCQs 10: According to ISA 315, which of the following is NOT an element of the control environment?

Participation of management Information processing Commitment to competence Human resource policies and practices
Answer Explanation

MCQs 11: According to ISA 315, which of the following is NOT a control activity?

Performance reviews Physical controls Organizational structure Segregation of duties
Answer Explanation

MCQs 12: Lapping is also known as___________?

Teeming and lading Looping Embezzlement Hacking
Answer Explanation

MCQs 13: Internal audit is undertaken:

By independent auditor Statutorily appointed auditor By a person appointed by the management By a government auditor
Answer Explanation

MCQs 14: The scope of internal audit is decided by the___________?

Shareholders Management Government Law
Answer Explanation

MCQs 15: Audit of banks is an example of_____________?

Statutory audit Balance sheet audit Concurrent audit All of the above
Answer Explanation

MCQs 16: Concurrent audit is a part of____________?

Internal check system Continuous audit Internal audit system None of these
Answer Explanation

MCQs 17: Audit in depth is synonymous for____________?

Complete audit Completed audit Final audit Detailed audit
Answer Explanation

MCQs 18: Which of the following statements is not true about continuous audit?

It is conducted at regular interval It may be carried out on daily basis It is needed when the organization has a good internal control system It is expensive
Answer Explanation

MCQs 19: Internal check is carried on by___________?

Staff specially appointed for the purpose Internal auditor Supervisor of the staff Members of the staff
Answer Explanation

MCQs 20: Errors of Omission are_____________?

Technical errors Errors of principle Compensating errors None of the above
Answer Explanation

Related Topics

About Us | Contact Us | Privacy Policy
ABOUT US
Category
Who We Are

TasDia Network, this platform not only provides you the best educational stuff but besides this, we are creating thousands of new ideas to making your signature and planning much more on a single platform.

© 2020-2023, TasDia Network

All rights of the publication are reserved by tasdia.com.