Auditing Quiz- 2
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Auditing Quiz Series for Senior Auditor Test 2019
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Question 1 of 20
1. Question
1 pointsThe main object of an audit is ___
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Question 2 of 20
2. Question
1 pointsWhich of the following is not true about opinion on financial statements?
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Question 3 of 20
3. Question
1 pointsA sale of Rs. 50.000 to A was entered as a sale to B. This is an example of _
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Question 4 of 20
4. Question
1 points‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of _
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Incorrect
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Question 5 of 20
5. Question
1 points6. Which of the following statements is not true?
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Question 6 of 20
6. Question
1 pointsWhich of the following is not a limitation of audit as per AAS4?
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Question 7 of 20
7. Question
1 pointsHow many principles are listed in AAS1 which govern auditor’s professional obligation?
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Question 8 of 20
8. Question
1 pointsBoth auditing and accounting are concerned with financial statements. Which of the
followingCorrect
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Question 9 of 20
9. Question
1 pointsThe risk of management fraud increases in the presence of :
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Question 10 of 20
10. Question
1 pointsAuditing standards differ from audit procedures in that procedures relate to
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Question 11 of 20
11. Question
1 pointsThe most difficult type of misstatement to detect fraud is based on:
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Question 12 of 20
12. Question
1 pointsWhich of the following statements is correct concerning the required documentation in
working papers of fraud risk assessment undertaken by the auditor?Correct
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Question 13 of 20
13. Question
1 pointsWhich of the following is not likely to be a fraud risk factor relating to management’s
characteristicsCorrect
Incorrect
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Question 14 of 20
14. Question
1 pointsProfessional skepticism requires that the auditor assume that management is
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Question 15 of 20
15. Question
1 pointsThe audit engagement letter, generally, should include a reference to each of the following
exceptCorrect
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Question 16 of 20
16. Question
1 pointsAn auditor who accepts an audit but does not possess the industry expertise of the
business entity shouldCorrect
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Question 17 of 20
17. Question
1 pointsThe primary purpose of establishing quality control policies and procedures for deciding on
client evaluation is toCorrect
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Question 18 of 20
18. Question
1 pointsAn auditor obtains knowledge about a new client’s business and its industry to
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Question 19 of 20
19. Question
1 pointsIn an audit of financial statements, substantive tests are audit procedures that __
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Question 20 of 20
20. Question
1 pointsDepreciation does not arise form _______
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