Audit of banks is an example of Statutory audit Concurrent audit Balance sheet audit All of the above Correct! Wrong! Concurrent audit is a part of Continuous audit Internal check system Internal audit system Correct! Wrong! Audit in depth is synonymous for Complete audit Completed audit Detailed audit Correct! Wrong! Balance sheet audit includes verification of_ Assets Liabilities Income and expense accounts where appropriate All of the above Correct! Wrong! 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 Correct! Wrong! Analytical procedures issued in the planning stage of an audit, generally helps to determine the nature, timing and extent of other audit procedures directs attention to potential risk areas indicates important aspects of business All of the above Correct! Wrong! Of the following, which is the least persuasive type of audit evidence? Bank statements obtained from the client Documents obtained by auditor from third parties directly. Carbon copies of sales invoices inspected by the auditor Correct! Wrong! Which of the following statements is, generally, correct about the reliability of audit evidence? To be reliable, evidence should conclusive rather than persuasive Effective internal control system provides reliable audit evidence Evidence obtained from outside sources routed through the client Correct! Wrong! Which of the following is not a corroborative evidence? Minutes of meetings Confirmations from debtors Worksheet supporting consolidated financial statements Correct! Wrong! Which of the following affects audit effectiveness? Risk of over reliance Risk of incorrect rejection Risk of incorrect acceptance Both (a) and (c) Correct! Wrong!