Answers with logic are required
Internal source of audit evidence for an entity includes the following EXCEPT:
(a)Associated companies of the entity
(b)Accounting systems, records and documents
(c)Non-financial data and records
(d)Management representation and discussion
Which of the following is TRUE?
(a)The audit profession is unregulated
(b)The audit profession is regulated by its own professional body
(c)Outside bodies sometimes become involved in the regulation of audit profession
(d)The audit profession is regulated only by the government
Which of the following is the least concern to an auditor regarding the client's internal control system?
(a)Efficiency and effectiveness of operations
(b)Controls related to the reliability of financial reporting
(c)Controls over classes of transactions
(d)Auditors are equally concern with each of the given issues
Which statement cannot be highlighted as a merit of audit process?
(a)It settles the dispute between management
(b)It helps the auditor to give more constructive advice top management
(c)Its help to restrict sole proprietor to by changing some fee
(d)It gives strength to the company for acquiring the finance
The small audit firms provide the following services EXCEPT:
(a)Liquidation and receivership work, fraud auditing
(b)Financial management and system consultancy
(c)Financial system planning and preparation
(d)Tax management and statutory form filling
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