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Auditing
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Advance Accounting and Auditing
90
Scrutiny of Record for Audit Purpose
44
Mini Budget
18
Audit Evidence
1
Audit
82
Annual Budget
209
Internal Control
9
Settlement of Audit Objections
234
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Settlement of Audit Objections
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
indicate important aspects of business
all of the above
Author:
rikazzz
Comment
Settlement of Audit Objections
The least important element in the evaluation of an audit firm’s system of quality control would relate to:
assignment of audit assistants
system of determining audit fees
consultation with experts
confidentiality of client’s information
Author:
rikazzz
Comment
Audit
Internal source of audit evidence for an entity includes the following except:
Associated companies of the entity
Accounting system, record and documents
Non-financial data and record
Management representation and discussion
Author:
rikazzz
Comment
Settlement of Audit Objections
Control risk is assessed at:
Overall financial statements level
Fraud risk factor level
Financial statement assertion level
Control environment level
Author:
rikazzz
Comment
Settlement of Audit Objections
Analytical procedures used in planning an audit should focus on identifying which one of the below:
Areas that may represent specific risks relevant to the audit
Material weaknesses in the internal control structure
The predictability of financial data form individual transactions
The various assertions that are embodied in the financial report
Author:
rikazzz
Comment
Annual Budget
Supplementary and excess grants. If in respect of any financial year it is found:
That the amount authorized to be expended for a particular service for the current financial year is insufficient or that a need has arisen for expenditure upon some new service not included in the Annual Budget Statement for that year; or
That any money has been spent on any service during a financial year in excess of the amount granted for that service for that year
Both A and B
None of these
Author:
rikazzz
Comment
Advance Accounting and Auditing
Actual overhead cost appear:
On a job cost sheet
In the work in process account
In the financial goods account
None of these
Author:
rikazzz
Comment
Annual Budget
Which of the following is not likely to be a government objective?
Increasing employment
Increasing economic growth
Increasing government spending
Increasing the level of exports
Author:
rikazzz
Comment
Advance Accounting and Auditing
A job order costing system is most appropriate for which of the following types of manufacturing?
Flour milling
Paper manufacturer
Automobile manufacturer
Shipbuilders
Author:
rikazzz
Comment
Audit
In determining the level of materially for an audit what should not be considered?
Prior years errors
The auditor remuneration
Adjusted interim financial statement
Prior year financial statement
Author:
rikazzz
Comment
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