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Auditing
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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
Show/Hide Answers
Annual Budget
Which of the following is not a supply side measure?
Increased training
Providing more information
Helping individuals to more location to find work
Increasing spending on existing industries
Author:
rikazzz
Comment
Audit
Which one of the following persons is responsible for the preparation of audit engagement later?
Auditor
Client
Company register
Company secretary
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
which of the following statements is not true with regard to teeming and lading
it results in the deliberate misappropriation of cash receipts
it is associated with cash receipts
if same individual maintains cash receipts and cash payments teeming and lading is likely to exist
to conceal the shortage, the defraud, usually, tries to keep bank and book amounts in Daily agreement so that a bank reconciliation will not detect the irregularity
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
The auditor should examine subsequent realization of revenue such as dividends, interest, commission, etc. to
identify cases of unrecorded revenue
ensure proper disclosure in the balance sheet
recomputed accrued income on the data of balance sheet
any of these
Author:
rikazzz
Comment
Annual Budget
Developing economies usually:
Have large industrialized sectors
Are dependent on primary products
Have high levels of wealth
Earn more from exports than is spent on imports
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following documents is not relevant for vouching cash sales?
Daily cash sales summary
Salesmen’s summary
Monthly statements sent to customers
Banks statement
Author:
rikazzz
Comment
Settlement of Audit Objections
When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the:
Amount of known misstatement is documented in working papers
Estimates of the total likely misstatement is less than materiality level
Estimate of the total likely misstatement is more than materially level
Estimates of the total likely misstatement cannot be made
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following statements is true:
The auditing profession is unregulated
The auditing profession is regulated only by its own professional body
Outside bodies sometimes become involved in the regulation of the audit profession
The auditing profession is regulated only by the government
Author:
rikazzz
Comment
Audit
Capital reserves are created out of profit of ________
A revenue nature
A capital nature
A secret reserve
Contingency reserve
Author:
rikazzz
Comment
Settlement of Audit Objections
What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing:
The auditor has ascertained that the balance is materially correct when in actual fact it is not
The auditor concludes the balance is materially misstated when in actual fact is not
The auditor has rejected an item from sample which was not supported by documentary evidence
He applies random sampling on data which is inaccurate and inconsistent
Author:
rikazzz
Comment
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