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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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Scrutiny of Record for Audit Purpose
an internal auditor discovered that fictitious purchases have been recorded by the purchase clerk. This indicates absence of which control
purchase invoices are independently matched with purchase orders and goods received Notes
goods received notes requires the signature of individual who authorized the purchase
routine checks are performed by internal auditor fortnightly
purchase function and production function are clubbed in one department
Author:
rikazzz
Comment
Settlement of Audit Objections
The authority to remove the first auditor before the expiry of term is with:
the shareholders in a general meeting
the shareholders in the first annual general meeting
the board of directors
the central government.
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following is true about explanatory notes:
These are given by the directors of the company
These are given by auditors of the company in auditor’s report
These are given to adhere to requirements of law
All of the above
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following is not likely to be a fraud risk factor relating to management’s characteristics:
Tax evasion
Failure to correct known weakness in internal control system
Adoption of conservative accounting principles
High management turnover
Author:
rikazzz
Comment
Settlement of Audit Objections
While testing the purchase system of an entity, which one of the following control tests may be applied to the Credit Notes by the auditors:
Evidence of matching credit notes to goods returned notes
Evidence of approval of credit notes
Evidence of a sequence check
Proof of issuance date
Author:
rikazzz
Comment
Advance Accounting and Auditing
In principle current assets are financed form:
Retained earning
Long term debts
Issue of fresh capital
Current liabilities
Author:
rikazzz
Comment
Settlement of Audit Objections
Verification is:
the art of recording the business transaction
an examination of the books of accounts
the act of establishing the accuracy of entries in the books of accounts
none of the above
Author:
rikazzz
Comment
Settlement of Audit Objections
What are analytical procedures:
Substantive tests designed to assess control risk
Substantive tests designed to evaluate the validity of management’s representation letter
Substantive tests designed to study relationships between financial and nonfinancial
All of the above
Author:
rikazzz
Comment
Annual Budget
According to the law of demand, when:
Price increases demand decreases
Price decreases demand decreases
Price increases demand increases
Price decreases demand does not change
Author:
rikazzz
Comment
Audit
The company’s auditor is expected to give ________
his expert opinion about the accounts
a factual position about the accounts
a critical review of the accounts
financial assistance
Author:
rikazzz
Comment
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