Settlement of Audit Objections

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

Tax evasion

Failure to correct known weakness in internal control system

Adoption of conservative accounting principles

High management turnover

Evidence of matching credit notes to goods returned notes

Evidence of approval of credit notes

Evidence of a sequence check

Proof of issuance date

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

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

Minutes of meetings

Confirmations from debtors

Information gathered by auditor through observation

Worksheet supporting consolidated financial statements

For the time period the entity remains a client of the audit firm

For a period of ten years

For a period auditor opines them to be useful in servicing the client

For the period the audit firm is in existence

risk assessment

control procedure

supervision

control environment

The auditor concludes balance is materially correct when in actual fact it is not

The auditor concludes that the balance is materially misstated when in actual fact it not

The auditor has rejected an item for sample which was material

None of the above

Systematic sampling

Random sampling

Haphazard sampling

None