Settlement of Audit Objections

extracts from client’s bank statements

past year’s financial statements

attorney’s letters

debt agreements

Economic audit

Efficiency audit

Expenditure audit

Effectiveness audit

Government audit

Internal audit

Cost audit

Statutory audit

Heterogeneous characteristics

Nothing in common

A lot of sampling units

Homogeneous characteristics

Sample should be drawn from population

Every strata of population should be represented in the sample

Every item in the population has an equal chance of being selected in the sample

Items should be selected at ‘n’ th interval

Risk of over reliance

Risk of incorrect rejection

Risk of incorrect acceptance

Both a and c

cash receipt

cash payment

credit transactions

all the above

a revenue nature

a capital nature

a secret reserve

contingency reserve

organizational level to which he reports

qualification of internal auditor

system of quality control of his work

all of the above

unqualified opinion

unqualified opinion with reference to notes to the accounts

qualified opinion

disclaimer of opinion