Settlement of Audit Objections

Trusts

Joint stock companies

Proprietorship concern

None of the above

reasonably honest

Neither honest nor dishonest

Not necessarily honest

Dishonest unless proved otherwise

unqualified opinion

qualified opinion

disclaimer of opinion

adverse opinion

The reliability of audit evidence and its relevance in meeting the audit objective

The objectivity and integrity of the auditor

The quantity of audit evidence

The independence of the source of evidence

limitations of auditing

responsibilities of management with respect to audit work

expectation of receiving a written management representation letter

a description of the auditor’s method of sample selection

Several over payments are made for goods received from a supplier

The year end cash balance does not include cash in transit to the company at year-end

A check received after year end was inadvertently recorded as if received before year-end

A documented loan is sanctioned to an officer of the company

Visit location on surprise basis to observe test counts

Request inventory count at a date close to year end

Vouch goods sent on approval very carefully

Perform analytical procedures

Test of account balances to verify the correctness of the amounts

Verification that an operating system and/or applications are configured appropriately to the companies needs

Review of minutes of directors; meetings and inquiry

Use of statistical sampling to determine the accuracy of financial statement figures

Valuation

Completeness

Existence

Rights and obligations

board of directors

managing director

any director

general meeting