Basic Auditing MCQs Quiz 1

Books, accounts and vouchers of the company

Notices and documents of the company

Books and accounts of a company

Books, accounts and documents of the company

Physical controls

Segregation of duties

Organizational structure

Performance reviews

Human resource policies and practices

Commitment to competence

Participation of management

Information processing

Sufficiency & appropriateness

Appropriateness & competence

Reliability & extensiveness

Objectivity & independence

Familiarity threat

Advocacy threat

Self-interest threat

Self-review threat

directs attention to potential risk areas

helps to determine the nature, timing and extent of other audit procedures

indicates important aspects of business

All of the above

All of the above

Indicates important aspects of business

Helps to determine the nature, timing and extent of other audit procedures

Directs attention to potential risk areas

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

The auditor has rejected an item for sample which was material

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

None of the above

The audit committee

The managing director

The board of directors in a board meeting

The shareholders in a general meeting

All of the above

Concurrent audit

Statutory audit

Balance sheet audit