Basic Auditing MCQs Quiz 1

Books, accounts and documents of the company

Books and accounts of a company

Notices and documents of the company

Books, accounts and vouchers of the company

Segregation of duties

Performance reviews

Physical controls

Organizational structure

Information processing

Commitment to competence

Human resource policies and practices

Participation of management

Reliability & extensiveness

Objectivity & independence

Sufficiency & appropriateness

Appropriateness & competence

Advocacy threat

Familiarity threat

Self-review threat

Self-interest threat

directs attention to potential risk areas

indicates important aspects of business

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

All of the above

Indicates important aspects of business

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

All of the above

Directs attention to potential risk areas

The auditor has rejected an item for sample which was material

None of the above

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 managing director

The audit committee

The shareholders in a general meeting

The board of directors in a board meeting

All of the above

Statutory audit

Concurrent audit

Balance sheet audit