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auditing mcqs (Total Quiz: 131)
MCQ: Which of these are types of Audit Report?
- Unqualified opinion
- Qualified opinion
- Adverse opinion
- Disclaimer of opinion
- All of above
MCQ: You have been proposed as auditor of a company. What is the first step that you should take?
- Obtain the client’s permission to communicate with the existing auditor
- Obtain the existing auditor’s working papers
- Obtain a copy of the company’s most recent board minutes
- Obtain a copy of the existing auditor’s letter of engagement
MCQ: Which one of the following may auditors NOT perform for their client?
- Taking management decisions
- Preparation of accounting records
- Preparing tax computations
- Advising on weaknesses in the internal control systems
MCQ: Which of the following are fundamental ethical principles for professional accountants?
- 1, 2 and 3 only
- 1, 3 and 4 only
- 2, 3 and 4 only
- 1, 2 and 4 only
MCQ: An auditor should not accept a loan on favourable commercial terms from an audit client because of the threat to his or her independence. The threat would be a___________?
- Self-interest threat
- Self-review threat
- Advocacy threat
- Familiarity threat
MCQ: Which of the following statements is INCORRECT?
- An auditor may serve on the board of directors of an audit client
- An auditor who is an immediate family member of the director of an audit client must not be assigned to the audit team
- Purchasing goods from an audit client on normal commercial terms does not create a threat to the auditor’s independence
- An auditor who was recently a director of an audit client must not be assigned to the audit team for that client
MCQ: Which of the following is true about written representations?
- They are the best source of audit evidence
- They should be used only when there is a lack of other substantive audit evidence
- They should be used only when there is other substantive audit evidence to complement it
- Shareholders receive a copy of all material written representations
MCQ: Which of the following would you not use as a benchmark for comparison when undertaking analytical procedures?
- Other audit clients
- Previous years
- Other companies in the same industry
MCQ: What is meant by the expression ‘expectation gap’?
- The gap between how the directors of a company perform their duties and how the shareholders expect them to perform
- The gap between how the directors of a company perform their duties and how the general public expects them to perform
- The gap between the public perception of the role of company auditors and their statutory role and responsibilities
- The gap between the auditors’ own perception of their duties and how they are set out in the Companies Act
MCQ: Which of the following does NOT belong in the auditors’ report?
- Introductory paragraph specifying the pages to which the report relates and the accounting convention adopted
- Basis of the opinion
- Involvement of any specialist
- Statement of responsibilities of directors and auditors
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