A. Expression of opinion
B. Detection and Prevention of fraud and error
C. Both (A) and (B)
D. Depends on the type of audit.
Related Mcqs:
- ______the audit risks_______the materiality and_________the audit effort.
A. Lower, Higher, Lower
B. Lower, Lower, Higher
C. Higher, Lower, Lower
D. Lower, Higher, Higher - In an audit of financial statements, substantive tests are audit procedures that __________?
A. May be eliminated for an account balance under certain conditions
B. Are designed to discover significant subsequent events
C. Will increase proportionately when the auditor decreases the assessed level of control risk
D. May be test of transactions, test of balance and analytical procedures - For what minimum period should audit working papers be retained by audit firm?
A. For the time period the entity remains a client of the audit firm.
B. For a period of ten years
C. For a period auditor opines them to be useful in servicing the client
D. For the period the audit firm is in existence. - _______the audit risk,_______the materiality and _______the audit effort?
A. Lower, Higher, Lower
B. Lower, Lower, Higher
C. Higher, Lower, Lower
D. Lower, Higher, Higher - Audit in depth is synonymous for_____________?
A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit - Audit risk is composed of 3 factors. Which of the following is NOT one of those factors?
A. Compliance risk
B. Detection risk
C. Control risk
D. Inherent risk - Audit programme is prepared by____________?
A. The auditor
B. The client
C. The audit assistants
D. The auditor and his audit assistants - Audit of banks is an example of__________?
A. Statutory audit
B. Balance sheet audit
C. Concurrent audit
D. Both (A. and (B.
E. All of the above - Which of these are types of Audit Report?
A. Unqualified opinion
B. Qualified opinion
C. Adverse opinion
D. Disclaimer of opinion.
All of aboveSubmitted by: Naveed Ali
- Audit fess is a part of__________.
A. works on cost.
B. selling overhead.
C. distribution overhead.
D. administration overheadSubmitted by: ALIYA NAWAZ
The correct answer to the question: "The main object of an audit is _____________?" is "Depends on the type of audit.".
25 Comments
answer should be A because main objective of an audit is to examine and express opinion on Financial statements