Auditing is what?

Related Mcqs:

1. Auditing is compulsory for____________?

   A. Small scale business
   B. Partnership firms
   C. Joint stock Companies
   D. Proprietary Concerns

2. International auditing standards are issued by the______________?

   A. International Accounting Standards Board
   B. International Federation of Accountants
   C. International Standards Board
   D. Auditing Practices Board

3. How many Standards on Auditing have been issued?

   A. 32
   B. 34
   C. 36
   D. 38

   Submitted by: ALIYA NAWAZ

4. Auditing engagement can be performed w.r.t.

   A. Profit making entity
   B. Non-profit making entity
   C. Corporate entity only
   D. Any entity

   Submitted by: ALIYA NAWAZ

5. Institute of Chartered Accountants of Pakistan was established in____________?

   A. 1949
   B. 1956
   C. 1961
   D. 1972

6. Internal check is carried on by___________?

   A. Staff specially appointed for the purpose
   B. Internal auditor
   C. Supervisor of the staff
   D. Members of the staff

7. In determining the level of materiality for an audit, what should not be considered?

   A. Prior year’s errors
   B. The auditor’s remuneration
   C. Adjusted interim financial statements
   D. Prior year’s financial statements

8. Goods sold on the basis of ‘sales or return ‘ should:

   A. Be included in the stock
   B. Not be included in the stock
   C. Not be checked by auditor
   D. None of the above

9. The quantity of audit working papers complied on engagement would most be affected by__________?

   A. Management’s integrity
   B. Auditor’s experience and professional judgment
   C. Auditor’s qualification
   D. Control risk

10. Which of the following statement is true regarding an auditor’s working papers?

    A. They document the level of independence maintained by the auditor
    B. They should be considered as the principle support for the auditor’s report
    C. They should not contain details regarding weaknesses in the internal control system
    D. They help the auditor to monitor the effectiveness of the audit firm’s quality control