According to ISA 315, which of the following is NOT a control activity?

Related Mcqs:

1. According to ISA 315, which of the following is NOT an element of the control environment?

   A. Participation of management B. Information processing C. Commitment to competence D. Human resource policies and practices...

2. According to ISA 500, the strength of audit evidence is determined by which two qualities?

   A. Appropriateness & competence B. Sufficiency & appropriateness C. Reliability & extensiveness D. Objectivity & independence...

3. Which one of the following is NOT considered to be part of planning?

   A. Background i.e. industry B. Previous year’s audit i.e. any qualifications in the report C. Considering the work to be done by the client staff e.g. internal audit D. Considering whether the financial statements show a true and fair view...

4. Which of the following are you unlikely to see in the current file of auditors’ working papers?

   A. Memorandum & articles of association B. Audit planning memorandum C. Summary of unadjusted errors D. Details of the work done on the inventory count...

5. Which of the following statements is not correct about materiality?

   A. Materiality is a relative concept B. Materiality judgments involve both quantitative and qualitative judgments C. Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statements D. At the planning state, the auditor considers materiality at the financial statement level...

6. Which of the following statements is not correct about materiality?

   A. Materiality is a relative concept B. Materiality judgments involve both quantitative and qualitative judgments C. Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statements D. At the planning state, the auditor considers materiality at the financial statement level...

7. Which of the following statements is most closely associated with analytical procedure applied at substantive stage?

   A. It helps to study relationship among balance sheet accounts B. It helps to discover material misstatements in the financial statements C. It helps to identify possible oversights D. It helps to accumulate evidence supporting the validity of a specific account balance...

8. Which of the following does NOT belong in the auditors’ report?

   A. Introductory paragraph specifying the pages to which the report relates and the accounting convention adopted B. Basis of the opinion C. Involvement of any specialist D. Statement of responsibilities of directors and auditors...

9. Which one of the following may auditors NOT perform for their client?

   A. Taking management decisions B. Preparation of accounting records C. Preparing tax computations D. Advising on weaknesses in the internal control systems...

10. Which of the following is not type of engagement standard?

    A. Standards on Auditing B. Standard on Quality Control C. Standards on Review Engagement D. Standards on Assurance Engagement Submitted by: ALIYA NAWAZ...