Audit in depth is synonymous for____________?

Related Mcqs:

1. Audit in depth is synonymous for­_____________?

   A. Complete audit
   B. Completed audit
   C. Final audit
   D. Detailed audit

2. In Pakistan, balance sheet audit is synonymous to___________?

   A. Annual audit
   B. Continuous audit
   C. Detailed audit
   D. Statutory audit

3. ______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

4. 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

5. 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.

6. _______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

7. Auditing is compulsory for____________?

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

8. 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

9. Of the following, which is the least persuasive type of audit evidence?

   A. Bank statements obtained from the client
   B. Documents obtained by auditor from third parties directly.
   C. Carbon copies of sales invoices inspected by the auditor
   D. Computations made by the auditor

10. 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