Auditing is compulsory for____________?

Related Mcqs:

1. 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

2. Auditing is what?

   A. Reporting the financial information
   B. Examination of financial statements
   C. Preparation financial statements
   D. maintaining the ledger records

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. Audit in depth is synonymous for____________?

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

6. 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

7. The nature, timing and extent of substantive procedures is related to assessed level of control risk

   A. Randomly
   B. Disproportionately
   C. Directly
   D. Inversely

8. 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
   only

9. 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

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