Which of the following should NOT be considered at the planning stage?

Related Mcqs:

1. At the planning stage you would NOT consider____________?

   A. the timing of the audit
   B. whether corrections from the inventory count have been implemented
   C. last year’s audit
   D. the potential use of internal audit

2. Analytical procedures issued in the planning stage of an audit, generally

   A. Helps to determine the nature, timing and extent of other audit procedures
   B. Directs attention to potential risk areas
   C. Indicates important aspects of business
   D. All of the above

3. Analytical procedures issued in the planning stage of an audit, generally?

   A. helps to determine the nature, timing and extent of other audit procedures
   B. directs attention to potential risk areas
   C. indicates important aspects of business
   D. All of the above

4. 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

5. 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

6. 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

7. What is the primary objective of analytical procedures used in the overall review stage of an audit?

   A. To help to corroborate the conclusions drawn from individual components of financial statements
   B. To reduce specific detection risk
   C. To direct attention to potential risk areas
   D. To satisfy doubts when questions arise about a client’s ability to continue

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. When is evidential matter, generally, considered sufficient?

   A. When it constitutes entire population
   B. When it is enough to provide a basis for giving reasonable assurance regarding truthfulness
   C. When it is objective and relevant
   D. When auditor collects and evaluates it independently

10. 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