How many Standards on Auditing have been issued?

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 compulsory for____________?

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

3. Auditing is what?

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

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. 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

6. 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

7. Which of the following describes sampling risk?

   A. The risk of the auditor carrying out a test the wrong way round
   B. The risk of reliance on unsuitable audit evidence
   C. The risk that the sample does not reflect the population
   D. The risk of the auditor reaching the wrong conclusions from testing

8. 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

9. When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the_____________?

   A. Amount of known misstatement is documented in working papers
   B. Estimates of the total likely misstatement is less than materiality level
   C. Estimate of the total likely misstatement is more than materially level
   D. Estimates of the total likely misstatement cannot be made

10. Which of the following statements is correct?

    A. When a company negotiates a ‘friendly’ takeover, it usually appoints a firm of accountants to carry out due diligence on the takeover target.
    B. In an attestation engagement, the accountant is required to report on the quality of work performed.
    C. In a review engagement, evidence is gathered mainly by means of computation and inspection.
    D. In an engagement to review financial statements, the amount of work required is the same as for an audit