Which of these are types of Audit Report?

Related Mcqs:

1. ______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

2. 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

3. 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.

4. _______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

5. The main object of an audit is _____________?

   A. Expression of opinion
   B. Detection and Prevention of fraud and error
   C. Both (A) and (B)
   D. Depends on the type of audit.

6. The scope of internal audit is decided by the___________?

   A. Shareholders
   B. Management
   C. Government
   D. Law

7. 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

8. 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

9. Audit of banks is an example of__________?

   A. Statutory audit
   B. Balance sheet audit
   C. Concurrent audit
   D. Both (A. and (B.
   E. All of the above

10. Scope of financial audit is__________?

    A. Financial information
    B. Non-financial information
    C. Both (a) and (b)
    D. None of these

    Submitted by: ALIYA NAWAZ