A. It is conducted at regular interval
B. It may be carried out on daily basis
C. It is needed when the organization has a good internal control system
D. It is expensive
Auditing Mcqs
Auditing Mcqs, Audit Mcqs for preparation of various posts i.e. Senior Auditor by Fpsc, Junior Auditor, Accountant, Internal Auditors, External Auditors. Mcqs Provided here are very Important for Federal Public Service Commission Tests/examinations, National Testing Service etc
A. Assets
C. Income and expense accounts where appropriate
B. Liabilities
D. All of the above
A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit
A. Annual audit
B. Continuous audit
C. Detailed audit
D. Statutory audit
A. Statutory audit
B. Balance sheet audit
C. Concurrent audit
D. Both (A. and (B.
E. All of the above
A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. maintaining the ledger records
A. A flowchart of the internal controls
B. Organisation charts
C. A copy of financial statements
D. Copies of bond and debentures
A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation
B. The safe custody of working papers is the responsibility of client, if kept at his premises
C. The working papers must be retained by an audit firm for a period of 10 years
D. Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required.
A. They document the level of independence maintained by the auditor
B. They should be considered as the principle support for the auditor’s report
C. They should not contain details regarding weaknesses in the internal control system
D. They help the auditor to monitor the effectiveness of the audit firm’s quality control
A. The assessed level of control risk
B. The possibility of peer review
C. The nature of auditor’s report
D. The content of management representation letter
