A. Management’s integrity B. Auditor’s experience and professional judgment C. Auditor’s qualification D. Control risk The correct answer to the question: “The quantity of audit working papers complied on engagement would most be affected by__________?” is “Auditor’s experience and professional judgment”.
A. To detect errors or fraud B. To comply with GAAP appropriate evidence C. To gather sufficient D. To assess audit risk The correct answer to the question: “Which of the following best describes the primary purpose of audit programme preparation?” is “To gather sufficient”.
A. To provide a basis for review of audit work B. To provide a basis for subsequent audits C. To ensure audit work is being carried out as per programme D. To provide a guide for advising another client on similar issues The correct answer to the question: “Which of the following is not an … Read more
A. Extracts from client’s bank statements B. Past year’s financial statements C. Attorney’s letters D. Debt agreements The correct answer to the question: “The auditor’s permanent working paper file should not normally, include__________?” is “Extracts from client’s bank statements “.
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. The correct answer to the question: “For what minimum period … Read more
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 The correct answer to the question: “Which of the following factors would least likely affect the quantity and content of an auditor’s working papers” is “The content of management … Read more
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 The correct answer … Read more
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 … Read more
A. A flowchart of the internal controls B. Organisation charts C. A copy of financial statements D. Copies of bond and debentures The correct answer to the question: “The current file of the auditor’s working papers, generally, should include____________?” is “A copy of financial statements “.
A. Reporting the financial information B. Examination of financial statements C. Preparation financial statements D. maintaining the ledger records The correct answer to the question: “Auditing is what?” is “Examination of financial statements “.