Auditing MCQs

Page No. 1

Which of these are types of Audit Report?


aUnqualified opinion

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bQualified opinion

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cAdverse opinion

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dAll of above

✓


View Answer All of above

You have been proposed as auditor of a company. What is the first step that you should take?


aObtain the client’s permission to communicate with the existing auditor

✓


bObtain the existing auditor’s working papers

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cObtain a copy of the company’s most recent board minutes

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dObtain a copy of the existing auditor’s letter of engagement

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View Answer Obtain the client’s permission to communicate with the existing auditor

Which one of the following may auditors NOT perform for their client?


aTaking management decisions

✓


bPreparation of accounting records

✖


cPreparing tax computations

✖


dAdvising on weaknesses in the internal control systems

✖


View Answer Taking management decisions

Which of the following are fundamental ethical principles for professional accountants? 1 Competence 2 Compliance 3 Integrity 4 Objectivity


a1, 2 and 3 only

✖


b1, 3 and 4 only

✓


c 2, 3 and 4 only

✖


d1, 2 and 4 only

✖


View Answer 1, 3 and 4 only

An auditor should not accept a loan on favourable commercial terms from an audit client because of the threat to his or her independence. The threat would be a___________?


aSelf-interest threat

✓


bSelf-review threat

✖


cAdvocacy threat

✖


dFamiliarity threat

✖


View Answer Self-interest threat

Which of the following statements is INCORRECT?


aAn auditor may serve on the board of directors of an audit client.

✓


bAn auditor who is an immediate family member of the director of an audit client must not be assigned to the audit team.

✖


cPurchasing goods from an audit client on normal commercial terms does not create a threat to the auditor’s independence.

✖


dAn auditor who was recently a director of an audit client must not be assigned to the audit team for that client.

✖


View Answer An auditor may serve on the board of directors of an audit client.

Which of the following is true about written representations?


aThey are the best source of audit evidence

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bThey should be used only when there is a lack of other substantive audit evidence

✓


c They should be used only when there is other substantive audit evidence to complement it

✖


dShareholders receive a copy of all material written representations

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View Answer They should be used only when there is a lack of other substantive audit evidence

Which of the following would you not use as a benchmark for comparison when undertaking analytical procedures?


aOther audit clients

✓


b Previous years

✖


cOther companies in the same industry

✖


dBudget

✖


View Answer Other audit clients

What is meant by the expression ‘expectation gap’?


aThe gap between how the directors of a company perform their duties and how the shareholders expect them to perform

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bThe gap between how the directors of a company perform their duties and how the general public expects them to perform

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cThe gap between the public perception of the role of company auditors and their statutory role and responsibilities

✓


dThe gap between the auditors’ own perception of their duties and how they are set out in the Companies Act

✖


View Answer The gap between the public perception of the role of company auditors and their statutory role and responsibilities

Which of the following does NOT belong in the auditors’ report?


aIntroductory paragraph specifying the pages to which the report relates and the accounting convention adopted

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bBasis of the opinion

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c Involvement of any specialist

✓


dStatement of responsibilities of directors and auditors

✖


View Answer Involvement of any specialist

Goto Page No.

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