auditing mcqs

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

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

Estimate of the total likely misstatement is more than materially level

Estimates of the total likely misstatement cannot be made

Amount of known misstatement is documented in working papers

Estimates of the total likely misstatement is less than materiality level

For companies required to produce interim financial statements (IFI):

For companies required to produce interim financial statements (IFI):

one audit firm should audit the IFI and a different firm should audit the financial statements for the year as a whole.

one accountancy firm should review the IFI and a different firm should audit the financial statements for the year as a whole.

the same firm should review the IFI and the financial statements for the year as a whole.

the same firm should audit the IFI and the financial statements for the year as a whole.

Which of the following statements is, generally, correct about the reliability of audit evidence?

Which of the following statements is, generally, correct about the reliability of audit evidence?

Effective internal control system provides reliable audit evidence

Evidence obtained from outside sources routed through the client

To be reliable, evidence should conclusive rather than persuasive

All are correct.

Which of the following statement is true regarding an auditor’s working papers?

Which of the following statement is true regarding an auditor’s working papers?

They document the level of independence maintained by the auditor

They help the auditor to monitor the effectiveness of the audit firm’s quality control

They should be considered as the principle support for the auditor’s report

They should not contain details regarding weaknesses in the internal control system

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