auditing mcqs

When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?

When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?

Circulate representations to members

Receive notification of the AGM/EGM where the removal is proposed

Apply to the court to have the proposal removed

Speak at the AGM/EGM where the removal is proposed

In an audit of financial statements, substantive tests are audit procedures that __________?

In an audit of financial statements, substantive tests are audit procedures that __________?

Will increase proportionately when the auditor decreases the assessed level of control risk

May be eliminated for an account balance under certain conditions

Are designed to discover significant subsequent events

May be test of transactions, test of balance and analytical procedures

What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?

What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?

The auditor concludes balance is materially correct when in actual fact it is not

None of the above

The auditor has rejected an item for sample which was material

The auditor concludes that the balance is materially misstated when in actual fact it not

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___________?

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

Advocacy threat

Familiarity threat

Self-review threat

Self-interest threat

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