پاک اسٹڈی لائبریری اپنی خدمات کو بہتر کرنے کے لئے نئے سوفٹ وئیر انسٹال کررہی ہے ۔ اس لئے آئندہ کچھ دن آپ کو کچھ صفحات تک رسائی میں مشکلات کا سامنا ہوسکتا ہے ۔ جس کے لئے ہم معذرت خواہ ہیں۔
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The quantity of audit working papers complied on engagement would most be affected by__________?
Management’s integrity | |
Auditor’s experience and professional judgment | |
Control risk | |
Auditor’s qualification |
Process of verifying the documentary evidences of transactions are known as___________?
Testing | |
Verification | |
Vouching | |
Auditing |
At the planning stage you would NOT consider____________?
the potential use of internal audit | |
the timing of the audit | |
last year’s audit | |
whether corrections from the inventory count have been implemented |
Which one of the following is NOT a duty of the auditor?
Duty to sign the audit report | |
Duty to report to the company’s bankers | |
Duty to report to the members | |
Duty to report on any violation of law |
Which one of the following is NOT considered to be part of planning?
Considering whether the financial statements show a true and fair view | |
Background i.e. industry | |
Previous year’s audit i.e. any qualifications in the report | |
Considering the work to be done by the client staff e.g. internal audit |
The nature, timing and extent of substantive procedures is related to assessed level of control risk
Randomly | |
Inversely | |
Disproportionately | |
Directly |
For what minimum period should audit working papers be retained by audit firm?
For a period of ten years | |
For the period the audit firm is in existence. | |
For a period auditor opines them to be useful in servicing the client | |
For the time period the entity remains a client of the audit firm. |
The main object of an audit is _____________?
Depends on the type of audit. | |
Expression of opinion | |
Detection and Prevention of fraud and error | |
Both (A) and (B) |
How long is the auditor’s term of office?
Until the financial statements are complete | |
Until the next AGM (Annual General Meeting) | |
Until the directors remove them | |
Until the audit is complete |
Lapping is also known as___________?
Looping | |
Teeming and lading | |
Hacking | |
Embezzlement |
When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________?
Amount of known misstatement is documented in working papers | |
Estimates of the total likely misstatement is less than materiality level | |
Estimate of the total likely misstatement is more than materially level | |
Estimates of the total likely misstatement cannot be made |
International auditing standards are issued by the______________?
International Accounting Standards Board | |
International Federation of Accountants | |
International Standards Board | |
Auditing Practices Board |
Internal check is carried on by___________?
Internal auditor | |
Members of the staff | |
Supervisor of the staff | |
Staff specially appointed for the purpose |
Internal audit is undertaken:
By a government auditor | |
By a person appointed by the management | |
By independent auditor | |
Statutorily appointed auditor |
Institute of Chartered Accountants of Pakistan was established in____________?
1949 | |
1961 | |
1956 | |
1972 |
The independent auditor’s primary responsibility is to______________?
the company’s creditors (payables) | |
the shareholders | |
the company’s bank | |
the directors |
In Pakistan, balance sheet audit is synonymous to___________?
Statutory audit | |
Detailed audit | |
Annual audit | |
Continuous audit |
If a casual vacancy in the office of auditor arises by his resignation it should only be filled by the company in a_________?
extraordinary general meeting | |
General meeting | |
annual general meeting | |
Board meeting |
How many Standards on Auditing have been issued?
32 | |
38 | |
34 | |
36 |
Goods sold on the basis of ‘sales or return ‘ should:
Not be included in the stock | |
Not be checked by auditor | |
Be included in the stock | |
None of the above |
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
Error of commission | |
Error of omission | |
Error of duplication | |
Error of principle |
The fundamental objective of the audit of a company is to_____________?
Attest to the credibility of the company’s accounts | |
Protect the interests of the minority shareholders | |
Assess the effectiveness of the company’s performance | |
Detect and prevent errors and fraud |
For companies required to produce interim financial statements (IFI):
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. | |
one accountancy firm should review the IFI and a different firm should audit the financial statements for the year as a whole. | |
one audit firm should audit the IFI and a different firm should audit the financial statements for the year as a whole. |
Which of the following are you unlikely to see in the current file of auditors’ working papers?
Summary of unadjusted errors | |
Memorandum & articles of association | |
Details of the work done on the inventory count | |
Audit planning memorandum |
Which Of The Following Statements Is Not True?
The Text In A Text Box Can’T Be Formatted | |
Holding Down The Shift Key While You Draw An Object Creates Perfect Squares, Circles And Straight Lines | |
Ctrl+S Save The Document | |
The Drawing Toolbar Contains Tools For Drawing Shapes, Lines, Arrows, And More |