———–is an independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal structure, where such as examination is conducted with a view to express an opinion.
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Question 2 of 30
2. Question
1 points
Category: Auditing & Assurance
The main objective of financial audit is————
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Question 3 of 30
3. Question
1 points
Category: Auditing & Assurance
To ensure the financial statements as a whole are free from material misstatements is the
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Question 4 of 30
4. Question
1 points
Category: Auditing & Assurance
The audit should be organized to cover adequately all aspects of the enterprise relevant to the financial statements being audited, is one of the merit consideration is regard to ——-
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Question 5 of 30
5. Question
1 points
Category: Auditing & Assurance
Auditor gives ————regarding the financial statements
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Question 6 of 30
6. Question
1 points
Category: Auditing & Assurance
Auditing begins where————ends.
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Question 7 of 30
7. Question
1 points
Category: Auditing & Assurance
Which type of organizations use auditing services?
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Question 8 of 30
8. Question
1 points
Category: Auditing & Assurance
Auditing should be ———–
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Question 9 of 30
9. Question
1 points
Category: Auditing & Assurance
Users of financial statements includes ——–
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Question 10 of 30
10. Question
1 points
Category: Auditing & Assurance
An audit which is governed by law is called as ———–
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Question 11 of 30
11. Question
1 points
Category: Auditing & Assurance
The scope of work of the audit is specified by the management for ———–
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Question 12 of 30
12. Question
1 points
Category: Auditing & Assurance
Who is responsible to express opinion on the true and fair view of the financial statements ?
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Question 13 of 30
13. Question
1 points
Category: Auditing & Assurance
State which of the following statement is not true with reference to the scope of audit
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Incorrect
Question 14 of 30
14. Question
1 points
Category: Auditing & Assurance
The principal aspects to be covered in an audit concerning final statements of account are
i. An examination of the system of accounting and internal control
ii. Reviewing the system and procedures
iii. Checking of the arithmetical accuracy of the books of account
iv. The audit should be organized to cover adequately all aspects of the enterprise relevant to the financial statements being audited
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Incorrect
Question 15 of 30
15. Question
1 points
Category: Auditing & Assurance
The chief utility of audit lies in reliable financial statements on the basis of which the state of affairs may be easy to understand. Apart from this obvious utility, other advantages of audit are ————-
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Question 16 of 30
16. Question
1 points
Category: Auditing & Assurance
It naturally calls on the part of the auditor to have a through and sound knowledge of generally accepted principles of accounting before he can review the financial statements.
Which of the following discipline matches the above statement?
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Question 17 of 30
17. Question
1 points
Category: Auditing & Assurance
————–along with other discipline such as accounting and law, equips you with all knowledge that is required to enter into auditing as a profession.
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Question 18 of 30
18. Question
1 points
Category: Auditing & Assurance
Independence comprises ———–
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Question 19 of 30
19. Question
1 points
Category: Auditing & Assurance
Chartered Accountants have an important role in ————
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Question 20 of 30
20. Question
1 points
Category: Auditing & Assurance
Which of the following categories of people use the work of Chartered Accountnat
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Question 21 of 30
21. Question
1 points
Category: Auditing & Assurance
The term financial statement shall exclude ———–
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Question 22 of 30
22. Question
1 points
Category: Auditing & Assurance
Which of the following companies will be exempted from complying with Schedule III of the Companies Act, 2013
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Question 23 of 30
23. Question
1 points
Category: Auditing & Assurance
Which of the following requires that the auditor should examine the accounts with a view to verify that all assets, liabilities, income and expenses are stated as amounts which are in accordance with accounting principles and policies which are relevant and no material amount, item or transaction has been omitted
Correct
Incorrect
Question 24 of 30
24. Question
1 points
Category: Auditing & Assurance
What constitute a ‘true and fair’ view is a matter of auditor’s judgement in the particular circumstances of a case. In more specific terms, to ensure true and fair view, an auditor has to see ———–
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Question 25 of 30
25. Question
1 points
Category: Auditing & Assurance
Which of the following helps in better understanding of accounting information and meaningful comparison?
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Incorrect
Question 26 of 30
26. Question
1 points
Category: Auditing & Assurance
Fundamental accounting assumptions are ———-
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Question 27 of 30
27. Question
1 points
Category: Auditing & Assurance
The auditor shall report on the accounts examined by him
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Question 28 of 30
28. Question
1 points
Category: Auditing & Assurance
If auditor maintains high degree of independence, it will result in ———–
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Question 29 of 30
29. Question
1 points
Category: Auditing & Assurance
Which of following is the responsibilities of management?
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Question 30 of 30
30. Question
1 points
Category: Auditing & Assurance
Which of the following involves detailed examination of some specific areas?
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Incorrect
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