With reference to SA 250, auditor is required to collect sufficient appropriate audit evidence for:
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Question 3 of 30
3. Question
1 points
With reference to SA 250, auditor is required to collect sufficient appropriate audit evidence for:
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Question 4 of 30
4. Question
1 points
During the audit, the auditor shall remain alert to the possibility that other audit procedures applied may bring instances of non-compliance or suspected non-compliance with laws and regulations to the auditor’s attention. Such audit procedures may include:
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Question 5 of 30
5. Question
1 points
SA 260 deals with the auditor’s responsibility to communicate with those charged with governance in an audit of financial statements. The appropriate person(s) within the entity’s governance structure with whom auditor is to communicate will be determined by_________
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Question 6 of 30
6. Question
1 points
The auditor shall communicate in writing with those charged with governance regarding significant findings from the audit if, in the auditor’s professional judgment, oral communication would not be adequate. Which of the following requires mandatory written communication?
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Question 7 of 30
7. Question
1 points
Timely communication throughout the audit contributes to the achievement of robust two-way dialogue between those charged with governance and the auditor. However, the appropriate timing for communications will vary with the circumstances of the engagement. For an initial audit engagement, communications regarding planning matters may
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Question 8 of 30
8. Question
1 points
As per SA 260, which of the following is not an item that auditors must report to TCWG:
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Question 9 of 30
9. Question
1 points
While performing an audit of financial statements, auditor decide to include certain matters in the auditor’s report as key audit matters. These matters:
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Question 10 of 30
10. Question
1 points
Where matters required by SA 260 to be communicated are communicated orally, the auditor
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Question 11 of 30
11. Question
1 points
Deficiency in internal control exists when:
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Question 12 of 30
12. Question
1 points
The significance of a deficiency or a combination of deficiencies in internal control depends
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Question 13 of 30
13. Question
1 points
The auditor must communicate to management in writing significant deficiencies in internal control that are of sufficient importance to merit management’s attention. The communication should include:
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Question 14 of 30
14. Question
1 points
Which of the following is not an indicator of significant deficiencies in internal control
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Question 15 of 30
15. Question
1 points
Which of the following is not an objective of SA 299?
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Question 16 of 30
16. Question
1 points
In planning the audit, the auditor makes judgments about the size of misstatements that will be considered material. These judgments provide a basis for:
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Question 17 of 30
17. Question
1 points
Information acquired during the planning phase about business operations may include all of the following except:
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Question 18 of 30
18. Question
1 points
Which of the following is one of the procedures in the planning phase?
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Question 19 of 30
19. Question
1 points
As per SA 300, the audit plan shall include a description of__________
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Question 20 of 30
20. Question
1 points
When establishing the overall audit strategy, the auditor shall determine materiality for the________.
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Question 21 of 30
21. Question
1 points
Process of establishing the overall audit strategy assists the auditor to determine, subject to the completion of the auditor’s assessment procedures, such matters as:
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Question 22 of 30
22. Question
1 points
As per SA 300, the auditor shall establish an overall audit strategy that sets the scope, timing and direction of the audit, and that guides the development of the audit plan. In establishing the overall audit strategy, the auditor shall:
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Question 23 of 30
23. Question
1 points
Which of the following is correct?
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Question 24 of 30
24. Question
1 points
The risk that a misstatement that could occur in an assertion about a class of transaction, account balance or disclosure and that could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on a timely basis by the entity’s internal control is known as:
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Question 25 of 30
25. Question
1 points
Risk arises to inherent limitations of control is known as:
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Question 26 of 30
26. Question
1 points
Which of the following is not a component of Risk Assessment Procedures?
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Question 27 of 30
27. Question
1 points
Risk arises on account of judgment on part of auditor, test nature of audit and nature of audit evidences collected:
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Question 28 of 30
28. Question
1 points
Procedures performed to obtain an understanding of the entity and its environment, including the entity’s internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels are known as:
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Question 29 of 30
29. Question
1 points
SA 315 “Identifying and Assessing the Risk of material Misstatements through understanding the Entity and its Environment” emphasizes:
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Question 30 of 30
30. Question
1 points
Business operations, types of investments, capital structure and financing, and ownership structures are areas that are considered when obtaining an understanding of:
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