B. Error of omission

C. Compensating error

D. Error of principle

A. Basis of the opinion

B. Statement of responsibilities of directors and auditors

D. Introductory paragraph specifying the pages to which the report relates and the accounting convention adopted

A. Market price

B. cost

C. Cost less depreciation

A. Previous years audit i.e. any qualifications in the report

B. Background i.e. industry

C. Considering the work to be done by the client staff e.g. internal audit

B. It is expensive

C. It may be carried out on daily basis

D. It is conducted at regular interval

A. Materiality is a relative concept

B. Materiality judgments involve both quantitative and qualitative judgments

C. Auditors consideration of materiality is influenced by the auditors perception of the needs of an informed decision maker who will rely on the financial statements

E. y</strong>

A. recompute accrued income on the data of balance sheet

C. Any of these

D. ensure proper disclosure in the balance sheet

A. Law

B. Shareholders

D. Government

B. Other companies in the same industry

C. Budget

D. Previous years

A. Profit making entity

C. Corporate entity only

D. Non-profit making entity

A. 1956

C. 1972

D. 1949

A. Continuous audit

B. Statutory audit

C. Detailed audit

A. Looping

B. Embezzlement

C. Hacking

A. Until the financial statements are complete

B. Until the directors remove them

C. Until the audit is complete

B. To comply with GAAP appropriate evidence

C. To detect errors or fraud

D. To assess audit risk

A. Reporting the financial information

B. maintaining the ledger records

C. Preparation financial statements

A. Examining the journal and ledger

B. Examination of vouchers related to assets.

C. None of the above.

B. Partnership firms

C. Small scale business

D. Proprietary Concerns

A. Evidence obtained from outside sources routed through the client

B. To be reliable, evidence should conclusive rather than persuasive

C. All are correct.

A. Completed audit

C. Final audit

D. Complete audit

B. Purchasing goods from an audit client on normal commercial terms does not create a threat to the auditors independence.

C. An auditor who is an immediate family member of the director of an audit client must not be assigned to the audit team.

D. An auditor who was recently a director of an audit client must not be assigned to the audit team for that client.

A. Systematic selection

B. Haphazard selection

C. Random selection

A. first annual general meeting

C. annual general meeting

D. statutory meeting

A. Any of the above

B. Board of directors in board meeting

C. Shareholders in an annual general meeting

A. Obtain information and explanation

B. Obtain information and explanation from the employees and officers

C. Obtain information and explanation necessary for the purpose of audit

A. extraordinary general meeting

B. annual general meeting

C. Board meeting

A. Risk of over reliance

B. Risk of incorrect rejection

C. Risk of incorrect acceptance

A. Copies of bond and debentures

B. Organisation charts

D. A flowchart of the internal controls

A. A matter is material only if it changes the audit report

B. A matter is material if the auditor and the directors both decide that further work needs to be done in the area under question

C. A matter is material only if it affects directors emoluments

A. In a review engagement, evidence is gathered mainly by means of computation and inspection.

B. In an attestation engagement, the accountant is required to report on the quality of work performed.

C. In an engagement to review financial statements, the amount of work required is the same as for an audit

A. Prior years errors

B. Adjusted interim financial statements

C. Prior years financial statements

A. 1, 2 and 4 only

C. 2, 3 and 4 only

D. 1, 2 and 3 only

A. Testing of accounts and records

C. Checking of all transactions recorded

D. Examination of adjusting and closing entries

B. Because they are easier to audit

C. Because the directors have asked for it

D. Because it reduces the audit time

A. The gap between how the directors of a company perform their duties and how the general public expects them to perform

B. The gap between how the directors of a company perform their duties and how the shareholders expect them to perform

C. The gap between the auditors own perception of their duties and how they are set out in the Companies Act

A. Attorneys letters

C. Past years financial statements

D. Debt agreements

A. effluxion of time

C. obsolescence through technology be market changes

D. use

A. Amount of known misstatement is documented in working papers

C. Estimates of the total likely misstatement cannot be made

D. Estimate of the total likely misstatement is more than materially level

A. Disclaimer of opinion

C. Unqualified report with an emphasis of matter paragraph?

D. Adverse opinion

A. Checking

B. Verification

C. Vouching

A. Unlimited liability

C. Banking

D. Nonprofit making

A. When auditor collects and evaluates it independently

B. When it constitutes entire population

C. When it is objective and relevant

B. The clients financial statements were found to be materially misstated.

C. The auditor cannot give an opinion due to lack of evidence.

D. The auditor could not conduct any tests due to lack of controls.

A. Supervisor of the staff

B. Staff specially appointed for the purpose

D. Internal auditor

A. Performance reviews

C. Physical controls

D. Segregation of duties

A. Completed audit

B. Final audit

C. Complete audit

B. To investigate

C. To inspect

D. To examine

A. None of these

B. Embezzlement

D. Misappropriation

A. Confirmations from debtors

B. Minutes of meetings

D. Information gathered by auditor through observation

B. Compensating errors

C. None of the above

D. Errors of principle