Auditing Mcqs

Q.  The degree of effectiveness of an internal control system depends on:

a. The design of the internal control system and the implementation of the controls
b. The design of the internal controls and the implementation of the control system
c. The implementation of the controls and the correctness of the accounting records
d. The design of the internal control system and the correctness of the accounting records


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MCQs:  Stock should be valued at_________?
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MCQs:  Floating assets are valued at____________?
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MCQs:  Goods sold on the basis of ‘sales or return ‘ should:
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MCQs:  Of the following, which is the least persuasive type of audit evidence?
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MCQs:  Which of the following statements is, generally, correct about the reliability of audit evidence?
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MCQs:  In an audit of financial statements, substantive tests are audit procedures that __________?
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MCQs:  The nature, timing and extent of substantive procedures is related to assessed level of control risk
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MCQs:  Which of the following factors is most important in determining the appropriations of audit evidence?
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MCQs:  When is evidential matter, generally, considered sufficient?
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MCQs:  Which of the following is not corroborative evidence?
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MCQs:  What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?
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MCQs:  Which of the following affects audit effectiveness?
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MCQs:  What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?
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MCQs:  Audit programme is prepared by____________?
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MCQs:  The working papers which auditor prepares for financial statements audit are___________?
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MCQs:  The quantity of audit working papers complied on engagement would most be affected by__________?
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MCQs:  Which of the following best describes the primary purpose of audit programme preparation?
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MCQs:  Which of the following is not an advantage of the preparation of working paper?
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MCQs:  The auditor’s permanent working paper file should not normally, include__________?
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MCQs:  For what minimum period should audit working papers be retained by audit firm?
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