Auditing Mcqs

Q.  What is the primary objective of analytical procedures used in the overall review stage of an audit?

a. To help to corroborate the conclusions drawn from individual components of financial statements
b. To reduce specific detection risk
c. To direct attention to potential risk areas
d. To satisfy doubts when questions arise about a client’s ability to continue


ANSWER: See Answer
 
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MCQs:  The branch auditor is appointed by___________?
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MCQs:  Auditor of a___________company does not have right to visit foreign branches of the company?
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MCQs:  The date on auditor’s report should not be____________?
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MCQs:  When restrictions that significantly affect the scope of the audit are imposed by the client, the auditor generally should issue which of the following opinion?
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MCQs:  The auditor has serious concern about the going concern of the company. It is dependent on company’s obtaining a working capital loan from a bank which has been applied for. The management of the company has made full disclosure of these facts in the notes to the balance sheet. The auditor is satisfied with the level of disclosure. He should issue___________?
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MCQs:  Which of the following is true about explanatory notes?
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MCQs:  The client changed method of depreciation from straight line to written down value method. This has been disclosed as a note to the financial statements. It has an immaterial effect on the current financial statements. It is expected, however, that the change will have a significant effect on future periods. Which of the following option should the auditor express?
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MCQs:  Which of the following documents is not relevant for vouching cash sales?
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MCQs:  To test whether sales have been recorded, the auditor should draw a sample from a file of__________?
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MCQs:  The auditor should examine subsequent realization of revenue such as dividends, interest,commission, etc to:­_____________?
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MCQs:  What is meant by negative assurance?
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MCQs:  For companies required to produce interim financial statements (IFI):
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MCQs:  Which of the following statements is correct?
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MCQs:  What sort of assurance is provided in a review engagement?
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MCQs:  Which one of the following is part of the auditor’s function?
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MCQs:  Which of the following does NOT belong in the auditors’ report?
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MCQs:  What is meant by the expression ‘expectation gap’?
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MCQs:  Which of the following would you not use as a benchmark for comparison when undertaking analytical procedures?
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MCQs:  Which of the following is true about written representations?
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MCQs:  Which of the following statements is INCORRECT?
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