Auditing Mcqs


Q.  What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?

a. The auditor concludes balance is materially correct when in actual fact it is not
b. The auditor concludes that the balance is materially misstated when in actual fact it not
c. The auditor has rejected an item for sample which was material
d. None of the above


ANSWER: See Answer
 
No explanation is available for this question!
MCQs:  Analytical procedures issued in the planning stage of an audit, generally?
Category: MBA Questions,   Published by: teswesm
MCQs:  The basic assumption underlying the use of analytical procedures is:____________?
Category: MBA Questions,   Published by: teswesm
MCQs:  What are analytical procedures?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not an analytical procedure?
Category: MBA Questions,   Published by: teswesm
MCQs:  When applying analytical procedures, an auditor could develop independent estimate of an account balance to compare it to­___________?
Category: MBA Questions,   Published by: teswesm
MCQs:  What is the primary objective of analytical procedures used in the overall review stage of an audit?
Category: MBA Questions,   Published by: teswesm
MCQs:  In an audit of financial statements, substantive tests are audit procedures that___________?
Category: MBA Questions,   Published by: teswesm
MCQs:  The nature, timing and extent of substantive procedures is _________ related to assessed level of control risk?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following statements is, generally, correct about the reliability of auditevidence?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not a corroborative evidence?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following statements is not true with respect to management representations obtained as per AAS­11?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not a revenue expense?
Category: MBA Questions,   Published by: teswesm
MCQs:  Depreciation does not arise form _______
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following will not lead to creation of secret reserve?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is a revenue reserve?
Category: MBA Questions,   Published by: teswesm
MCQs:  If the book value of an asset stands at________per cent of the original cost, a company need not provide depreciation on it.
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following expenses should not be treated as capital expenditure?
Category: MBA Questions,   Published by: teswesm
MCQs:  Who is responsible for the appointment of statutory auditor of a limited company ?
Category: MBA Questions,   Published by: teswesm
MCQs:  The board of directors shall appoint first auditor of a company
Category: MBA Questions,   Published by: teswesm
MCQs:  The term of the auditor ship of first auditor would be from the date of appointment till________?
Category: MBA Questions,   Published by: teswesm