auditing mcqs

MCQS	Submitted By
Q: Having separate legal entity whose total capital can be divided into many shares are called ? A: Partership B: Sole proprietorships C: Company D: None of these Test Selected: fpsc senior auditor test	Naveed Ahmed
Q: Concurrent audit is a part of ? A: Internal Check System B: Continuous Audit C: Internal Audit System D: None of these Test Selected: fpsc senior auditor test	Adnan
Q: How many types of Audit ? A: 2 B: 3 C: 4 D: 5 Test Selected: fpsc senior auditor test	Adnan
Q: The current file of the auditor's working papers, generally, should include ? A: A flowchart of the internal controls B: Organisation charts C: A copy of financial statements D: Copies of bond and debentures Test Selected: general	Fareed
Q: Which of the following statement is true regarding an auditor's working paper ? A: They document the level of independence maintained by auditor B: They should be considered as the principle support for the auditor's report C: They should not contain details regarding weaknesses in the internal control system D: They help the auditor to monitor the effectiveness of the audit firm's quality control Test Selected: general	Fareed
Q: Which of the following factors would least likely affect the quantity and content of an auditor's working papers ? A: The assessed level of control risk B: The possibility of peer review C: The nature of auditor's report D: The content of management representation letter Test Selected: general	Fareed
Q: For what minimum period should audit working papers be retained by audit firm ? A: For the time period the entity remains a client of audit firm B: For a period of ten years C: For a period auditor opines them be useful in servicing the client D: For the period the audit firm is in existence Test Selected: general	Fareed
Q: The auditor's permanent working paper file should not normally, include ? A: Extracts from client's bank statements B: Past years financial statements C: Attorney's letters D: Debt Agreements Test Selected: fpsc	Fareed
Q: A statutory auditor has a right of access at all time to ? Answer: Books, accounts and vouchers of the Company Test Selected: fpsc senior auditor test	Sabir Ali
Q: The working paper which auditor prepares for financial statements audit are ? Answer: Owned by the auditor Test Selected: fpsc senior auditor test	Sabir Ali
Q: Audit program is prepared by ? Answer: The auditor and his audit assistants Test Selected: fpsc senior auditor test	Sabir Ali
Q: The scope of work of a statutory auditor is determined by ? Answer: Law Test Selected: fpsc senior auditor test	Amber Ali
Q: An auditor of a company is appointed for a period of ? Answer: one year Test Selected: fpsc senior auditor test	M Ajmal
Q: Balance sheet audit is helpful for ? Answer: Big concerns Test Selected: fpsc senior auditor test	M Ajmal
Q: Continuous audit is useful for ? Answer: Big concerns Test Selected: fpsc senior auditor test	M Ajmal
Q: Audit of sole proprietorship is ? Answer: Unnecessary Test Selected: fpsc senior auditor test	M Ajmal
Q: Internal check is a part of the whole system of ? Answer: Internal Control Test Selected: fpsc senior auditor test	M Ajmal
Q: Interim audit is conducted between two ? Answer: Final audit Test Selected: fpsc senior auditor test	M Ajmal
Q: Audit at the end of the year is known as ? Answer: Partial audit Test Selected: fpsc senior auditor test	M Ajmal
Q: Continuous audit is ? Answer: Regular audit Test Selected: fpsc senior auditor test	M Ajmal
Q: Auditing is compulsory in the case of ? Answer: joint stock companies Test Selected: fpsc senior auditor test	M Ajmal
Q: Internal auditor is appointed by ? Answer: The management Test Selected: fpsc senior auditor test	M Ajmal
Q: The main objective of audit of accounts of a partnership firm is to ? Answer: Detect errors and funds Test Selected: fpsc senior auditor test	M Ajmal

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