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::: vuaskari.com ::: acc311 finalterm quiz

Which of the following authorities shall fix the remuneration of the auditor, if auditors are appointed by the SCEP?(companies ordinance, 1984)

Directors

Shareholders

Company Registrar

SECP

 

The small audit firms provide the following services EXCEPT:

 

Liquidation and receivership work, fraud auditing

Financial management and system consultancy

Financial system planning and preparation

Tax management and statutory form filling

 

Which of the following audit process determines that whether entity is following specific procedures, rules or regulations set down by some higher authority?

Technical audit

Financial statement audit

Compliance audit

Operational audit

 

Reliability of audit evidence is influenced by all of the following factors EXCEPT:

Source and the nature of the information

Timeliness

Objectivity

Quantity

 

Which statement cannot be highlighted as a merit of audit process?

It settles the dispute between management

It helps the auditor to give more constructive advice top management

Its help to restrict sole proprietor to by changing some fee

It gives strength to the company for acquiring the finance

 

For better assessing the audit risk, auditor inquires different groups in the organizations EXCEPT:

Board of governance and top level management

Legal counsel

Middle level management

Stakeholders

 

 

Which of the following is the least concern to an auditor regarding the client's internal control system?

Efficiency and effectiveness of operations

Controls related to the reliability of financial reporting

Controls over classes of transactions

Auditors are equally concern with each of the given issues

 

During test of control procedure its design can easily tested with the help of:

ICQs and walk through tests    

ICQs and judgment sample

ICQs and random sample

ICQS and ICEC

 

Internal source of audit evidence for an entity includes the following EXCEPT:

Associated companies of the entity

Accounting systems, records and documents

Non-financial data and records

Management representation and discussion

 

Which of the following is TRUE?

The audit profession is unregulated

The audit profession is regulated by its own professional body

Outside bodies sometimes become involved in the regulation of audit profession

The audit profession is regulated only by the government

 

 

 

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