
Audit Planning
Quiz
•
Business
•
1st - 10th Grade
•
Practice Problem
•
Hard
Aizzat Hassan
Used 4+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Followings are the four considerations at the early stage of accepting client and perform initial audit planning by an auditor EXCEPT:
Client acceptance and continuance
Identify client’s reasons for audit
Set materiality
Develop overall audit strategy
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The purpose of the ___________ is to help prevention of misunderstandings with respect to the engagement
management letter
Confirmation letter
audit report
engagement letter
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT the strategic systems in understanding of the client’s business and industry?
Objectives and strategies
Measurement and performance
Personnel’s perspectives
Management and governance
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In understanding the client’s business and industry, auditors should understand client objectives related to __________.
Financial reporting reliability
Effectiveness and efficiency of operation
Compliance with laws and regulations
ALL of the above
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT one of the three main reasons why the auditor should properly plan engagements?
To enable proper on-the-job training of employees
To enable the auditor to obtain sufficient appropriate evidence
To avoid misunderstandings with the client
To help keep audit costs reasonable
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is ONE of the procedures in the planning phase?
Select staff to perform the audit
Determine need for other professionals
Prepare client proposal
Determine materiality
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Factors the auditor should understand the client’s business and industry are__________
Major sources of revenue
Key customers and suppliers
Sources of financing
All of the above
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