
AUDITING THEORY 1
Authored by ALYZA EVARISTO
Business
KG
Used 130+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
When auditing FS, the primary concern is with?
Determining whether recorded information properly reflects the economic events that occurred during the accounting period.
Determining fraud has occurred
Determining if taxable income has been calculated correctly
Analyzing the financial information to be sure that it complies with government requirements.
2.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
The subject matter of any audit consist of:
Assertions about economic actions and events
Economic data
Financial statement
Operating data
3.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
In FS audits, the audit process should be conducted in accordance with
Audit Program
Philippine Standards on Auditing
Philippine Accounting Standards
Philippine Financial Reporting Standards
4.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Which of the following types of audit uses laws and regulations as its criteria?
Operational audit
Financial statement audit
Compliance audit
Performance audit
5.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
The auditor communicates the results of his or her work through the medium of the
Engagement letter
Audit report
Management letter
Financial statements
6.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
The responsibility for the preparation of the FS and accompanying notes belongs to
Auditor
Management
Both Auditor and Management
The management for the FS, the auditor for the notes
7.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Which is not one of the limitations of an audit?
The use of testing
Nature of evidence that the auditor obtains
Human error
Limitations imposed by the client
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