Auditing

Auditing

University - Professional Development

10 Qs

quiz-placeholder

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Auditing

Auditing

Assessment

Quiz

Other

University - Professional Development

Practice Problem

Hard

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When the financial statement are fairly stated but the auditor concludes there is substantial doubt whether the client can continue in existence, the auditor should issue an...

Adverse Opinion

Unqualified Opinion

Qualified Opinion only

Unqualified Opinion with explanatory paragraph

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The sequence of steps in gathering audit evidence as the basis for the auditor's opinion is...

Tests of controls, determination of control risk and substantive tests.

Control risk assessment, tests of controls and substantive tests.

Substantive tests, control risk assessments and tests of controls.

Control risk assessment, Substantive tests, and Tests of controls

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Information / facts that are used as a basis for drawing conclusions are the meaning of...

Inspection

Confirmation

Audit evidence

Observation

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The standard report includes all of the following except...

Introductory Paragraph

Explanatory Language Paragraph

Scope Paragraph

Opinion Paragraph

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

General Standards include all of the following except...

Understanding the Entity

Independence

Adequate Training

Due Professional Care

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Items that are considered to be _____, are significant to financial statement users

Verifiable

Recorded

Fairly Presented

Material

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Audit evidence can come in different forms with different degrees of persuasiveness. Which of the following is the least persuasive type of evidence?...

Vendor's Invoice

Prenumbered sales Invoice

Bank statement obtained from the client

Computations made by the auditor

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