Audit & Assurance II

Which of the following audit evidence is from an internal source?

• Profit and loss account / income statement

• Statement from Bank Muscat

• Accounts receivable confirmation from customer

• Non of those

High risk of errors and fraud in financial statements need to less quantity of audit evidence.

• True

• False

Auditor intends to check whether controls on procurement activity are effective from raising purchase order to payment of goods bought. What do you think which of the following procedure is most suitable?

• Reconfirmation

• Reperformance

• Inquiry

• Recalculation

Which of the following is NOT an accepted method of selection in audit sampling?

• 
• 
• 
• 

ampling risk is the risk that the auditor’s conclusion based on a sample may ____ the conclusion if the entire population were subjected to the same audit procedure.

• Be the same as

• Not be material to

• Be different from

• be material to