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CA Inter Audit Lec 57 & 58

Authored by Ravi Taori

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Professional Development

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CA Inter Audit Lec 57 & 58
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.2

As explained in SA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing”, _________is obtained when the auditor has obtained sufficient appropriate audit evidence to reduce audit risk (i.e., the risk that the auditor expresses an inappropriate opinion when the financial statements are materially misstated) to an acceptably low level.

a) absolute assurance

b) limited assurance

c) reasonable assurance

d) reasonable or absolute assurance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.4

As per SA-200 “Overall Objectives of the Independent Auditor”, in conducting an audit of financial statements, the overall objectives of the auditor are:

a) To obtain reasonable assurance

b) To report on the financial statements

c) Both (a)and (b) above

d) none of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.3

______ refers to an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence.

a) Professional skepticism

b) Professional Judgement

c) Integrity

d) Objectivity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.5

Professional skepticism is necessary to the critical assessment of

a) audit documentation

b) audit evidence.

c) audit procedures

d) All of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.6

In order to form the opinion, the auditor shall conclude as to whether the auditor has obtained ______ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.

a) reasonable assurance

b) absolute assurance

c) Limited assurance

d) None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.12

An employee of Fruits and Vegetables Limited was of the opinion that auditor of a company is required to express an opinion. On which one of the following the auditor of a company is required to express an opinion:

a) Only Balance Sheet of the Company.

b) Financial Statements of the Company.

c) Only Profit and Loss Account of the Company.

d) Only Cash Flow Statement of the Company.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

200.14

The auditor of Delicious Sweets Limited was of the opinion that objective of audit of financial statements of a company is to provide reasonable assurance that financial statements of that company are free from misstatements. Which type of misstatements are mentioned by auditor of Delicious Sweets Limited:

a) Simple.

b) Material

c) Easy

d) Competent

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