New Staff Training - D1

New Staff Training - D1

Professional Development

10 Qs

quiz-placeholder

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New Staff Training - D1

New Staff Training - D1

Assessment

Quiz

Business

Professional Development

Practice Problem

Easy

Created by

Ha Nguyen

Used 6+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an audit?
An audit is a systematic and __________ series of procedures performed in accordance with audit standards to obtain __________ assurance that the amount and disclosures in a company’s financial statements are free of __________ .

Unbiased, absolute, material misstatements

Unbiased, reasonable, material misstatements

Independent, reasonable, material misstatements

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Flow of transactions to have Financial Statements:

Source documentation -> general ledger - > financial statements

Source documentation -> subledger -> general ledger -> trial balance -> financial statements

Source documentation -> subledger - > trial balance -> financial statements

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Audit risk =

Inherent risk x Control risk

Control risk x Detection risk

Control risk x Detection risk x Inherent risk

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four phases that create the framework for EY GAM?

Scope and Strategy -> Response to risk -> Conclusion and communicate

Initial Planning -> Identify and assess risks -> Design and execute response to risks -> Conclusion and communicate

Scope and Strategy -> Execution -> Conclusion

Initial Planning -> Execution -> Conclusion

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is responsible for the financial statements?

Auditor

Senior and Manager

Partner

Company’s management

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is EY's source available to you to assist in researching the client?

EY Knowledge homepage

External sources – go to

Promoting critical thinking

All of them

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many phases and groups are there under EY GAM and EY Canvas for each audit engagement?

1, 3

2, 4

4, 3

3, 4

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