Financial Statements Audit Quiz

Who is responsible for the consolidated financial statements?

• Affiliates

• Share owners

• Auditors

• Company's management

In which country were the auditing standards followed?

• United Kingdom

• Australia

• United States of America

• Canada

What is the main objective of the audit?

• To obtain reasonable assurance of no material misstatement

• To maximize profits

• To evaluate the presentation of the statements

• To support the figures and disclosures in the financial statements

What did the auditors examine on a test basis?

• The cash flows

• The financial position

• The evidence supporting the figures and disclosures

• The results of operations

What did the auditors assess regarding the accounting principles?

• The presentation of the statements

• The significant estimates made by management

• The evidence supporting the figures and disclosures

• The financial position

In the auditors' opinion, the financial statements present fairly the financial position of Megatrap Corp and consolidated affiliates in conformity with which principles?

• Asian accounting principles

• European accounting principles

• International accounting principles

• United States of America accounting principles

What is the period covered by the financial statements?

• Five years

• One year

• Two years

• Three years

What is the main responsibility of the auditors?

• To support the figures and disclosures in the financial statements

• To evaluate the presentation of the statements

• To express an opinion on the financial statements

• To prepare the financial statements

What is the main purpose of the audit conducted by the auditors?

• To maximize profits

• To support the figures and disclosures in the financial statements

• To obtain reasonable assurance of no material misstatement

• To evaluate the presentation of the statements

What did the auditors evaluate regarding the presentation of the statements?

• The results of operations

• The accounting principles used

• The significant estimates made by management

• The financial position