
Understanding the entity
Authored by Akash Goel
Other
Professional Development
Used 1+ times

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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In case of Understanding the entity and its environment – legal and regulatory framework, we would obtain understanding of
Answer explanation
Definition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is an example of an control that is relevant for operational purpose but not likely to be relevant for financial reporting purpose.
Answer explanation
Definition
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
While Understanding the entity and its environment – legal and regulatory framework, Non-compliance includes
Answer explanation
Definition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Whether a business risk may have an immediate or longer-term impact on the risk of material misstatement is considered in light of the entity’s circumstances. Those business risks with a longer-term consequence may be relevant when assessing the appropriateness of management’s use of the going concern assumption.
Answer explanation
Definition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is not included while Understanding the nature of the entity.
Answer explanation
Definition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Do performance measures indicate the existence of risks of material misstatement due to fraud or error, including risks arising from possible management bias.
Answer explanation
Definition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a part of Understanding the entity and its environment.
Answer explanation
Definition
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