Audit review quiz

Audit review quiz

University

67 Qs

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Audit review quiz

Audit review quiz

Assessment

Quiz

Other

University

Practice Problem

Easy

Created by

Yvonne Faurie

Used 14+ times

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67 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who runs a company

The directors

The shareholders

The auditors

The accountants

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the business objectives that the directors must meet?

Operational objective

Compliance objective

Reliable reporting objective

Going concern objective

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the things that get in the way of management achieving their goals?

Risk of material misstatement

Audit risk

Business risks

Nothing

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

If I ask you to identify business risks, which of the following do you write?

Indicator + consequence

Impact on the financial statements

Business objective impacted

Assertion affected

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What can management do to mitigate these business risks?

Ignore them

Implement controls

Transfer the risk to someone else

Accept the risk

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Are all controls important for the company?

Yes

No

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Are all controls important for the auditor?

Yes

No

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