Module 1 - Advanced Auditing

Audit is derived from Latin word________

• Adobe

• Audire

• Auditee

• Audo

Detection and Prevention of Errors is a _________of auditing

• Primary Objective

• Secondary Objective

• Significant Objective

• Not an Objective

At the end of the auditing Auditor is giving an ___________of financial statement

• Bad Impression

• Collective Opinion

• Independent Viewpoint

• None of the above

_____________type of audit is conducted to ensure whether business comply with internal and external standards

• Financial Audit

• Tax Audit

• Compliance Audit

• Internal Audit

The Practitioner gathers sufficient appropriate evidence to provide a positive worded assurance about the company is known as___________

• Assurance Engagement

• Limited Assurance Engagement

• Reasonable Assurance Engagement

• Audit Engagement

Objectives of the auditor is to______

• Report on Financial Statements

• Express an Opinion on Financial statements

• Obtain Reasonable Assurance

• All of the above

Who will acts as a Steward for the Company?

• Auditor

• Shareholders

• Employees

• Directors

The relationship between Company, Shareholders and the Directors are known as________

• Agency relationship

• Employer- Employee Relationship

• Fiduciary Relationship

• None of the above

The separation of Ownership and Control is known as_______

• Formation

• Incorporation

• Setting Up

• Commercialization

At the time of auditing, Auditor is adhere to_________

• Harmonization

• Ethical Code

• Audit Quality

• All of the above