Audit Planning

Planning Process includes

• Developing the audit strategy

• Developing an audit plan.

• Preliminary Engagement Activities

• All of the above

A type of audit which is conducted during the financial year and used to detect the risk before deadline is known as__________

• Financial Audit

• Operational Audit

• Interim Audit

• Final Audit

____________is an Intentional Act

• Fraud

• Omission

• Misappropiation

• Errors

Review Journal Entries, Review Management Estimates, Obtaining Written representations are relates to

• Assessing the Risk

• Responding to Assessed Risk

• Responding to Fraud

• Responding to Misappropriations

Non Compliance refers to______

• Personal Misconduct

• Acts of omission or commission, either intentional or unintentional, committed by the entity

• Acts of omission or commission, either intentional or unintentional, committed by the directors

• Embezzlement

What are the consequences when Non compliance is identified?

• Enquire of management of the penalties to be imposed.

• Inspect correspondence with the regulatory authority to identify the consequences.

• Inspect board minutes for management's discussion on actions to be taken regarding the non-compliance.

• Enquire of the company's legal department

• All of the above

If the non-compliance has a material effect on the financial statements_________should be issued

• Qualified Opinion

• Adverse Opinion

• Unqualified Opinion

• None of these

Engagement Performance includes significant elements such as_______________

• Direction, Supervision and Review

• Direction, Detection and Control

• Assessment and Review

• Engagement and Review

EQCR is Pre Issuance Review and it is otherwise called as_________

• Hot Review

• Cold Review

• Post Issuance Review

• None of the above

The Engagement Quality Control Reviewer should_________

• be Objective

• Should have technical qualifications

• should not be selected by the management

• All of the above