
AA-Ch -1 & 2
Authored by PFC Education
Professional Development
1st Grade
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following statements is correct in relation to external statutory audits?
External audits give absolute assurance that the financial statements are free from allmisstatement.
External audits give limited assurance that the financial statements are free from materialmisstatement.
External audits give reasonable assurance that the financial statements are free from materialmisstatement.
External audits can only give limited assurance because of the inherent limitations of an audit.
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Consider the following statements regarding stewardship and agency.
(a) Directors are stewards of the investment made by shareholders in a company.
(b) Auditors act as an agent for the shareholders in a company.
Which of these statements is/are true?
a. only
b. only
(a) and (b)
Neither (a) nor (b)
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What level of assurance will be provided by the independent auditor's report?
Absolute
Reasonable
Moderate
Limited
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following is NOT one of the five elements of an assurance engagement?
Subject matter
Suitable criteria
Assurance file
Written report
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following is NOT a benefit of an audit?
Increased credibility of the financial statements
Deficiencies in controls may be identified during testing
Fraud may be detected during the audit
Sampling is used
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following statements is FALSE?
The auditor will express an opinion as to whether the financial statements give a true and fair view
The auditor must obtain sufficient and appropriate evidence to be able to form an audit opinion
If the financial statements are found to contain material misstatements a negative audit opinion will be given
An audit may not detect all fraud and error in the financial statements
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following are examples of the expectation gap?
(i).The independent auditor's report confirms the financial statements are accurate.
(ii). An unmodified opinion means the company is a going concern.
(iii).The auditor tests all transactions.
(iv).The auditor can be sued for negligence if they issue an inappropriate opinion.
(i), (ii) and (iii)
(i), (ii) and (iv)
(i) and (ii) only
(ii) and (iii) only
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