Exercise on PSA 230

Exercise on PSA 230

University

•

30 Qs

quiz-placeholder

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Exercise on PSA 230

Exercise on PSA 230

Assessment

Quiz

•

Business

•

University

•

Practice Problem

•

Hard

Created by

janette dzabalo

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30 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the effective date for the Philippine Standard on Auditing 230?

March 15, 2009

December 15, 2009

January 1, 2008

June 30, 2010

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the primary objective of the auditor according to PSA 230?

To prepare financial statements

To provide a sufficient record for the auditor's report

To conduct external inspections

To assist management in decision-making

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is NOT a purpose of audit documentation?

Assisting the engagement team in planning the audit

Providing evidence of the auditor's basis for conclusions

Enabling quality control reviews

Serving as a substitute for the entity's accounting records

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What must the auditor document regarding significant matters discussed with management?

The financial impact of the discussions

The nature of the significant matters discussed

The personal opinions of the auditor

The historical context of the discussions

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

According to PSA 230, what should the auditor do if they depart from a relevant requirement?

Ignore the requirement

Document the alternative procedures and reasons for departure

Seek approval from management

Notify the regulatory body immediately

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the definition of 'audit documentation' as per PSA 230?

The correspondence with external auditors

The final report submitted to management

The record of audit procedures performed and evidence obtained

The financial statements prepared by the entity

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a requirement for the timely preparation of audit documentation?

Documentation is optional if the audit is small

Documentation should be prepared on a timely basis

Documentation must be completed before the audit begins

Documentation can be completed at any time after the audit

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