Audit Mastermind Quiz

Audit Mastermind Quiz

University

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30 Qs

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Audit Mastermind Quiz

Audit Mastermind Quiz

Assessment

Quiz

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Others

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University

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Practice Problem

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Hard

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30 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is the primary objective of an audit?

Detection of fraud

Expressing an opinion on financial statements

Preparation of financial statements

Tax computation

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who appoints the first auditor of a company?

Shareholders

Board of Directors

Government

SEBI

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the term "true and fair view" in auditing refer to?

Legal compliance only

Exact accuracy in financial statements

Presentation of financial statements fairly and accurately

Elimination of all fraud

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT an inherent limitation of an audit?

Dependence on sampling

Risk of fraud

Auditor's bias

Use of independent evidence

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which standard deals with audit documentation?

SA 200

SA 210

SA 230

SA 240

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The primary responsibility for the prevention and detection of fraud rests with:

Management and those charged with governance

The auditor

Shareholders

Government regulators

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of an internal audit?

To replace external audit

To improve internal controls and efficiency

To determine tax liability

To detect all frauds in the company

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