Audit Quiz 1
Quiz
•
Business
•
University
•
Practice Problem
•
Easy
Grace Mubako
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of an external audit?
To correct financial statements
To express an opinion on the financial statements
To improve internal controls
To manage company resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main objective of risk assessment in auditing?
To determine the audit fee
To identify areas of potential misstatement
To prepare financial statements
To ensure compliance with GAAP
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the audit risk model?
A model used to catch fraud
A framework for assessing the risk of material misstatement
A tool for managing audit staff
A method for determining audit fees
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the audit risk model, which component represents the risk that an auditor's procedures will not detect a material misstatement?
Inherent Risk
Control Risk
Detection Risk
Business Risk
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the concept of materiality in auditing refer to?
The size of a client's balance sheet
The significance of an amount, transaction, or misstatement
The duration of the audit
The number of audit procedures performed
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a basic type of audit report?
Qualified Opinion
Excellent opinion
satisfactory opinion
incompetent opinion
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of risk assessment, what does inherent risk refer to?
The risk of controls failing
The risk of material misstatement before considering controls
The risk of audit procedures failing
The risk of financial loss
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