
New Staff Batch 1_Post Test
Quiz
•
Other
•
1st - 3rd Grade
•
Practice Problem
•
Medium
Manilyn Namuco
Used 2+ times
FREE Resource
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main output of the audit process?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is inherent risk?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary objective of understanding the entity during an audit?
Answer explanation
Understanding the entity helps auditors assess risks of material misstatement, which is the foundation of risk-based auditing.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT typically included in understanding the entity?
Answer explanation
Auditor’s remuneration is unrelated to understanding the client’s operations or environment.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of audit confirmations?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is TRUE about positive confirmation?
Answer explanation
Positive confirmations require a response whether the information is correct or not.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which assertion is most directly related to overstatement of revenue?
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