WorksheetsAuditing - Unit 1
Total questions: 15
Worksheet time: 8mins
Auditing means
Detection and prevention of frauds
Detection and prevention of errors
Detection and prevention of errors and frauds
Controlling of accounts
The liability of auditor can be
Only civil
Only criminal
Either civil and criminal
Civil and /or criminal
When computer programme or files can be accessed from terminals, access can be limited to authorized individuals by
appointing a librarian
controlling passwords
appointing EDP auditor
Both (a) and (b)
Audit of banks is an example of
Statutory audit
Balance sheet audit
Concurrent audit
Both (a) and (b)
All of the above
Balance sheet audit includes verification of
Assets
Liabilities
Income and expense accounts where appropriate
All of the above
1.The word 'Audit ' is derived from a Latin word ''audire'' which means ________
To inspect
To examine
To hear
3.In case of government company, the auditor is appointed by __________
Central Government
State government
Board of director
4.The auditor prepares the audit report with the help of ________
Working papers
Audit note book
Trial balance
7.Internal auditor is appointed by ________
Management
shareholders
government
8.Auditing begins where ______ ends
Selling
Inventory valuation
Accounting
9.Recording a transaction twice in the books of original entry is an error of __________
Principle
Commission
Duplication
Asset valuation is done by the ________ himself.
Auditor
Shareholder
Proprietor
Management
Which of the following does not describe the definition of audit?
Examination of various books of account to ensure following correct standards
Physical checking of inventory to ensure all departments following documented system of recording transactions
Evaluating clientele to measure the ability to expand the business
Enhancing the credibility of financial statements
An auditor should act professionally, accurately and in an unbiased manner.
True
False
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