WorksheetsExercise 1
Total questions: 8
Worksheet time: 3mins
Which of the following is not part of preliminary engagement activities?
A. Determination of the type of audit engagement – direct reporting or attestation engagement
B. Assessing the competence of the team
C. Determination of the level of assurance
D. None of the above
Which of the following are the steps involved in planning the audit at the strategic level?
A. Development of audit strategy and audit plan
B. Identifying the intended user(s), responsible party, subject matter, corresponding audit criteria, and scope
C. Understanding the subject matter including internal control
D. Determination of level of assurance to be provided
The determination of the level of assurance to be provided is affected by the following:
A. Needs of the intended users
B. Availability of and access to information
C. Availability of resources
D. All of the above
E. None of the above
Factors that may be used in the identification of audit topics:
A. Public or legislative interests or expectations
B. Impact on citizens
C. Projects with significant public funding
D. All of the above
E. None of the above
In conducting compliance audit in COA, generally the level of assurance shall be limited assurance.
A. TRUE
B. FALSE
In cases where specialized techniques, methods, or skills are necessary in the audit, but not available within the team or the Commission, services of external experts may be utilized.
A. TRUE
B. FALSE
When external experts are utilized, the auditor will not be responsible for the conclusion if the auditor has performed and is satisfied with the result of the evaluation of the independence, competence, capabilities, and objectivity of these experts.
A. TRUE
B. FALSE
The quality control procedures have to cover the planning, execution, and reporting stages of the audit. These include the following, except:
A. Supervision
B. Review
C. Observation
D. Adequate Training
