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Auditing Quiz

Total questions: 68

Worksheet time: 34mins

Name
Class
Date
1.

Auditing is best described as:

a)

Recording transactions

b)

Systematic evaluation of financial information

c)

Designing internal controls

d)

Preparing statements

2.

The main feature of auditing is:

a)

Popularity

b)

Independence

c)

Management style

d)

Creativity

3.

Auditing provides:

a)

Absolute assurance

b)

Limited assurance

c)

No assurance

d)

Future predictions

4.

The output of an audit is:

a)

Financial Statements

b)

Tax report

c)

Audit opinion

d)

Budget plan

5.

Auditing involves:

a)

Verification of evidence

b)

Preparing ledgers

c)

Marketing

d)

Designing systems

6.

The main purpose of auditing is to:

a)

Detect all fraud

b)

Provide credibility to FS

c)

Prepare FS

d)

Reduce tax

7.

The audit process starts with:

a)

Reporting

b)

Planning

c)

Sampling

d)

Conclusion

8.

Auditing is mainly concerned with:

a)

Past events

b)

Future forecasts

c)

Marketing decisions

d)

Production processes

9.

Which is NOT a characteristic of auditing?

a)

Independent

b)

Systematic

c)

Objective

d)

Random

10.

Audit increases:

a)

Cost

b)

Information reliability

c)

Inventory

d)

Production

11.

Primary objective of audit:

a)

Detect all errors

b)

Give opinion on FS

c)

Approve budgets

d)

Calculate tax

12.

Secondary objective of audit:

a)

Detect errors

b)

Prepare FS

c)

Approve loans

d)

Increase profit

13.

True and fair view refers to:

a)

Compliance with standards

b)

Improving profit

c)

Tax rules

d)

Shareholder approval

14.

Audit opinion is issued on:

a)

Budgets

b)

Financial statements

c)

HR reports

d)

Production reports

15.

Audit reduces:

a)

Sales

b)

Information risk

c)

Share capital

d)

Assets

16.

A limitation of audit is:

a)

Full checking

b)

Sampling

c)

Objectivity

d)

Independence

17.

Accounting is mainly concerned with:

a)

Verification

b)

Recording transactions

c)

Opinion writing

d)

Sampling

18.

Auditing focuses on:

a)

Preparation

b)

Verification

c)

Sales

d)

HR

19.

Auditors verify:

a)

Financial information

b)

Employee attendance

c)

Marketing

d)

HR documents

20.

Accounting produces:

a)

Audit report

b)

Financial statements

c)

Audit plan

d)

Management letter

21.

Auditing begins:

a)

Before accounting

b)

After financial statements are prepared

c)

During budgeting

d)

During recruitment

22.

A major difference between auditing and accounting:

a)

Auditing is independent

b)

Accounting is independent

c)

Auditing records transactions

d)

Accounting gives audit opinion

23.

Accounting occurs:

a)

Randomly

b)

Continuously

c)

Once a year

d)

Only during audits

24.

Auditing involves:

a)

Recording

b)

Planning testing reporting

c)

Stock counts

d)

Budgeting

25.

Auditor responsibility is to:

a)

Prepare FS

b)

Evaluate FS

c)

Record FS

d)

Publish FS

26.

Management is responsible for:

a)

Audit evidence

b)

Preparing FS

c)

Sampling

d)

Signing audit opinion

27.

Auditor responsibility is:

a)

Detect all fraud

b)

Give independent opinion

c)

Hire employees

d)

Prepare controls

28.

Prevention of fraud is the responsibility of:

a)

Auditor

b)

Management

c)

Customers

d)

Suppliers

29.

Auditors assess:

a)

Evidence

b)

Product quality

c)

Sales volume

d)

Marketing

30.

Who signs audit report?

a)

Management

b)

Auditor

c)

Shareholder

d)

Customer

31.

Auditors must comply with:

a)

Construction standards

b)

ISA

c)

Food law

d)

Labour law

32.

Auditors test:

a)

Evidence

b)

Marketing

c)

Staff behaviour

d)

Customer satisfaction

33.

Internal control is maintained by:

a)

Auditor

b)

Management

c)

Customers

d)

Shareholders

34.

Which audit focuses on efficiency?:

a)

Compliance

b)

Operational

c)

Tax

d)

Forensic

35.

Compliance audit checks:

a)

Profit

b)

Law adherence

c)

Inventory

d)

Efficiency

36.

External auditors are appointed by:

a)

Staff

b)

Shareholders

c)

Customers

d)

Suppliers

37.

Internal auditors report to:

a)

Audit committee

b)

HR

c)

Customers

d)

Public

38.

Forensic audit focuses on:

a)

Tax

b)

Fraud

c)

Marketing

d)

Production

39.

Government auditors work in:

a)

Private firms

b)

Public sector

c)

Factories

d)

Restaurants

40.

Financial audit focuses on:

a)

Financial statements

b)

HR policies

c)

Production

d)

Training

41.

ISA applies to:

a)

Internal audits

b)

External audits

c)

Operational audits

d)

Compliance audits

42.

External audit provides:

a)

Budgeting

b)

Opinion

c)

Strategy

d)

HR planning

43.

Audit is an example of:

a)

Assurance service

b)

Non assurance service

c)

Tax activity

d)

Manufacturing

44.

AOB regulates:

a)

Tax agents

b)

Public interest entity auditors

c)

Manufacturers

d)

Internal auditors

45.

MIA regulates:

a)

Doctors

b)

Accountants

c)

Engineers

d)

Chemists

46.

Demand for audit arises from:

a)

Profit earning

b)

Information risk

c)

Marketing needs

d)

Sales drop

47.

Audit provides confidence to:

a)

Competitors

b)

Users

c)

Drivers

d)

Employees

48.

Auditing provides absolute assurance:

a)

True

b)

False

49.

Auditor must be independent:

a)

True

b)

False

50.

Audit opinion is given on financial statements:

a)

True

b)

False

51.

Detection of all fraud is the main audit objective:

a)

True

b)

False

52.

Management prepares the financial statements:

a)

True

b)

False

53.

Auditor maintains internal control:

a)

True

b)

False

54.

Financial audits evaluate efficiency:

a)

True

b)

False

55.

Operational audits focus on efficiency:

a)

True

b)

False

56.

Compliance audits check adherence to laws:

a)

True

b)

False

57.

Internal auditors work inside organization:

a)

True

b)

False

58.

MIA regulates accountants in Malaysia:

a)

True

b)

False

59.

AOB regulates internal auditors:

a)

True

b)

False

60.

Tax services are non assurance services:

a)

True

b)

False

61.

Audit reduces information risk:

a)

True

b)

False

62.

Auditors prepare financial statements:

a)

True

b)

False

63.

Auditing verifies FS prepared by management:

a)

True

b)

False

64.

Auditors design internal controls:

a)

True

b)

False

65.

Evidence collection is part of audit:

a)

True

b)

False

66.

Audit provides true and fair view:

a)

True

b)

False

67.

Management prevents fraud:

a)

True

b)

False

68.

Auditors detect every error:

a)

True

b)

False

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