Auditing
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Auditing questions with answers

116 multiple-choice questions. Open any question for its answer and explanation.

  1. Which of the following statements is not correct about materiality?
  2. An auditor conducts a surprise check on the pay day, i.e., the day wages and salaries are paid. The primary purpose of this audit procedure is to
  3. The management of a company, to which AS3 is not applicable, does not include statement of cash flows in its annual report. The auditor should express:
  4. Who is qualified to be a company auditor?
  5. Statement I: Safety audit is a risk management tools. Statement II: Management audit is a part of traditional auditing.
  6. The audit conducted to check and examine the efficiency and effectiveness of management is called
  7. Which report will be submitted by an auditor, if he is dissatisfied regarding the facts and informations?
  8. When an independent auditor relies on the work of an internal auditor, he should
  9. Consider the following activities and choose the correct sequence of these activities undertaking by auditor: 1. Valuation 2. Verification 3. Vouching
  10. The cost auditor gives his report to the
  11. The person who conducts audit is called
  12. The first auditor of a company will hold office
  13. . . . . . . . . is the backbone of auditing.
  14. Process of checking the evidence of the entries called . . . . . . . .
  15. The cost auditor submits the report to the
  16. Consider the following activities 1. Valuation 2. Verification 3. Vouching The correct sequence of the activities undertaken by an auditor is
  17. Which of the following statements is not true?
  18. Management audit is done by
  19. The objective(s) of vouching is/are
  20. If an auditor does something wrongfully in the performance of his duties, resulting in a financial loss to the company, he will be held guilty of :
  21. Concurrent audit is a part of:
  22. Which industries fall under strategic area? 1. Industries related to equipments for safety and power generation. 2. Electricity, road and steel industries. 3. Industries related to railway and mineral products. 4. Health and education related industry. Select the correct answer:
  23. The audit which is performed by a statutory auditor throughout the year is known as:
  24. Which of the following statement(s) is/are true? 1. Audit can be done by any person. 2. Auditing is guarantee of 100% correctness. 3. Errors can be detected and prevented from auditing. 4. Auditing is the examination of books and statements.
  25. When an auditor delegates work to his assistants, then