Inter PN-10 CAA Quiz 5

The main role of      is the following: A. Recommending Auditing Standards, B. Monitoring and Enforcing Compliance with Auditing Standards and C. Power to Investigate

Benefits of Audit Sampling are                .

                        refers to the possibility of material misstatement due to complex transactions or even due to organised fraud.

                                 is a detailed plan of the auditing work to be performed, specifying the procedures to be followed in verification of each item and the financial statements and the estimated time required.

Audit Documentation is related to

                                             involves examination of legalities by blending the techniques of propriety audit, regularity, investigative and financial audits.

Which of the following is/are advantage/s of audit?

Cut-off testing is performed during audit of sales to address the fofllowing assertion .

Internal check is meant for      .

The most important objective of internal audit is     .

An internal control includes     .

The work of one clerk is automatically check by another clerk is called       .

Internal auditor is appointed by               .

A flow chart, made by the auditor, of an entity’s internal control system is a graphic representation that depicts the auditor’s                .

Test Checking reduces the       .

Audit in depth synonymous for              

Verification of the value of assets, liabilities, and the balance of reserves, provision and the amount of profit earned or loss suffered by an entity is called as            .

Government is interested in the Financial Statements for          .

Management is interested in the Financial Statements for                .

The word “Auditing” has been derived from Latin word “audiere” which means    .

Which of the following is not an essential features of auditing?

How many types of Employee Benefits are there as per Ind AS 19?

Events occurring after the Reporting Period are those events that occure between ---

Which of the following is included in cost of inventory as per IND AS 2?

                is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.