Audit Fundamentals & Regulations
According to International Standards on Auditing (ISA), what is the title of the auditor’s report?
“Independent Auditor’s Report.”
BONUS +200
BONUS +200
What are the three components of audit risk?
Inherent, control, and detection risk.
What is the difference between fraud and error?
Fraud is intentional, error is unintentional.
What are the four types of audit opinions?
Unmodified, Qualified, Adverse, Disclaimer.
How many main sections does an auditor’s report typically have?
Usually four: Introduction, Opinion, Basis for Opinion, and Other sections.
What does professional skepticism mean?
(Professional skepticism nimani anglatadi? )
A questioning mind and critical evaluation of evidence.
(Shubha bilan yondashish va dalillarni tanqidiy baholash. )
How is the level of materiality determined?
Based on a percentage of profit or assets.
BONUS -200
BONUS -200
When is a qualified opinion issued?
When misstatement is material but not pervasive.
What should an auditor do if corruption or illegal acts are detected?
(Auditor korruptsiya yoki qonunbuzarlikni aniqlasa, nima qilishi kerak? )
Report to management and, if necessary, to appropriate authorities.
(Rahbariyatga va zarur hollarda nazorat organlariga xabar beradi. )
When can an auditor disclose confidential information?
Only when required by law.
Which ISA standard explains the sufficiency and appropriateness of audit evidence?
ISA 500 — Audit Evidence.
What does an auditor do when evidence is insufficient?
Collects additional evidence.
When is an “Emphasis of Matter” paragraph included?
When highlighting a significant issue, not a misstatement.
Who regulates audit activity in Uzbekistan?
The Ministry of Finance and the Chamber of Auditors.
What disciplinary actions apply for ethical violations?
License revocation or monetary penalties.
Why are analytical procedures used?
To assess risks and detect unusual trends.
What are the five components of internal control according to the COSO framework?
Control environment, Risk assessment, Control activities, Information and communication, Monitoring activities.
How does an auditor analyze the income statement?
Through trend and ratio analysis.
ISA 200 auditorning maqsadlarini qanday belgilaydi?
(ISA 200 standarti auditorning maqsadini qanday tozalash? )
Auditor moliyaviy hisobotda jiddiy xatolardan xoli ekanligiga asosli ishonch hosil qilishi kerak.
(Auditor jiddiy xatolik yo'qligiga ishonch hosil qilish kerak.)
How do personal values affect auditor decisions?
Conflicts of interest may compromise ethical behavior.
How are risk and materiality related?
They are inversely related: as materiality decreases, risk increases.
Which International Standard on Auditing (ISA) requires the auditor to understand and evaluate internal control?
ISA 315 — Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.
What does the auditor do when going concern is doubtful?
Gathers additional evidence and adds a going concern paragraph.