Audit Engagement
Gives an opinion on the financial statements.
Which of the following is a duty of the Auditor?
A letter
Written representation should be in the form of
Permanent audit file
______ contains information pertaining to financial history, memorandum of association, articles of association of a company.
Assertions
Representations by management, explicit or otherwise, that are embodied in the financial statements, as used by the auditor to consider the different types of potential misstatements that may occur are termed as
report to the Audit Committee on controls, procedures and compliance.
purpose of an Internal Audit Report
auditor and his audit assistants
Audit programme is prepared by
The auditor should perform additional audit procedures
Where the written representations obtained are not consistent with other audit evidence
internal control system
In comparison to the independent auditor, an internal auditor is more likely to be concerned with
Not 100%
auditor not give absolute assurance
Time Record Book
The time spent by each worker should be correctly recorded in the _________.
Audit Procedure
An auditor should study and evaluate internal controls to-
Inefficiency of internal auditor
Which of the following is not an inherent limitation of internal control system?
Audit Committee
_______ committee acts as a liaison between the auditors of the company and its board of directors.
Assurance Engagement Risk
__________ is a risk that the practitioner expresses an inappropriate conclusion when the subject matter information is materially misstated.
Black Box Approach
Auditing around the computer is also known as ________.
Haphazard sampling
methods of sample selection is least suitable for extrapolating results to the population
Wage Sheet
Payment for wages should be vouched with the help of
Environmental Audit
_________ is a systematic process of obtaining and objectively evaluating the evidence relating to performance of an organization as reflected in the environment statement.
Financial Statement Assertion Level
Control risk is assessed at
Balance Sheet
Unless a contingent liability is quite negligible, its existence should be disclosed by an appropriate note in the _______.
Completeness and Valuation
financial statements assertions are addressed by testing the cut off for plant asset addition
The remuneration committee
Directors pay
Audit Planning
_______ is the specific guidelines and directions for efficient and effective completion of the audit work on timely and daily basis, so as to minimise audit risk.
Economically, Effectively and Efficiently
A ‘Value for Money’ audit examines whether a process is operating:
A vote by a majority of the shareholders
removed from their position as Auditor by: