Category: Questions and answers about auditing principles pdf

Questions and answers about auditing principles pdf

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questions and answers about auditing principles pdf

Gloria Ng. Scope paragraph. Opinion paragraph. Audit report date. Identify the most important infor mation included in the scope paragraph. The auditor followed generally accepted auditing standards. The audit is designed to obtain reasonable assurance about whether the statements are free of material misstate ment.

Discussion of the audit evidence accumulated. Statement that the auditor believes the evidence accumulated was appropriate for the circumstances to express the opinion presented. Identify the most important infor mation included in the opinion paragraph. The most important information in the opinion paragraph includes: 1. The three general standards have been followed in all respects on the engagement.

What is the nature of the additional paragraphs in the audit report? The introductory and opinion paragraphs also refer to the framework used to evaluate internal control. Two addi. The separate paragraph should fully explain the departure and the reason why generally accepted accounting principles would have resulted in misleading statements. The entity changed from one generally accepted accounting principle to another generally accepted accounting principle.

A shared report involving the use of other auditors. What are the three options avail7 able to the principal auditor and when should each be used? No reference is made to the other auditor. Issue a shared opinion in which reference is made to the other auditor. A disclaimer may be issued if the segment audited by the other CPA is highly material.

Give an example of each.

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Change in accounting principle 2. Change in reporting entity 3. Corrections of errors involving accounting principles. A separate explanatory paragraph is required if the amounts are material. Comparability refers to items such as changes in estimates, presentation, and events rather than changes in accounting principles. In that case, no explanatory paragraph for lack of consistency is needed, but the information may require disclo sure in the statements.

The scope of the audit has been restricted. The auditor is not independent. This type of opinion may not be used if the auditor believes the exceptions being reported upon are extremely material, in which case a disclaimer or adverse opinion would be used.

That is, either the CPA is independent or not independent.

Download: Applied Questions On Auditing.pdf

For failure to follow GAAP, there are three levels of materiality: immaterial, material, and highly material. Under which of these two would the auditor be most likely to issue a disclaimer of opinion? Under what circumstances is each appropriate. Determining which is appropriate depends entirely upon materiality.Post a Comment Kindly give your valuable feedback to improve this website.

Auditing Multiple Choice Questions and Answers. Propriety audit refers to. Propriety is normally undertaken in case of. Final audit implies. Joint audit implies. Management audit means. Systems audit implies.

Internal audit means. Internal audit is. Effective internal check system reduces. The objective of internal audit is. Internal check is carried on by. Internal check is suitable for. Internal check is essential for. Misappropriation of goods may be checked by. Window dressing implies. Falsification of accounts is undertaken by. Test checking refers to. Test checking should not be applied to. Vouching implies. The company can buy back its shares only if it is authorized by its Articles of Association.

A person qualified for appointment as a Company Auditor is. Contingent liability is. Undervaluation of stock is. Huge Investment in advertisement shown in financial statements as. Provisions regarding redemption of preference shares are in Companies Act, under. Verification refers to. Object of verification of assets. Which of the following statements is correct?


Valuation of Fixed Assets is based on the concept. Valuation means. Neuchatel Co. Ltd case. Fixed assets are valued at. Floating assets are valued at. Outstanding expenses should be verified with the help of.To browse Academia. Skip to main content. Log In Sign Up. Abdul majid Sadiqui. Which of the following is not true about opinion on financial statements? A sale of Rs. Which of the following statements is not true?

As per AAS-4 if auditor detects an error then — a He should inform the management. Which of the following is not a limitation of audit as per AAS-4? Both auditing and accounting are concerned with financial statements. Which of the following a Auditing uses the theory of evidence to verify the financial information made available by Accountancy b Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant.

Auditing standards differ from audit procedures in that procedures relate to a Audit assumptions b acts to be performed c quality criterion d methods of work Which of the following factors likely to be identified as a fraud factor by the auditor?

The most difficult type of misstatement to detect fraud is based on: a Related party purchases b Related party sales c The restatement of sales d Omission of a sales transaction from being recorded. Which of the following statements is correct concerning the required documentation in working papers of fraud risk assessment undertaken by the auditor?

Which of the following is the most appropriate potential reaction of the auditor to his assessment that the risk of material misstatement due to fraud is high in relation to existence of inventory? Professional skepticism requires that the auditor assume that management is a reasonably honest b Neither honest nor dishonest c Not necessarily honest d Dishonest unless proved otherwise Which of the following information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement?

The audit engagement letter, generally, should include a reference to each of the following except a limitations of auditing b responsibilities of management with respect to audit work c expectation of receiving a written management representation letter. The use of an audit engagement letter is the best method of assuring the auditor will have which of the following? The use of an audit engagement letter is the best method of documenting i the required communication of significant deficiencies in internal control ii significantly higher control risk than that assessed in prior audit.

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The primary purpose of establishing quality control policies and procedures for deciding on client evaluation is to- a ensure adherence to generally accepted auditing standards b acceptance or retention of clients whose management does not lack integrity c ensure audit fees is charged according to the type of audit work assigned d all of the above Which of the following is not a quality control consideration on accepting a new client?

Audit of banks is an example of — a Statutory audit b Balance sheet audit c Concurrent audit d Both a and b e All of the above 2. Concurrent audit is a part of- a Internal check system b Continuous audit c Internal audit system d None 3. In India, balance sheet audit is synonymous to- a Annual audit b Continuous audit c Detailed audit d Statutory audit 4.

Audit in depth is synonymous for- a Complete audit b Completed audit c Final audit d Detailed audit 5. COM 6. Which of the following statements is not true about continuous audit? Which of the following is not a fact of EPA? The Delhi Government had constructed six bungalows for its ministers. They are lying unoccupied for last three years.

Financial auditor is not concerned with propriety of business transactions. Balance sheet does not include- a Verification of assets and liabilities b Vouching of income and expense accounts related to assets and liabilities c Examination of adjusting and closing entries d Routine checks Which of the following statements is not correct about materiality? When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the a Amount of known misstatement is documented in working papers b Estimates of the total likely misstatement is less than materiality level c Estimate of the total likely misstatement is more than materially level d Estimates of the total likely misstatement cannot be made Staffing and supervision.

Continuing professional development and due professional care. Human relations and communications. Organizational status and objectivity. No judgment is required, because everything is computed according to a formula. A smaller sample can be used. More accurate results are obtained. Population estimates can be made with measurable reliability. Candidates from the following countries must refer to their local IIA Institute web-site or contact their local representative for more information about local certification processes:.

You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. Turn on more accessible mode. Turn off more accessible mode. Skip Ribbon Commands. Skip to main content. Mission of Internal Audit. Mandatory Guidance. Core Principles. Code of Ethics.

Definition of Internal Auditing. Implementation Guidance. Supplemental Guidance. Responses and Positions. Global Public Sector Insights. Position Papers. Responses to Regulators. Global Perspectives and Insights. Global Knowledge Brief. Advocacy Efforts. Browse by Topic. Best Sellers. New Products. Certification Prep. Research Reports.

questions and answers about auditing principles pdf

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Why Become Certified? Download Handbook. Currently Enrolled?But if you have a good idea of the whole process, are well prepared, rehearsed and have things ready in mind, then, of course, you will be able to land the job.

This is probably one of the most basic internal audit questions you will be asked when you are attending an audit interview. When you are answering this, make sure to describe the word audit and how it is carried out. The word audit comes from the word audition which means the power to hear. But the complexity of these accounts soon began to grow because of which there was a need to keep a thorough check on the accounts.

Mistakes were needed to be corrected and all documents were written by the investors and stakeholders. This process was understood as an audit. Of course, when you are attending an audit interview, you will ask about the techniques and you should have a good idea about them in case you want the job. While answering the question, point out basic things such as being professional and to avoid being judgemental.

You should be following all safety and other procedures that are told to you. You must encourage people you are working with, to be honest. Finally, you have to be flexible and answers all questions or discuss problems and make sure all issues are bought before the audits.

First, you need to make sure the audit team has been established properly. After all, it will help the other auditees to cooperate. Second, you have to decide all those areas within the company that should be audited and the frequency of these audits also matters. You have to be prepared from before. Third, it is important to determine the whole purpose of this audit and if it complies with the regulations of the government, the quality standards, and the internal procedures within the system.

Finally, you should organize meetings and discuss important plans with auditors and read all the documents that you will audit against. Internal audit is important as it will boost the size and the complexity of your business, increase the requirements of compliance, focus on the risk management along with the internal cords so that they can be managed.

There are unconventional business models as well that should be taken care of. Internal audit need because the environment is competitive and continues to get more competitive with time. Also, information technology is needed for usage. When you are conducting an internal audit, you should decide what exactly you are trying to get hold of, see the risks that might come your way and also review the objectives. The audit activities must be planned next.

An interview question for auditors like this will help in determining what you are hoping to find in the next job and if it will be a good fit for the position that you are hoping to get.

The best way to answer such questions is by talking about those challenges you are hoping to discuss and how you will be using your experience and skills to do better. You may also say that challenges do motivate you and that being able to meet you makes you feel all the better.

You could also continue by taking real-life examples and challenges that you have met and the goals that you have achieved in the past. Do note that if you say no to this question, the interviewers will keep hoping to find a conflict. The best way to answer this question is to show how you have reacted to conflicts in the past and what you have done to resolve it.See also AB Revision Mock exam. See also MA Mock exam.

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There is same question in F3 mock exam. They have lots of exam standard questions to practice, and several mock exams. A Revision Kit is vital to making sure you pass the exam. You must buy a Revision Kit from one of the ACCA approved publishers — they contain all the past exam question from earlier years that are still relevant for the current syllabus.

Hi I just wanted to know what is specimen papers? Coz I was going through June specimen paper and it was the exact same actual question paper of June Specimen papers are published by the ACCA every time there is a change in the format layout of the exam in order for people to see what the format will be.

So, for example, there are new specimen papers for Papers F5 to F9 for exams from September because the format of these exams is changing. Specimen papers are only to show what the format is and so usually contain previous real exam papers. But it is never the other way round — the real exam will never contain the same questions as a previously issued specimen paper!

The specimen for June exams cannot possibly have contained exactly the same questions as the real June exam. If you mean the real exam, then you can find it by clicking on the relevant link above which will take you to the ACCA website where the recent past papers can be download. How to get theF4 Global Law paper old question and answer? Please give me a link to down load. Thank you so much Hnin Nwe. Can anyone advise where i can find some really old past paper question because the study guide for the P4 paper advises that practice be done with some really old questions like Best is to buy a Revision Kit from one of the approved publishers, but otherwise search for them on Google.

Thank you Mike and open tuition. Key is practice, practice, practice. Repetition, repetition. Thank you Open Tuition looking forward to the next papers. I have difficulty in this question. Assume that depreciation calculated for accounting purposes on the straitline method accurately reflects economic obsolescence….

How do I culculate the revaluation amount? Hybrid question selection calls for a repetition of some questions ie questions not published have equal chances of being asked again in the next sitting. I think all adjustment except two done properly. Sir i lost any futher mark??? There are practice MCQ questions at the end of each chapter of our free lecture notes.

There is also an online mock exam for each paper. You will obviously have also purchased a Revision Kit from one of the ACCA approved publishers as we recommend throughout this website and they contain lots of exam standard questions to practice on. You click on the relevant link — it takes you to the relevant page on the ACCA website and you download them from there.Interview Guides Accounting Audit.

Audit Interview Questions and Answers will guide us here that Audit is a process of an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, also to provide an assessment of a systems internal control. The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier times, the Kings used to hear their accountants narrate the accounts verbally.

However, as the complexity of the accounting function grew, need was felt to thoroughly check the accounts for mistakes misclassification and document the findings in a written form so that it can be used by the Management, stakeholders, investors, Government and various other bodies.

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This process is known as Auditing or Audit. Is This Answer Correct? It is a compulsory audit done by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues. Vouching is the process of checking the authentication of the voucher maintain by the management with the respective supporting document. Prepare a yearly audit schedule and distribute.

Decide what other audit resources are needed - checklists, other auditors? Know what they say. Develop questions to ask the auditees. Avoid being judgmental. First, point out what was done well. Second, address the nonconformances and ensure the auditees understand the nonconformances and what part of the standard is not met.

Allowing auditees to have input will give them ownership in implementing changes.

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The corrective action deadlines may vary depending on the severity of the noncompliance. Use audits as opportunities to train others. Ask for a volunteer who is not an auditor to walk through the audit process with you as an assistant. This will provide others with a better understanding of what audits are and why they are necessary.

Invite all the auditees to the closing meeting. Having been an auditee, I know it helps to hear audit findings firsthand, the positive as well as the negative. Involving people creates a feeling that everyone is a vital contributor to the goal of the company - compliance.

The internal audit is conducted to help the management. The weakness of the management is disclosed.

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