vu acc311 Final Term - Quiz No.4
vu acc311 Fundamentals of Auditing Quiz
This quiz belongs to book/course code vu acc311 Fundamentals of Auditing of vu organization. We have 18 quizzes available related to the book/course Fundamentals of Auditing. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: Which of the following is not a procedure to obtain an understanding of risk in the planning stage (described in ISA 315)?
Procedures for sampling audit tests.
Observation and inspection.
Analytical procedures.
Inquiries of management.
Question 2: The risk that the auditor expresses inappropriate audit opinion when the financial statements are materially misstated is called
Management Risk
Audit Risk
Business Risk
All of these
Question 3: The standards given in 'Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement' (ISA 315) emphasizes:
Reports to federal regulators
Obtaining an understanding of business risks and significant risks.
Procedures for sampling audit tests.
Obtaining an understanding of control risk.
Question 4: Auditing is compulsory for __________?
Small scale business
Partnership firms
Joint stock Companies
Proprietary Concerns
Question 5: Director's report shall be attached to the __________
Balance sheet
BRS
IAS report
None
Question 6: Human beings are __________ animals
Psychological
Social
Natural
None
Question 7: IFAC was formed in __________?
1977
1997
1979
1966
Question 8: Industry conditions include
The market and competition, including demand, capacity, and price competition.
Cyclical or seasonal activity
all of these
Energy supply and cost
Question 9: Which one of the following is NOT required as part of the audit process?
Substantive procedures
Tests of control
Assessment of materiality
Procedures to obtain an understanding of the internal control structure
Question 10: The end result of an audit is an opinion to assist the user of the __________
Bank statement
cash book
Audit Report
Financial Statements
