vu acc311 Final Term - Quiz No.6
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: First auditor appointed by the directors may be removed by the __________ in a general meeting.
directors
managers
members
accountant
Question 2: Accounts should be approved by the __________
BOD
IAS
ANP
None
Question 3: __________ arise in the situation when there is absence of reasonable care and skill that can be expected of a person in a set of circumstances.
Civil liabilities
Criminal liabilities
Long liabilities
Short liabilities
Question 5: The concept of __________ acknowledges that there is a risk the audit opinion is in appropriate.
reasonable assurance
reasonable experiment
reasonable accuracy
reasonable assistance
Question 7: Which one of the following opinions advocates that the auditor should form an opinion only after obtaining sufficient audit evidence instead of blindly accepting any information given by the management?
Professional ethics
Professional Skepticism
Auditor's opinion
Auditor's liability
Question 8: The main object of an audit is __________?
Expression of opinion
Detection and Prevention of fraud and error
Both
None
Question 9: Important investment transactions for which information should be gathered include all the following except
Capital investment activities.
Investments of the audit staff.
Types of major investment by the company.
Acquisitions, mergers and disposals of business divisions.
Question 10: Information acquired during the planning phase about business operations may include all of the following except
Acquisition and disposals of business divisions.
Nature of revenue sources.
Employment.
Market
