vu acc311 Final Term - Quiz No.7
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 2: Which of the following is one of the procedures in the planning phase?
Prepare client proposal.
Select staff to perform the audit.
Determine materiality.
Determine need for other professionals
Question 4: nature of business describes
Import export
production
manufacturing
all of these
Question 5: Auditor's understanding of the control environment, determines the audit __________
ethics
way
responsibilty
procedure
Question 7: Misstatements or omissions are material if they could reasonably be expected to influence __________ taken on the basis of the financial statements.
Primary qualitative characteristics.
The content of the item or error.
Pervasiveness of the item.
Economic decisions of users
Question 8: If auditors are appointed by directors, directors shall fix the __________.
appointment
commission
remuneration
none
Question 9: Which one of the following is TRUE about Internal Control Questionaire (ICQ)?
It comprises a list of internal controls in existence
It highlights growth opportunities for a company
It helps to identify earning trend of a company
It used in small company audits
