Which of the following should NOT be considered at the planning stage ?
A. Obtaining written representations
B. Last year’s written representation letter
C. The timing of the audi
D. Analytical review
AUDITING MCQS
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Audit risk is composed of 3 factors. Which of the following is NOT one of those factors ?
A. Inherent risk
B. Compliance risk
C. Detection risk
D. Control risk
Audit in depth is synonymous for ?
A. Detailed audit
B. Final audit
C. Complete audit
D. Completed audit
Concurrent audit is a part of ?
A. Continuous audit
B. Internal check system
C. Internal audit system
D. None of them
Audit of banks is an example of ?
A. Concurrent audit
B. Statutory audit
C. Balance sheet audit
D. All of them
Scope of internal audit is decided by the ?
A. Government
B. Law
C. Shareholders
D. Management
Internal audit is undertaken ?
A. By a person appointed by the management
B. By a government auditor
C. By independent auditor
D. Statutorily appointed auditor
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of ?
A. Error of omission
B. Error of duplication
C. Error of principle
D. Error of commission
Lapping is also known as ?
A. Embezzlement
B. Hacking
C. Teeming and lading
D. Looping
According to ISA 315, which of the following is NOT a control activity ?
A. Segregation of duties
B. Organizational structure
C. Performance reviews
D. Physical controls