Auditing engagement can be performed w.r.t.

A: Profit making entity

B: Non-profit making entity

C: Corporate entity only

D: Any entity

Answer & Explanation Discussion
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Any entity

Scope of financial audit is__________?

A: Financial information

B: Non-financial information

C: Both (a) and (b)

D: None of these

Answer & Explanation Discussion
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Financial information

Which of the following is not type of engagement standard?

A: Standards on Auditing

B: Standard on Quality Control

C: Standards on Review Engagement

D: Standards on Assurance Engagement

Answer & Explanation Discussion
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Standard on Quality Control

How many Standards on Auditing have been issued?

A: 32

B: 34

C: 36

D: 38

Answer & Explanation Discussion
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38

You have been proposed as auditor of a company. What is the first step that you should take?

A: Obtain the clients permission to communicate with the existing auditor

B: Obtain the existing auditors working papers

C: Obtain a copy of the companys most recent board minutes

D: Obtain a copy of the existing auditors letter of engagement

Answer & Explanation Discussion
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Obtain the clients permission to communicate with the existing auditor

Which of these are types of Audit Report?

A: Unqualified opinion

B: Qualified opinion

C: Adverse opinion

D: Disclaimer of opinion. All of above

Answer & Explanation Discussion
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All of above

Pick the odd one:

A: Checking the vouchers

B: Preparation of vouchers

C: Evaluation of internal control

D: None of the above

Answer & Explanation Discussion
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Preparation of vouchers

An auditor should not accept a loan on favourable commercial terms from an audit client because of the threat to his or her independence. The threat would be a___________?

A: Self-interest threat

B: Self-review threat

C: Advocacy threat

D: Familiarity threat

Answer & Explanation Discussion
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Self-interest threat

Which of the following are fundamental ethical principles for professional accountants? 1 Competence 2 Compliance 3 Integrity 4 Objectivity

A: 1, 2 and 3 only

B: 1, 3 and 4 only

C: 2, 3 and 4 only

D: 1, 2 and 4 only

Answer & Explanation Discussion
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1, 3 and 4 only

Which one of the following may auditors NOT perform for their client?

A: Taking management decisions

B: Preparation of accounting records

C: Preparing tax computations

D: Advising on weaknesses in the internal control systems

Answer & Explanation Discussion
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Taking management decisions

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