Introduction to Auditing MCQs

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Question #1: The main object of an audit is

Question #2: The title of AAS­2 issued by Council of ICAI is

Question #3: Both auditing and accounting are concerned with financial statements. Which of the following

Question #4: Which of the following is not true about opinion on financial statements?

Question #5: A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of

Question #6: Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of

Question #7: Which of the following statements is not true

Question #8: As per AAS­4 if auditor detects an error then

Question #9: Which of the following is not a limitation of audit as per AAS­4?

Question #10: How many principles are listed in AAS­1 which govern auditor’s professional obligation?

Question #11: The risk of management fraud increases in the presence of

Question #12: Auditing standards differ from audit procedures in that procedures relate to

Question #13: Which of the following factors likely to be identified as a fraud factor by the auditor?

Question #14: The most difficult type of misstatement to detect fraud is based on

Question #15: Which of the following statements is correct concerning the required documentation in working papers of fraud risk assessment undertaken by the auditor?

Question #16: Which of the following is not likely to be a fraud risk factor relating to management’s characteristics

Question #17: Professional skepticism requires that the auditor assume that management is

Question #18: The audit engagement letter, generally, should include a reference to each of the following except