AUD TH QUIZZER MODULE 2B ASSURANCE_700 SERIES Part 1 - Set A | Download for quality grades |

Document Content and Description Below

1. An audit of financial statements is conducted to determine if the a. organization is operating efficiently and effectively b. auditee is following specific procedures or rules set down by some hi... gher authority c. overall financial statements are stated in accordance with specified criteria d. auditee has complied with government laws and regulations 2. The subject matter of any audit consists of a. Financial statements b. Economic data c. Assertions about economic actions and events d. Operating data 3. The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria is usually a.The Philippine Standards on Auditing b.Financial reporting standards c.Regulations of the Bureau of Internal Revenue d.Regulations of the Securities and Exchange Commission 4. Most of the independent auditor’s work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets 5. An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives is a(n): a. internal audit b. external audit c. operational audit d. compliance audit 6. An audit that involves obtaining and evaluating evidence in order to determine whether certain financial or operating activities of an entity conform to specified conditions, rules, or regulations is a(n): a. internal audit b. external audit c. operational audit d. compliance audit 7. In financial statement audits, the audit process should conform with [Show More]

Last updated: 1 year ago

Preview 1 out of 4 pages