Audit Evidence, Purchases System, ISA 500, Auditor's Responsibilities, International Auditing Standards
Explore questions and answers related to audit evidence, purchases systems, ISA 500, auditor's working papers, auditor appointments, and international auditing standards. Test your knowledge on important topics in auditing and enhance your understanding of key concepts.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
BY JAHANAVI DEO DEPARTMENT OF COMMERCE M.L ARYA COLLEGE, KASBA B.COM 1_DATE-14/05/2020
QUESTION-ANSWER SESSION 1. Which of the following is normally the most reliable source of audit evidence? (a). Internal audit (b). Suppliers statements (c). Board minutes (d). Analytical review
2. Which of the following is NOT a main element of a purchases system? (a). Placing orders (b). Receiving purchase invoices (c). Goods received (d). Decisions at board level on whether to incur capital expenditure
3. According to ISA 500, the strength of audit evidence is determined by which two qualities? (a). Appropriateness & competence (b). Sufficiency & appropriateness (c). Reliability & extensiveness (d). Objectivity & independence
4. Which of the following are you unlikely to see in the current file of auditors working papers? (a). Memorandum & articles of association (b). Audit planning memorandum (c). Summary of unadjusted errors (d). Details of the work done on the inventory count
8. Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor? (a).The shareholders in a general meeting (b). The managing director (c). The board of directors in a board meeting (d). The audit committee
5. International auditing standards are issued by the: (a).International Accounting Standards Board (b). Financial Accounting Standards Board (c). International Audit and Assurance Standards Board (d). Auditing Practices Board
