Auditing
Mastering Auditing Essentials
Test your knowledge on auditing principles and practices with our comprehensive quiz. Whether you are a professional auditor or looking to understand the basics, this quiz will help reinforce your learning and identify areas for improvement.
Key Features:
- 11 insightful questions
- Multiple choice format
- Instant feedback on answers
Unusual transactions is to be?
Verified thoroughly
Documented Seperately
Included in the report
Examining P&L items are
Vouching and Verification
Vouching
Verification
Inquiry is done
Within the entity
Outside the entity
Both within and outside the entity
Comparing Balance Sheet with prior year's Balance sheet is an example of?
Observation
Analytical Procedure
Recalculation
Check whether audit is conducted in the previous year, If not understand the
Procedure followed by accounts department
Business
Procedure followed by similar company
Audit Documentation should be retained for how many years after issuance of the same
7 Years or more
8 Years
7 Years
Documents can be edited after report release date?
Additions or Deletions can be made after report release date before aduit documentation is issued
Additions can be made to the audit documentation after report release date before audit documentation is issued
Deletions can be made after report release date
Surprise check acts as a good moral check on
Client's staff
Audit staff
Both audit and client's staff
Depreciation is to be provided for fixed assets
Only if it is in use
Even if it is not in use
Documentation is to be done by
Audit Staff
Client staff
Both audit and client staff
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