Auditing - Practice Test | ExamPrepSheets

[#421] The working papers which auditor prepares for financial statements audit are:

(A) Evidence for audit conclusions

(B) Owned by the client

(C) Owned by the auditor

(D) Retained in auditor's office until a change in auditors

Correct Answer

(C) Owned by the auditor

[#422] Which of the following statements is not true with regard to teeming and lading?

(A) It results in the deliberate misappropriation of cash receipts

(B) It is associated with cash receipts

(C) If same individual maintains cash receipts and cash payments teeming and lading is likely to exist

(D) To conceal the shortage, the defraud, usually, tries to keep bank and book amounts in daily agreement so that a bank reconciliation will not detect the irregularity

Correct Answer

(C) If same individual maintains cash receipts and cash payments teeming and lading is likely to exist

[#423] Analytical procedures are least likely to be use in the audit of:

(A) Cash balance

(B) Investments

(C) Bills receivables

(D) Debtors

Correct Answer

(A) Cash balance

[#424] Verification of voucher is called

(A) Routine check

(B) Vouching

(C) Auditing

(D) None of these

Correct Answer

(B) Vouching

[#425] Which of the following is called back-bone of auditing?

(A) Routine checking

(B) Internal check

(C) Accounting

(D) Vouching

Correct Answer

(D) Vouching

Auditing - Study Mode

[#421] The working papers which auditor prepares for financial statements audit are:

Correct Answer

[#422] Which of the following statements is not true with regard to teeming and lading?

Correct Answer

[#423] Analytical procedures are least likely to be use in the audit of:

Correct Answer

[#424] Verification of voucher is called

Correct Answer

[#425] Which of the following is called back-bone of auditing?

Correct Answer