Auditing mcq with answers pdf

  • How do you answer audit questions?

    An auditor is looking for the truth.
    A guess, even if it is an educated guess, is not the truth.
    Therefore, do not guess your answer, unless you are asked to give an opinion; and then make clear that your answer is an opinion, not a statement of fact..

  • What is auditing why it is important?

    Auditing is the process of reviewing and confirming your financial reports.
    Audits verify that you've created accurate and reliable financial reports and that no fraudulent activities are happening within the business..

  • What is continuous audit Mcq?

    Continuous auditing requires the ongoing assessment of accounting practices and risk controls.
    This auditing practice helps continually assess the effectiveness of controls..

  • Key PointsAuditing is the systematic and scientific examination of the books of accounts and records of a business to enable the auditor to satisfy himself that the Balance Sheet and the Profit and Loss Account are properly drawn up to exhibit a true and fair view of the financial state of affairs of the business and Oct 20, 2023
  • Montgomery defined auditing as examination of the books and records of a business in order to ascertain or verify and report up on the facts regarding the financial operations and the results thereof." 1.
    2) ORIGIN AND EVOLUTION.
    The term audit is derived from the Latin word 'audire', which means to hear.

How do auditors prepare for an audit?

Planning and creation of the auditing process: Prior to conducting this audit, it is essential for the auditors to develop an audit plan that will allow them to efficiently cover all relevant audit topics by learning about the client's operations, policies, accounting systems, and internal control procedures

What is a management audit?

An independent and systematic analysis and evaluation of a company's overall operations and performances constitutes a management audit

It is a useful tool for evaluating the effectiveness, roles, successes, and accomplishments of the business


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