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auditing theory questions.doc - TOPIC 1 – OVERVIEW OF AUDIT...

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TOPIC 1 – OVERVIEW OF AUDIT & PRE-ENGAGEMENT ACTIVITIESOverview of Auditing1.Which is the primary objective of the independent auditor in auditing thefinancial statements?(a) To express an opinion on the financial viability of the client.(b) To express a conclusion as to the accuracy of balances of client GLaccounts.(c) To express an opinion on the fairness of the financial statements.(d) To satisfy governmental requirements.
2.Most of the independent auditor’s work in formulating an opinion on thefinancial statements consists of
3.This is an examination of part of an organization’sprocedures and methods for the purpose of evaluatingefficiency and effectiveness of doing business is what type ofaudit?
4.This is an audit that is intended to determine whether anentity is following specific procedures or rules set down bysome higher authority is classified as a(n):
5.In auditing financial accounting data, the primary concern is with:
(a) Determining whether recorded information properly reflects theeconomic events that occurred during the accounting period.(b)Determining if fraud has occurred.(c)Determining if taxable income has been calculated correctly.(d) Analyzing the financial information to be sure that it complies withgovernment requirements.6.Which one of the following is more difficult to evaluate objectively?

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Term
Winter
Professor
Engr. Consolacion Lagman
Tags
Financial audit

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