ACC311 Final Term Solved Mega File with References by Innocent Mishi

ACC311- Fundamental of Accounting · MCQS Mega File · Brave Heart Innocent Mishii · Solved Quizzes · Question:

Which one of the following persons are responsible for the preparation of Audit engagement later?

Auditor

Client

Question:

Who is responsible for designing and preparing the financial statements?

Auditor

Management

Accountant

Question:

Which one of the following is the method of assessing the internal control system of an entity?

Audit procedures

Audit evidence

Compliance audit

Technical analysis

Question:

The purpose of engagement letter includes the following EXCEPT:

To defines the auditorâtresponsibilities clearly

To minimize misunderstandings between the client and auditors

To educate the cliet

To help the auditor in preparing audit report

Question:

A manufacturing company wants to hire external auditors who examine the activities operations procedures and processes of each department of the company. The company follows the local and international laws rules ad regulations and also has set standards for the efficiency and effectiveness. The company shall have to provide the access of all kind of operational information that will be required to the auditors as audit evidences. Considering the above situation select the most suitable type of audit which the company should opt?

Compliance audit

Operational audit

Technology audit

Financial audit

Question:

Which one of the following is considered as the formal opinion or disclaimer thereof issued by an independent auditor as a result of audit or evaluation performed on a legal entity?

Financial report

Financial statement

Directorâtreport

Auditor's report

Question:

Which of the following statements is true?

The auditing profession is unregulated

The auditing profession is regulated only by its own professional body

Outside bodies sometimes become involved in the regulation of the audit profession

The auditing profession is regulated only by the government