Fundamentals of Auditing (ACC311)

1. While preparing the audit report an auditor should follow the auditing standard for minimizing the audit risk, highlight the correct standard.

   1. ISA 315
   2. ISA 316
   3. ISA 317
   4. ISA 318

2. Which one of the following is NOT the type of Auditor's Liabilities?

   1. Accounting liabilities
   2. Civil liabilities
   3. Criminal liabilities
   4. Liabilities for misfeasance

3. The appointment of first auditor is responsibility of the comoany, the company is bound to do so according to Clause of Law:

   1. 250
   2. 251
   3. 252
   4. 253

4. Which one of the following is NOT a matter related to the financing activities that an auditor considers during understanding entity and its environment?

   1. Debt financing
   2. Equity financing
   3. Beneficial owners (i.e. local or foreign)
   4. Financial statements presentation and disclosure

5. Which one of the following approaches is primarily used by the auditor to perform extensive substantive testing?

   1. Systems audit approach
   2. verification approach
   3. Diversification approach
   4. Standardized approach

6. The management is forced to adopt the Auditing process for avoiding the factors exists in financial statements EXCEPT?

   1. Errors & Frauds
   2. Inadvertently or deliberately misleading
   3. Information showing company's current position
   4. Unable to disclosed relevant information

7. To provide a reliable audit report, an auditor preferably must have a proper understanding of:

   1. Entity and its overall environment
   2. Entity and its marketing environment
   3. Entity and its production environment
   4. Entity and its workplace environment

8. Which one of the following is TRUE about Internal Control Questionaire (ICQ)?

   1. It comprises a list of internal controls in existence
   2. It highlights growth opportunities for a company
   3. It helps to identify earning trend of a company
   4. It used in small company audits

Select a course code for Objective Questions:

ACC311 ACC501 BIF101 BIF401 BIF501 BIO101 BIO201 BIO202 BIO203 BIO204 BIO301 BIO302 BIO303 BIO401 BIO503 BNK603 BT101 BT201 BT301 BT302 BT401 BT402 BT403 BT404 BT405 BT406 BT501 BT504 BT505 BT604 CHE201 CHE301 CS001 CS101 CS201 CS202 CS204 CS301 CS302 CS304 CS311 CS401 CS402 CS403 CS408 CS501 CS502 CS504 CS506 CS508 CS601 CS602 CS604 CS605 CS607 CS609 CS610 CS614 CS707 CS710 ECO401 ECO402 ECO403 ECO404 EDU302 EDU401 EDU402 EDU501 EDU601 ENG101 ENG201 ENG301 ENG501 FIN611 FIN624 FIN625 ISL201 IT430 MCM101 MCM301 MGMT623 MGT101 MGT211 MGT301 MGT401 MGT402 MGT501 MGT502 MGT503 MGT510 MGT601 MGT603 MKT501 MKT610 MKT630 MTH101 MTH202 MTH302 MTH501 MTH601 MTH634 PAK301 PHY101 PHY301 PSY101 PSY403 PSY502 PSY512 SOC101 SOC301 SOC401 STA301 STA630 STA641 ZOO102 ZOO401 ZOO501 ZOO502 ZOO503 ZOO504 ZOO505 ZOO506 ZOO510 ZOO630

Select a course code for Subjective Questions:

ACC311 CS001 CS101 CS201 CS301 CS607 CS701 CS702 CS703 CS704 CS707 CS708 CS710 CS711 CS718 CS721 CS724 ECO401 ECO403 ENG101 ENG301 MGT703 MTH501 STA301