Auditing MCQ Questions and Solutions with Explanations

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Each section contains 100 MCQs on Auditing .

Which of the following statements is, generally, correct about the reliability of audit evidence?

A) To be reliable, evidence should conclusive rather than persuasive B) Effective internal control system provides reliable audit evidence C) Evidence obtained from outside sources routed through the client D) All are correct

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Audit in depth is synonymous for:

A) Complete audit B) Completed audit C) Final audit D) Detailed audit

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following is NOT part of the process of management audit?

A) Determinations of responsibility center B) Review of performance of each responsibility center C) Review of organizational structure D) Investigating the depreciation method and its application on fixed assets in the company

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following is not true with regard to verification of assets?

A) It invoices substantiation of occurrence of transactions B) Its objective is to establish existence, ownership, possession, valuation and disclosure of assets C) The auditor has to form an opinion on different aspects D) All are true

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Protection of investors' is which object of auditing?

A) Social B) Economic C) Primary D) Subsidiary

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

What time does the audit start-

A) When book-keeping ends B) When the accounting work is over C) When the management goes on leave D) When new partner is admitted

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Auditing and Assurance Standard-2 (AAS-2) are concerned with

A) Vouching B) Valuation of assets and liabilities C) Audit planning D) Objective and scope of the audit of financial statements

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

The auditor of a company can be removed by the following

A) Board of directors B) Company registrar C) Debentureholders D) General meeting of shareholders

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

If the auditor assesses control risk as high-

A) Document the conclusions B) Documents the reasons along with conclusions C) Perform tests of control D) Perform walk through tests

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Social Audit Report was first brought out by

A) TISCO B) UTI C) BHEL D) AIR INDIA

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

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Auditing MCQ Questions and Solutions with Explanations | Commerce