The sequence of steps in the auditor's consideration of internal control is as follows:
A. Obtain an understanding, design substantive test, perform tests of control, and make a preliminary assessment of control risk
B. Design substantive tests, obtain an understanding, perform tests of control, and make a preliminary assessment of control risk
C. Obtain an understanding, make a preliminary assessment of control risk, perform tests of control, design substantive procedures
D. Perform tests of control, obtain and understanding, make a preliminary assessment of control risk, design
Answer: Option C
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
In how many days from the registration, the first Auditor of the Company be appointed?
A. 10
B. 20
C. 30
D. 60
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