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Auditing Principles and Concepts Quiz

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Questions and Answers

What is the primary objective of an audit?

To ensure compliance with tax regulations

To assess the effectiveness of internal controls

To express an opinion on the financial statements (correct)

To identify all instances of fraud in the organization

What does professional skepticism require from an auditor?

Avoiding any critical evaluation of the evidence gathered

Assuming management's decisions are always appropriate

Maintaining a questioning mindset and being alert to misstatements (correct)

Relying solely on past audit experiences

Which of the following is NOT a principle of auditing?

Ethical requirements

Sri Lanka Auditing Standards

Professional judgement

Following strict regulations (correct)

What is the primary consequence of audit risk?

Issuing an inappropriate opinion on the financial statements Signup and view all the answers

What does professional skepticism entail during an audit?

Being alert to contradictory audit evidence Signup and view all the answers

Which of the following best defines inherent risk?

Risk that occurs due to inadequate internal controls within an entity Signup and view all the answers

Which of the following best describes the term 'audit evidence'?

All information related to the audit objective Signup and view all the answers

What factors are included in professional judgment during an audit?

Knowledge, experience, and ethical standards Signup and view all the answers

What are the criteria against which the quality of the audit results are evaluated?

SLAUSs and audit evidence Signup and view all the answers

Which of the following does NOT represent an element of audit risk?

Regulatory risk Signup and view all the answers

Which condition may indicate possible fraud during an audit?

Unexplained discrepancies in financial records Signup and view all the answers

What is the role of materiality in an audit?

To evaluate the significance of omissions or misstatements Signup and view all the answers

What is an essential quality auditors must utilize to determine the extent of audit procedures?

Professional judgement Signup and view all the answers

What is NOT included in the process of communicating the auditor’s findings?

Evaluating management’s performance Signup and view all the answers

Which ethical requirement relates to the auditor's obligation to remain unbiased?

Independence Signup and view all the answers

In evaluating audit evidence, what should an auditor primarily focus on?

The sufficiency and appropriateness of the evidence Signup and view all the answers

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Description

Test your knowledge on the fundamental principles of auditing with this quiz. Explore key concepts such as professional skepticism, audit risk, and materiality. This quiz will challenge your understanding of auditor responsibilities and evaluation criteria.