Essential Auditing Principles Quiz

The purpose of an audit is to provide an independent examination of financial information of any entity and to express an opinion on the accuracy of the information.

Auditing attempts to ensure that the books of accounts are properly maintained by the concern as required by law.

Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement.

<p>Commonly audited areas include secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation.</p> Signup and view all the answers

<p>Stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter as a result of an audit.</p> Signup and view all the answers

<p>An 'independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.'</p> Signup and view all the answers

<p>To consider the propositions before them, obtain evidence, and evaluate the propositions.</p> Signup and view all the answers

<p>Auditing attempts to ensure that the books of accounts are properly maintained by the concern as required by law.</p> Signup and view all the answers

<p>Audits of the financial information relating to a legal person.</p> Signup and view all the answers

<p>Secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation.</p> Signup and view all the answers