Principles of Audit Lecture 1 Quiz
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Questions and Answers

What is the main purpose of auditing?

  • To prepare financial statements according to GAAP & IFARS
  • To examine financial statements after they are prepared
  • To ensure the accuracy of accounting information in financial statements (correct)
  • To distinguish between auditing and accounting

    • When does auditing occur?

  • During the preparation of financial statements
  • After the preparation of financial statements (correct)
  • At the same time as the preparation of financial statements
  • Before the preparation of financial statements

    • Who is responsible for the process of auditing?

  • Financial accountant
  • Certified Public Accountant
  • Internal auditor
  • Independent auditor (correct)

    • What standards are used for conducting audits?

    <p>GAAS &amp; IFARS</p> Signup and view all the answers

    What is the main purpose of reducing information risk through auditing?

    <p>To enhance the reliability of accounting information in financial statements</p> Signup and view all the answers

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