COPY: Test Your Knowledge of Auditing
9 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main purpose of auditing?

  • To detect fraud
  • To uncover issues encountered during a project lifecycle
  • To assess whether a company adheres to legal duties
  • To provide assurance that financial information is free from material misstatement (correct)

    • What is the scope of auditing?

  • Auditing is only applied to secretarial and compliance matters
  • Auditing is only applied to internal controls
  • Auditing is only applied to financial information of profit-oriented entities
  • Auditing is applied to a wide range of areas (correct)

    • What is the difference between financial audit and statutory audit?

  • A financial audit assesses legal duties, while a statutory audit assesses financial statements and records (correct)
  • There is no difference
  • A financial audit is conducted by the government, while a statutory audit is conducted by a third-party
  • A financial audit is voluntary, while a statutory audit is mandatory

    • What is the level of assurance provided by an audit?

    <p>Reasonable assurance</p> Signup and view all the answers

    What is the purpose of a performance audit?

    <p>To assess whether an entity is achieving economy, efficiency, and effectiveness in the employment of available resources</p> Signup and view all the answers

    What is the purpose of a quality audit?

    <p>To verify conformance to standards through review of objective evidence</p> Signup and view all the answers

    What is the purpose of a project audit?

    <p>To uncover issues, concerns, and challenges encountered during the project lifecycle</p> Signup and view all the answers

    What is the purpose of an energy audit?

    <p>To reduce the amount of energy input into a building, process, or system without negatively affecting the output(s)</p> Signup and view all the answers

    Who governs the audits of publicly traded companies in the US?

    <p>The Public Company Accounting Oversight Board (PCAOB)</p> Signup and view all the answers

    More Like This

    Types of Audits and Financial Statement Audit Example
    29 questions

    Types of Audits and Financial Statement Audit Example

    HospitableRing4742 avatar
    HospitableRing4742
    Auditing & Assurance: Understanding Key Subtopics
    10 questions

    Auditing & Assurance: Understanding Key Subtopics

    DauntlessCanto avatar
    DauntlessCanto
    Risk-Based Audit Performance
    10 questions

    Risk-Based Audit Performance

    EntrancedNephrite3399 avatar
    EntrancedNephrite3399
    Auditing Accounts Payable Quiz
    48 questions

    Auditing Accounts Payable Quiz

    ConciseTungsten avatar
    ConciseTungsten
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser