5 Questions
What is the meaning and definition of auditing?
Auditing is the systematic examination of financial records, accounts, business transactions, and accounting practices to ensure accuracy, legality, and adherence to accepted accounting standards and principles.
What are the primary and secondary objectives of auditing?
The primary objective of auditing is to ensure the accuracy and reliability of financial information, while the secondary objectives include detection and prevention of fraud, ensuring compliance with laws and regulations, and providing credibility to financial statements.
What are the qualities of an auditor?
The qualities of an auditor include integrity, objectivity, independence, competence, confidentiality, and professional skepticism.
What are the basic principles governing an audit?
The basic principles governing an audit include integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.
What is the historical background of the auditing profession?
The auditing profession evolved alongside standardized accountancy as a way to identify and prevent fraud. It has historical roots in ancient civilizations such as India (Kautilya’s Arthashastra), China, Egypt, Greek, and Roman, with the word 'audit' derived from the Latin word 'audire' which means to hear.
Test your knowledge of auditing with this quiz covering the evolution, definition, and scope of auditing, as well as the differences between auditing and accountancy, objectives of auditing, and various classes of audit. See how well you understand the qualities of an audit in this discipline specific elective course for B.Com. Semester V.
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