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Fani Warraich
MANAGEMENT SCIENCES
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Audit & Assurance
What is the primary purpose of issuing an auditor's report?
A. To express an opinion on the fairness of the financial statements.
B. To provide recommendations for improving internal controls.
C. To communicate findings from audit procedures to management.
D. To assess the effectiveness of risk management practices.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following types of audit evidence is generally considered the most reliable?
A. Oral representations made by management.
B. Documentary evidence obtained from independent third parties.
C. Internal memos prepared by the client's staff.
D. Electronic records maintained by the client's IT department.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following best describes the purpose of analytical procedures in an audit engagement?
A. Confirming the existence of specific assets with third parties.
B. Testing the effectiveness of internal controls.
C. Evaluating compliance with regulatory requirements.
D. Identifying unusual or unexpected fluctuations in account balances.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
In the context of audit sampling, what is meant by the term "sampling risk"?
A. The risk that the sample selected may not be representative of the population.
B. The risk that the auditor may fail to detect material misstatements in the financial statements.
C. The risk that the auditor's procedures may not be performed effectively.
D. The risk that the auditor may not maintain independence and objectivity.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following audit procedures is designed to test the existence and completeness assertion for inventory?
A. Confirmation with suppliers.
B. Inquiry with management.
C. Observation of physical inventory count.
D. Analytical procedures.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following would NOT be considered a control deficiency in internal controls?
A. Lack of segregation of duties.
B. Inadequate documentation of procedures.
C. Existence of related-party transactions.
D. Ineffective monitoring of controls.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following types of audit opinion indicates that the financial statements are free from material misstatement?
A. Adverse opinion.
B. Qualified opinion.
C. Unqualified opinion.
D. Unqualified opinion.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following sampling methods is commonly used in audit testing to select items for examination?
A. Convenience sampling.
B. Stratified sampling.
C. Judgmental sampling.
D. Judgmental sampling.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following is a key responsibility of the auditor during the planning phase of an audit engagement?
A. Issuing an audit opinion on the financial statements.
B. Communicating audit findings to management.
C. Identifying areas of potential risk of material misstatement.
D. Testing internal controls to detect fraud.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following best describes the primary objective of an external audit?
A. Detecting and preventing fraud within the organization.
B. Providing assurance on the reliability of financial statements.
C. Evaluating the efficiency of internal control systems.
D. Advising management on business strategiesb.
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MANAGEMENT SCIENCES
Financial Accounting
Cost & Management Accounting
Management
Public Administration
Corporate Finance
Financial Management
Taxation Management
Marketing
Human Resource Management
Operations & Production Management
Audit & Assurance
Public Finance
Investments & Portfolio Management
Ethical & Professional Standards & Responsibilities
Strategic Management
Business Administration
