You have been proposed as auditor of a company. What is the first step that you should take?

Related Mcqs:

Audit of banks is an example of_____________?

A. Statutory audit B. Balance sheet audit C. Concurrent audit D. All of the above...

The auditor’s permanent working paper file should not normally, include__________?

A. Extracts from client’s bank statements B. Past year’s financial statements C. Attorney’s letters D. Debt agreements...

Balance sheet does not include­:_____________?

A. Verification of assets and liabilities B. Vouching of income and expense accounts related to assets and liabilities C. Examination of adjusting and closing entries D. Routine checks...

Which of the following is a revenue reserve?

A. Capital redemption reserve B. Security premium account C. Debenture redemption reserve D. Capital reserve...

The auditor should examine subsequent realization of revenue such as dividends, interest,commission, etc to:­_____________?

A. identify cases of unrecorded revenue B. ensure proper disclosure in the balance sheet C. recompute accrued income on the data of balance sheet D. Any of these...