In an audit of financial statements, substantive tests are audit procedures that __________?

Auditing Mcqs Introduction to Auditing 10/10/2021

A. May be eliminated for an account balance under certain conditions
B. Are designed to discover significant subsequent events
C. Will increase proportionately when the auditor decreases the assessed level of control risk
D. May be test of transactions, test of balance and analytical procedures

Related Mcqs:

    Window dressing implies_______________?
    A. Curtailment of expenses B. Checking of Wastages C. Under valuation of assets D. Over Valuation of assets...
    Test Checking refers to___________?
    A. Testing of accounts and records B. Checking of selected number of transactions C. Examination of adjusting and closing entries D. Checking of all transactions recorded...
    Which of the following statements is, generally, correct about the reliability of audit evidence?
    A. To be reliable, evidence should conclusive rather than persuasive B. Effective internal control system provides reliable audit evidence C. Evidence obtained from outside sources routed through the client D. All are correct....
    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...
    Auditing is what?
    A. Reporting the financial information B. Examination of financial statements C. Preparation financial statements D. maintaining the ledger records...

Leave a Reply

Your email address will not be published. Required fields are marked *