Internal audit is undertaken:

Related Mcqs:

How long is the auditor’s term of office?

A. Until the audit is complete B. Until the financial statements are complete C. Until the next AGM (Annual General Meeting) D. Until the directors remove them...

Which of the following statements is most closely associated with analytical procedure applied at substantive stage?

A. It helps to study relationship among balance sheet accounts B. It helps to discover material misstatements in the financial statements C. It helps to identify possible oversights D. It helps to accumulate evidence supporting the validity of a specific account balance...

When applying analytical procedures, an auditor could develop independent estimate of an account balance to compare it to­___________?

A. client’s unedited account balance B. client’s unedited account balance adjusted for trends in the industry C. Prior year audited balance D. Prior year audited balance adjusted for trends in the industry...

Who is responsible for the appointment of statutory auditor of a limited company ?

A. Directors of the company B. Members of the company C. The Central Government D. All of the above...

The auditor has serious concern about the going concern of the company. It is dependent on company’s obtaining a working capital loan from a bank which has been applied for. The management of the company has made full disclosure of these facts in the notes to the balance sheet. The auditor is satisfied with the level of disclosure. He should issue___________?

A. unqualified opinion B. unqualified opinion with reference to notes to the accounts C. qualified opinion D. disclaimer of opinion...