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.Management Sciences
A. To provide a basis for review of audit work
B. To provide a basis for subsequent audits
C. To ensure audit work is being carried out as per programme
D. To provide a guide for advising another client on similar issues
Related Mcqs:
- 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...
- Floating assets are valued at____________?
- A. cost B. Market price C. Cost or market price whichever is lower D. Cost less depreciation...
- The quantity of audit working papers complied on engagement would most be affected by__________?
- A. Management’s integrity B. Auditor’s experience and professional judgment C. Auditor’s qualification D. Control risk...
- 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...
- For what minimum period should audit working papers be retained by audit firm?
- A. For the time period the entity remains a client of the audit firm. B. For a period of ten years C. For a period auditor opines them to be useful in servicing the client D. For the period the audit firm is in existence....
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