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.Management Sciences
A. When a company negotiates a ‘friendly’ takeover, it usually appoints a firm of accountants to carry out due diligence on the takeover target.
B. In an attestation engagement, the accountant is required to report on the quality of work performed.
C. In a review engagement, evidence is gathered mainly by means of computation and inspection.
D. In an engagement to review financial statements, the amount of work required is the same as for an audit
Related Mcqs:
- Auditing is compulsory for____________?
- A. Small scale business B. Partnership firms C. Joint stock Companies D. Proprietary Concerns...
- Institute of Chartered Accountants of Pakistan was established in____________?
- A. 1949 B. 1956 C. 1961 D. 1972...
- Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?
- A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation B. The safe custody of working papers is the responsibility of client, if kept at his premises C. The working papers must be retained by an audit firm for a period of 10 years … Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?Read More...
- Which of the following statements is, generally, correct about the reliability of auditevidence?
- 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....
- When restrictions that significantly affect the scope of the audit are imposed by the client, the auditor generally should issue which of the following opinion?
- A. Qualified opinion B. Disclaimer of opinion C. Adverse opinion D. Unqualified report with ‘an emphasis of matter’ paragraph;...
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