Take this audit theory quiz with informative questions and answers today to level up your auditing game! A framework for auditing is provided by audit theories. It works on uncovering the laws which govern the auditing process and helps form the basis of the role of audit. There are many theories that we will explore down below! Don't forget to share this quiz with all your friends. So, are you prepared to face this test? Let us begin!
Operational audit
Financial statement audit
Compliance audit
Performance audit
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Engagement letter
Audit report
Management letter
Financial Statements
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External Audit
Compliance Audit
Operational Audit
Financial Statement Audit
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Professional activity that measures and communicate financial accounting data
Subset of accounting
Professional activity that attests to the fair presentation of financial statements
Regulatory activity that prevents, the issuance of improper financial information
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Studying and evaluating internal control
Obtaining and examining evidential matter
Examining cash transactions
Comparing recoded accountability with assets
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External auditors
Stockholders
Management and the board of directors
Government
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Internal auditing
Income tax auditing
Government auditing
External auditing
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Financial statement
Economic data
Assertions
Operating data
None of the above
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Internal control structure is adequately operating as designed
Operational information is in accordance with generally accepted accounting principles.
Specific operating units are functioning efficiently and effectively.
Financial statements present fairly the results of operations
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IFRS, IFRS for SMEs
International Accounting Standards
International Standard on Auditing
National Internal Revenue Code
Regularions of the Securities and Exchange Commission
International Accounting Standards
International Financial Reporting Standards
International Standards on Auditing
Philippine Accounting Standards
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In requires the constant review by internal auditors of the administrative controls as they relate to operations of the company.
It concentrates on implementing financial and accounting control in a newly organized company.
It attempts and is designed to very the fair presentation of a company's results of operations.
It concentrates on seeking out aspects of operations in which wast would be reduced by the introduction of controls.
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Attest to the efficiency with which resources are employed.
Ascertain that controls are cost justified.
Provide assurance that financial data have been accurately recorded.
Assist members of the organization in the effective discharge of their responsibilities.
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The audit program
International Standards on Auditing
International Accounting Standards
International Financial Reporting Standards
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