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!
Financial statement
Economic data
Assertions
Operating data
None of the above
IFRS, IFRS for SMEs
International Accounting Standards
International Standard on Auditing
National Internal Revenue Code
Regularions of the Securities and Exchange Commission
Overall financial statements are stated in accordance with the applicable financial reporting framework
Management fraud
Organization is operating efficiently and effectively
Auditee is following specific procedures or rules set down by some higher authority
Client's internal control is functioning as intended
International Accounting Standards
International Financial Reporting Standards
International Standards on Auditing
Philippine Accounting Standards
Studying and evaluating internal control
Obtaining and examining evidential matter
Examining cash transactions
Comparing recoded accountability with assets
External Audit
Compliance Audit
Operational Audit
Financial Statement Audit
The audit program
International Standards on Auditing
International Accounting Standards
International Financial Reporting Standards
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.
Operational audit
Financial statement audit
Compliance audit
Performance audit
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
Engagement letter
Audit report
Management letter
Financial Statements
Internal auditing
Income tax auditing
Government auditing
External auditing
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
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.
External auditors
Stockholders
Management and the board of directors
Government
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