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Audit Quizzes & Trivia

The IRS! Just the sound of that four-syllable statement send women into a frantic panic and makes men tremble at the knees! Have you ever been audited? Do you know what an audit is? Do you know why they audit, what they look for and what happens if you haven't been aboveboard with all your paperwork? How often can a company be audited? Can only the government carry out an audit, or can separate third-party enterprises do it as well? And who audits them?

From accountants to lawyers, CEO to secretaries, no-one is safe from being audited, but they can be safe whilst being audited. Do you know how? Attempt our quizzes on audit to know more about an audit. 
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Quiz on the Internal Audit Function

Questions: 10  |  Attempts: 3942   |  Last updated: Jan 29, 2021
  • Sample Question
    The internal audit function is generally considered independent when it can carry out its work freely and ___________.

An audit is carried out in firms to affirm that their books of accounts reflect a true and fair view of the position of the company and note incidences where fraud has taken place. Test out what you know about audits by taking up...

Questions: 40  |  Attempts: 3103   |  Last updated: Jun 5, 2020
  • Sample Question
    Independent auditing can best be described as:

Dr. Hwangs final audit 416 multiple choice form book

Questions: 53  |  Attempts: 798   |  Last updated: Aug 17, 2020
  • Sample Question
    The audit step most likely to reveal the existence of contingent liabilities is?

 

Questions: 10  |  Attempts: 560   |  Last updated: Jun 22, 2020
  • Sample Question
    A report is written only to be read by the Auditor.

Residential Energy: Cost Savings and Comfort for Existing Buildings [Book] by John Krigger, John Krigger & Chris Dorsi - House & Home - Saturn Resource Management, Inc. (2004) - Paperback - 318 pages

Questions: 96  |  Attempts: 210   |  Last updated: Jan 6, 2021
  • Sample Question
    The amount of heating energy needed by the home during the heating season is the sum of:
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Audit Questions & Answers


What is the main purpose of a letter of representation?
A letter of representation is also known as a management representation letter. The answer to this is letter A. This will serve as an introduction to company personnel and authorization to examine the records. This is usually signed after the fieldwo
How do the tests of controls and substantive tests of transactions affect the tests of details of balances?
Tests of details of balances are designed to determine the reasonableness of the balances in sales, accounts receivable, and other account balances that are affected by the sales and collection cycle. such tests include confirmation of accounts recei
What does information asymmetry refer to?
Asymmetry often refers to the imbalance of the details and information acquired by the stockholders and the management of the company. There are moments when this occurs because of mismanagement or because the wrong information has been passed. The
Why it is common for auditors to send confirmation requests with zero balances on the clients accounts payable listing but uncommon to follow the same approach in verifying accounts receivable?
This type of approach may be considered more conservative but will be absolutely necessary to make sure that people will be paying for the items that they have ordered on time. Accounts payable means a credit account while the accounts receivable may
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