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Auditing Theory Part 1

Auditing Theory Part 1
70問 • 2年前
  • Mark Anthony Germono
    • 通報

    問題一覧

  • 1

    The primary function of an independent audit is to lend credibility to the financial statements prepared by an entity

    True

  • 2

    The auditor provides increased assurance to users that the financial statements are really reliable

    True

  • 3

    An audit is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events

    True

  • 4

    Operational audit is done by compliance auditing

    False

  • 5

    Compliance audit is the audit of the BIR about taxes and COA

    True

  • 6

    Philippine standards on auditing defines auditing by stating the objective of a financial statement audit, that is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with the identified financial reporting framework

    True

  • 7

    Auditing is a systematic process

    True

  • 8

    Auditing proceeds by means of not ordered and unstructured series of steps

    False

  • 9

    An audit involves obtaining and evaluating evidence about assertions regarding economic actions and events

    True

  • 10

    An audit is conducted subjectively

    False

  • 11

    Representations made by an auditee about economic actions and events

    Assertions

  • 12

    Partial attitude must be maintained by the auditor when evaluating evidence and formulating his conclusion

    False

  • 13

    Established criteria are needed to judge the validity of the assertions

    True

  • 14

    Auditors communicate the audit results to selected users

    False

  • 15

    Types of audits

    Financial, Compliance, Operational

  • 16

    An audit conducted to determine whether the financial statements of an entity are fairly presented in accordance with an identified financial reporting framework

    Financial statement audit

  • 17

    Review of an organization's procedures to determine whether the organization has adhered to specific procedures, rules, and regulations

    Compliance audit

  • 18

    A study of a specific unit of an organization for the purpose of measuring its performance

    Operational audit

  • 19

    Same general characteristics of audits

    Systematic examination and evaluation of evidence, Communication of the results of the examination

  • 20

    Types of auditors

    External auditors, Internal auditors, Government auditors

  • 21

    Auditors can be classified according to their affiliation with the entity being examined

    True

  • 22

    These are independent CPAs, who offered a professional services to different clients on a contractual basis

    External auditors

  • 23

    The ones who generally perform financial statement audits

    External auditors

  • 24

    Entity's own employees , who investigate and appraise the effectiveness and efficiency of operations and internal controls

    Internal auditors

  • 25

    Their main function is to assist the members of the organization in the effective discharge of their responsibilities

    Internal auditors

  • 26

    Whose main concern is determine, whether persons or entities comply with government laws and regulations

    Government auditors

  • 27

    Government auditors usually conduct compliance audits

    True

  • 28

    External auditors is for financial audit

    True

  • 29

    Government auditors is for operational audit

    False

  • 30

    Internal auditors is for operational audit

    True

  • 31

    The management is responsible for preparing and presenting the financial statement in accordance with the financial reporting framework

    True

  • 32

    The author's responsibility is to form and express an opinion on these financial statements based on his audit

    True

  • 33

    An audit of financial statement does not relieve management of its responsibilities.

    True

  • 34

    The auditor's opinion on the financial statement is not a guarantee that the financial statements are dependable

    True

  • 35

    An audit conducted in accordance with Philippine standards on auditing is designed to provide only reasonable assurance, not absolute assurance, that the financial statements taken as a whole or free from material misstatement

    True

  • 36

    In every audit, there are always inherent limitations that affect the auditors ability to detect material misstatement

    True

  • 37

    Auditors do not examine all evidence available

    True

  • 38

    Many audit conclusions are made by examining only sample of evidence

    True

  • 39

    The work undertaken by the auditor to form an opinion is permeated by judgment

    True

  • 40

    Human weaknesses cannot cause auditors to commit mistakes in the application of audit procedures and evaluation of evidence

    False

  • 41

    Some evidence supporting the financial statements, must be obtained by obtaining oral or written representations from management

    True

  • 42

    Evidence obtained by the auditor does not consist of hard facts, which prove or disprove the accuracy of the financial statements

    True

  • 43

    Audit evidence is generally persuasive rather than conclusive in nature

    True

  • 44

    The auditor should comply with the code of professional ethics for certified public accountants, promulgated by the board of accountancy

    Fact

  • 45

    The auditor should conduct an audit in accordance with Philippine standards on accountancy

    Untrue

  • 46

    The auditor should plan and perform the audit with an attitude of professional skepticism

    Fact

  • 47

    An attitude of professional skepticism means the auditor makes a critical assessment with a questioning mind

    Fact

  • 48

    The auditor neither assumes that the management is honest, nor assumes unquestioned honesty

    Fact

  • 49

    The audit function operates within a theoretical framework

    True

  • 50

    Audit function operates on the assumption that all financial data are verifiable

    True

  • 51

    The auditors should always maintain independence with respect to the financial statement under audit

    True

  • 52

    Short term conflicts may exist regarding the application of auditing procedures and accounting principles

    True

  • 53

    Effective internal control system reduces the possibility of errors and fraud affecting the financial statements

    True

  • 54

    The condition of the entity's internal control system indirectly affects the reliability of the financial statements

    False

  • 55

    The stronger the internal control is, the more assurance it provides about the reliability of the accounting data and financial statement

    True

  • 56

    In the case of an independent audit of financial statements, the criteria are usually the PSA.

    False

  • 57

    Consistent application of generally accepted accounting principles, or Philippine financial reporting standards results in fair presentation of financial statements

    True

  • 58

    What was held true in the past, will continue to hold true in the future in the absence of known conditions to the contrary

    True

  • 59

    An audit cannot benefit the public

    False

  • 60

    These users, who rely on the financial statements as their major source of information are the primary beneficiary of the financial statement audit

    True

  • 61

    Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called

    Accounting

  • 62

    The subject matter of the financial audit is the

    Financial statements

  • 63

    The criteria for evaluating quantitative information vary. for example, in the case of an independent audit of financial statement by CPA firms, the criteria are usually the

    Philippine standards on auditing

  • 64

    In auditing financial accounting data, the primary concern is with

    Determining whether recorded information properly reflects the economic events that occurred during the accounting period

  • 65

    An audit of financial statement is conductor determine if the

    Overall financial statements are stated in accordance with the applicable financial reporting framework

  • 66

    In determining the primary responsibility of the external auditor for an audit of a company's financial statements, the auditors owes primary allegiance to

    Stockholders creditors and the investing public

  • 67

    An audit involves ascertaining the degree of correspondence between assertions and establish criteria. In the case of an audit of financial statements, which of the following would be a valid criterion.

    Philippine standards on auditing

  • 68

    Most of the independent auditor's work in formulating an opinion on financial statements, consist of

    Obtaining an examining evidence

  • 69

    An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives is

    Operational audit

  • 70

    Which of the following types of audit uses laws and regulations as its criteria?

    Compliance audit

    • FAR Quizzers For Post Test And Term Examination

    FAR Quizzers For Post Test And Term Examination

    Mark Anthony Germono · 24問 · 1年前

    FAR Quizzers For Post Test And Term Examination

    FAR Quizzers For Post Test And Term Examination

    24問 • 1年前
    Mark Anthony Germono

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    Mark Anthony Germono · 16問 · 1年前

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    16問 • 1年前
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    OBLIGATION

    OBLIGATION

    Mark Anthony Germono · 30問 · 1年前

    OBLIGATION

    OBLIGATION

    30問 • 1年前
    Mark Anthony Germono

    CONTRACTS

    CONTRACTS

    Mark Anthony Germono · 48問 · 1年前

    CONTRACTS

    CONTRACTS

    48問 • 1年前
    Mark Anthony Germono

    Doctrines and Principles - RRC

    Doctrines and Principles - RRC

    Mark Anthony Germono · 23問 · 1年前

    Doctrines and Principles - RRC

    Doctrines and Principles - RRC

    23問 • 1年前
    Mark Anthony Germono

    AFAR COMPRE

    AFAR COMPRE

    Mark Anthony Germono · 14問 · 1年前

    AFAR COMPRE

    AFAR COMPRE

    14問 • 1年前
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    Taxation 1

    Taxation 1

    Mark Anthony Germono · 100問 · 2年前

    Taxation 1

    Taxation 1

    100問 • 2年前
    Mark Anthony Germono

    Taxation 2

    Taxation 2

    Mark Anthony Germono · 31問 · 2年前

    Taxation 2

    Taxation 2

    31問 • 2年前
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    Business Taxation By Enrico D. Tabag

    Business Taxation By Enrico D. Tabag

    Mark Anthony Germono · 77問 · 2年前

    Business Taxation By Enrico D. Tabag

    Business Taxation By Enrico D. Tabag

    77問 • 2年前
    Mark Anthony Germono

    Business & Transfer Taxation by Rex B. Banggawan

    Business & Transfer Taxation by Rex B. Banggawan

    Mark Anthony Germono · 49問 · 2年前

    Business & Transfer Taxation by Rex B. Banggawan

    Business & Transfer Taxation by Rex B. Banggawan

    49問 • 2年前
    Mark Anthony Germono

    Chapter 1 - Business Tax

    Chapter 1 - Business Tax

    Mark Anthony Germono · 30問 · 2年前

    Chapter 1 - Business Tax

    Chapter 1 - Business Tax

    30問 • 2年前
    Mark Anthony Germono

    Chapter 2 - Business Tax

    Chapter 2 - Business Tax

    Mark Anthony Germono · 30問 · 2年前

    Chapter 2 - Business Tax

    Chapter 2 - Business Tax

    30問 • 2年前
    Mark Anthony Germono

    Other Percentage Tax

    Other Percentage Tax

    Mark Anthony Germono · 15問 · 2年前

    Other Percentage Tax

    Other Percentage Tax

    15問 • 2年前
    Mark Anthony Germono

    Chapter 1 - Multiple Choice Business Tax

    Chapter 1 - Multiple Choice Business Tax

    Mark Anthony Germono · 10問 · 2年前

    Chapter 1 - Multiple Choice Business Tax

    Chapter 1 - Multiple Choice Business Tax

    10問 • 2年前
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    Management Advisory Services

    Management Advisory Services

    Mark Anthony Germono · 79問 · 2年前

    Management Advisory Services

    Management Advisory Services

    79問 • 2年前
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    MAS Post Test 01

    MAS Post Test 01

    Mark Anthony Germono · 33問 · 2年前

    MAS Post Test 01

    MAS Post Test 01

    33問 • 2年前
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    Auditing Thoery Part 2

    Auditing Thoery Part 2

    Mark Anthony Germono · 58問 · 2年前

    Auditing Thoery Part 2

    Auditing Thoery Part 2

    58問 • 2年前
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    Auditing Theory - Handouts Based

    Auditing Theory - Handouts Based

    Mark Anthony Germono · 10問 · 2年前

    Auditing Theory - Handouts Based

    Auditing Theory - Handouts Based

    10問 • 2年前
    Mark Anthony Germono

    Auditing Theory - Post Test

    Auditing Theory - Post Test

    Mark Anthony Germono · 60問 · 2年前

    Auditing Theory - Post Test

    Auditing Theory - Post Test

    60問 • 2年前
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    FAR 1

    FAR 1

    Mark Anthony Germono · 80問 · 2年前

    FAR 1

    FAR 1

    80問 • 2年前
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    AFAR

    AFAR

    Mark Anthony Germono · 48問 · 1年前

    AFAR

    AFAR

    48問 • 1年前
    Mark Anthony Germono

    問題一覧

  • 1

    The primary function of an independent audit is to lend credibility to the financial statements prepared by an entity

    True

  • 2

    The auditor provides increased assurance to users that the financial statements are really reliable

    True

  • 3

    An audit is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events

    True

  • 4

    Operational audit is done by compliance auditing

    False

  • 5

    Compliance audit is the audit of the BIR about taxes and COA

    True

  • 6

    Philippine standards on auditing defines auditing by stating the objective of a financial statement audit, that is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with the identified financial reporting framework

    True

  • 7

    Auditing is a systematic process

    True

  • 8

    Auditing proceeds by means of not ordered and unstructured series of steps

    False

  • 9

    An audit involves obtaining and evaluating evidence about assertions regarding economic actions and events

    True

  • 10

    An audit is conducted subjectively

    False

  • 11

    Representations made by an auditee about economic actions and events

    Assertions

  • 12

    Partial attitude must be maintained by the auditor when evaluating evidence and formulating his conclusion

    False

  • 13

    Established criteria are needed to judge the validity of the assertions

    True

  • 14

    Auditors communicate the audit results to selected users

    False

  • 15

    Types of audits

    Financial, Compliance, Operational

  • 16

    An audit conducted to determine whether the financial statements of an entity are fairly presented in accordance with an identified financial reporting framework

    Financial statement audit

  • 17

    Review of an organization's procedures to determine whether the organization has adhered to specific procedures, rules, and regulations

    Compliance audit

  • 18

    A study of a specific unit of an organization for the purpose of measuring its performance

    Operational audit

  • 19

    Same general characteristics of audits

    Systematic examination and evaluation of evidence, Communication of the results of the examination

  • 20

    Types of auditors

    External auditors, Internal auditors, Government auditors

  • 21

    Auditors can be classified according to their affiliation with the entity being examined

    True

  • 22

    These are independent CPAs, who offered a professional services to different clients on a contractual basis

    External auditors

  • 23

    The ones who generally perform financial statement audits

    External auditors

  • 24

    Entity's own employees , who investigate and appraise the effectiveness and efficiency of operations and internal controls

    Internal auditors

  • 25

    Their main function is to assist the members of the organization in the effective discharge of their responsibilities

    Internal auditors

  • 26

    Whose main concern is determine, whether persons or entities comply with government laws and regulations

    Government auditors

  • 27

    Government auditors usually conduct compliance audits

    True

  • 28

    External auditors is for financial audit

    True

  • 29

    Government auditors is for operational audit

    False

  • 30

    Internal auditors is for operational audit

    True

  • 31

    The management is responsible for preparing and presenting the financial statement in accordance with the financial reporting framework

    True

  • 32

    The author's responsibility is to form and express an opinion on these financial statements based on his audit

    True

  • 33

    An audit of financial statement does not relieve management of its responsibilities.

    True

  • 34

    The auditor's opinion on the financial statement is not a guarantee that the financial statements are dependable

    True

  • 35

    An audit conducted in accordance with Philippine standards on auditing is designed to provide only reasonable assurance, not absolute assurance, that the financial statements taken as a whole or free from material misstatement

    True

  • 36

    In every audit, there are always inherent limitations that affect the auditors ability to detect material misstatement

    True

  • 37

    Auditors do not examine all evidence available

    True

  • 38

    Many audit conclusions are made by examining only sample of evidence

    True

  • 39

    The work undertaken by the auditor to form an opinion is permeated by judgment

    True

  • 40

    Human weaknesses cannot cause auditors to commit mistakes in the application of audit procedures and evaluation of evidence

    False

  • 41

    Some evidence supporting the financial statements, must be obtained by obtaining oral or written representations from management

    True

  • 42

    Evidence obtained by the auditor does not consist of hard facts, which prove or disprove the accuracy of the financial statements

    True

  • 43

    Audit evidence is generally persuasive rather than conclusive in nature

    True

  • 44

    The auditor should comply with the code of professional ethics for certified public accountants, promulgated by the board of accountancy

    Fact

  • 45

    The auditor should conduct an audit in accordance with Philippine standards on accountancy

    Untrue

  • 46

    The auditor should plan and perform the audit with an attitude of professional skepticism

    Fact

  • 47

    An attitude of professional skepticism means the auditor makes a critical assessment with a questioning mind

    Fact

  • 48

    The auditor neither assumes that the management is honest, nor assumes unquestioned honesty

    Fact

  • 49

    The audit function operates within a theoretical framework

    True

  • 50

    Audit function operates on the assumption that all financial data are verifiable

    True

  • 51

    The auditors should always maintain independence with respect to the financial statement under audit

    True

  • 52

    Short term conflicts may exist regarding the application of auditing procedures and accounting principles

    True

  • 53

    Effective internal control system reduces the possibility of errors and fraud affecting the financial statements

    True

  • 54

    The condition of the entity's internal control system indirectly affects the reliability of the financial statements

    False

  • 55

    The stronger the internal control is, the more assurance it provides about the reliability of the accounting data and financial statement

    True

  • 56

    In the case of an independent audit of financial statements, the criteria are usually the PSA.

    False

  • 57

    Consistent application of generally accepted accounting principles, or Philippine financial reporting standards results in fair presentation of financial statements

    True

  • 58

    What was held true in the past, will continue to hold true in the future in the absence of known conditions to the contrary

    True

  • 59

    An audit cannot benefit the public

    False

  • 60

    These users, who rely on the financial statements as their major source of information are the primary beneficiary of the financial statement audit

    True

  • 61

    Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called

    Accounting

  • 62

    The subject matter of the financial audit is the

    Financial statements

  • 63

    The criteria for evaluating quantitative information vary. for example, in the case of an independent audit of financial statement by CPA firms, the criteria are usually the

    Philippine standards on auditing

  • 64

    In auditing financial accounting data, the primary concern is with

    Determining whether recorded information properly reflects the economic events that occurred during the accounting period

  • 65

    An audit of financial statement is conductor determine if the

    Overall financial statements are stated in accordance with the applicable financial reporting framework

  • 66

    In determining the primary responsibility of the external auditor for an audit of a company's financial statements, the auditors owes primary allegiance to

    Stockholders creditors and the investing public

  • 67

    An audit involves ascertaining the degree of correspondence between assertions and establish criteria. In the case of an audit of financial statements, which of the following would be a valid criterion.

    Philippine standards on auditing

  • 68

    Most of the independent auditor's work in formulating an opinion on financial statements, consist of

    Obtaining an examining evidence

  • 69

    An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives is

    Operational audit

  • 70

    Which of the following types of audit uses laws and regulations as its criteria?

    Compliance audit