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Balance Sheet Audit Quiz

An auditor who accepts an audit but does not possess the industry expertise of the business entity should

obtain knowledge of matters that relate to the nature of entity’s business

inform management about it

take help of other auditors

The least important element in the evaluation of an audit firm’s system of quality control would relate to

assignment of audit assistants

system of determining audit fees

consultation with experts

confidentiality of client’s information

The primary purpose of establishing quality control policies and procedures for deciding on client evaluation is to

ensure adherence to generally accepted auditing standards

acceptance or retention of clients whose management does not lack integrity

ensure audit fees is charged according to the type of audit work assigned

all of the above

Which of the following is not a quality control consideration on accepting a new client?

Availability of audit assistants with necessary skill and competence.

Provision of other services to the client which may impair independence

Predecessor auditor’s advice as to whether audit fees were paid promptly

Review of audit work done by one partner by the other

Audit of banks is an example of

Statutory audit

Balance sheet audit

Concurrent audit

All of the above

Concurrent audit is a part of

Internal check system

Continuous audit

Internal audit system

In India, balance sheet audit is synonymous to

Continuous audit

Statutory audit

Audit in depth is synonymous for

Completed audit

Balance sheet audit includes verification of

Income and expense accounts where appropriate

All of the above

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This quiz is tagged as: balance sheet audit, balance sheet audit, balance sheet, balance sheet audit, balance sheet audit, balance sheet, audit

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