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Audit

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Preguntas del test (9)

  1. 1What is the role of the Auditor?
    1. AReports on the Financial Statements to the Intended user
    2. BProvides Assurance on the quality of the FS
    3. CReports on the Financial Statements to the Responsible party.
  2. 2The objective of the audit is to provide information on the financial situation of the company.
    1. AVerdadero
    2. BFalso
  3. 3The objective of the audit is to provide an opinion on the true and fairness of the FS of the company
    1. AVerdadero
    2. BFalso
  4. 4What is the objectives of an auditor?
    1. ATo provide IT support
    2. BTo review the FS and give their opinion on the truth and Fairness on the FS and report to the intended user.
    3. CTo do an inventory of all the assets that the company holds
  5. 5What does it mean the information on the FS are True?
    1. AThe information is correct and Factual. It conforms with the reality, the accounting principles and any relevant legislation. Lastly, the information is similar to the underlying accounting records that have been entered during the year.
    2. BThe information is clear, impartial and umbias
  6. 6Information to be Fair, means: the information is clear, impartial and unbiased. Information reflects the commercial substance of the transactions of the entity.
    1. AVerdadero
    2. BFalso
  7. 7What are the principles of an audit?
    1. ATo conduct the audit with ethics complying with the ISA's and any relevant legislation. And, to conduct the audit with Professional Skepticism.
    2. BThe FS contain clear and impartial information.
  8. 8The Pros of an audit is that: the audit provides reliable information. It is a deterrent for Mgt. (i.e: Fraud, Bias)
    Increase the credibility of FS. Provides independent view to Shareholders.
    1. AVerdadero
    2. BFalso
  9. 9What are the down sides of an Audit?
    1. AThere are limitations because not all transactions are tested. only sample testing. Place some reliance on Mgt. It is subjective as it is choose what to test to conduct.
    2. BThe information is impartial, clear and unbias.

Información

Descripción
The role of the Auditor. what the Auditor provides and who reports to. Quality of assurance provided. Principles of how to conduct an audit
Idioma
English
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