Audit

hadasmolina
Quiz by hadasmolina, updated more than 1 year ago
hadasmolina
Created by hadasmolina over 5 years ago
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Description

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

Resource summary

Question 1

Question
What is the role of the Auditor?
Answer
  • Reports on the Financial Statements to the Intended user
  • Provides Assurance on the quality of the FS
  • Reports on the Financial Statements to the Responsible party.

Question 2

Question
The objective of the audit is to provide information on the financial situation of the company.
Answer
  • True
  • False

Question 3

Question
The objective of the audit is to provide an opinion on the true and fairness of the FS of the company
Answer
  • True
  • False

Question 4

Question
What is the objectives of an auditor?
Answer
  • To provide IT support
  • To review the FS and give their opinion on the truth and Fairness on the FS and report to the intended user.
  • To do an inventory of all the assets that the company holds

Question 5

Question
What does it mean the information on the FS are True?
Answer
  • The 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.
  • The information is clear, impartial and umbias

Question 6

Question
Information to be Fair, means: the information is clear, impartial and unbiased. Information reflects the commercial substance of the transactions of the entity.
Answer
  • True
  • False

Question 7

Question
What are the principles of an audit?
Answer
  • To conduct the audit with ethics complying with the ISA's and any relevant legislation. And, to conduct the audit with Professional Skepticism.
  • The FS contain clear and impartial information.

Question 8

Question
The 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.
Answer
  • True
  • False

Question 9

Question
What are the down sides of an Audit?
Answer
  • There 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.
  • The information is impartial, clear and unbias.
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