Q. The audit that is made compulsory under the statute is called –
✅ Correct Answer: (A)
Statuary audit
Auditing MCQs and Notes
Q. Before the work of audit is commenced, the auditor plans out the whole of audit work is known as –
✅ Correct Answer: (D)
Audit program
Q. This kind of audit is generally conducted between two annual audits.
✅ Correct Answer: (B)
Interim audit
Q. Under check system principle of_________ is followed.
✅ Correct Answer: (A)
Division of labour
Q. When issuing unqualified opinion the auditor who evaluates the audit findings should be satisfied that the :
✅ Correct Answer: (B)
Estimates of the total likely misstatement are less than materiality level.
Q. Which of the following is not a fact of EPA ?
✅ Correct Answer: (C)
Expenditure audit.
Q. Which of the following statements is not true about continuous audit?
✅ Correct Answer: (C)
It is needed when the organization has a good internal control system.
Q. Balance sheet audit included verification of :
✅ Correct Answer: (D)
All of the above.