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Auditing Mcqs

(https://pakmcqs.com/category/auditing-mcqs)Auditing Mcqs, Audit Mcqs for preparation of various posts i.e.

Senior Auditor by Fpsc, Junior Auditor, Accountant, Internal Auditors, External Auditors. Mcqs Provided here are
very Important for Federal Public Service Commission Tests/examinations, National Testing Service etc

Which one of the following is NOT considered to be part of planning? (https://pakmcqs.com/auditing-

mcqs/one-following-not-considered-part-planning)
A. Background 0 (https://pakmcqs.com/auditing-mcqs/one-following-not-considered-part-planning#respond)
i.e. industry
B. Previous year’s audit i.e. any qualifications in the report
C. Considering the work to be done by the client staff e.g. internal audit
D. Considering whether the financial statements show a true and fair view

Audit risk is composed of 3 factors. Which of the following is NOT one of those factors?
(https://pakmcqs.com/auditing-mcqs/audit-risk-composed-3-factors-following-not-one-factors)
A. 0 (https://pakmcqs.com/auditing-mcqs/audit-risk-composed-3-factors-following-not-one-factors#respond)
Compliance risk
B. Detection risk
C. Control risk
D. Inherent risk

Which of the following should NOT be considered at the planning stage? (https://pakmcqs.com/auditing-
mcqs/following-not-considered-planning-stage)
A. The timing of 0 (https://pakmcqs.com/auditing-mcqs/following-not-considered-planning-stage#respond)
the audit
B. Analytical review
C. Last year’s written representation letter
D. Obtaining written representations

At the planning stage you would NOT consider____________? (https://pakmcqs.com/auditing-mcqs/planning-

stage-not-consider____________)
A. the timing of the 0 (https://pakmcqs.com/auditing-mcqs/planning-stage-not-consider____________#respond)
audit
B. whether corrections from the inventory count have been implemented
C. last year’s audit
D. the potential use of internal audit

Which of the following describes sampling risk? (https://pakmcqs.com/auditing-mcqs/following-describes-

sampling-risk)
A. The risk of the auditor 0 (https://pakmcqs.com/auditing-mcqs/following-describes-sampling-risk#respond)
carrying out a test the wrong way round
B. The risk of reliance on unsuitable audit evidence
C. The risk that the sample does not reflect the population
D. The risk of the auditor reaching the wrong conclusions from testing

Which of the following is NOT an accepted method of selection in sampling?

(https://pakmcqs.com/auditing-mcqs/following-not-accepted-method-selection-sampling)
A. 0 (https://pakmcqs.com/auditing-mcqs/following-not-accepted-method-selection-sampling#respond)

Systematic selection
B. Pervasive selection
C. Random selection
D. Haphazard selection

Which of the following are you unlikely to see in the current file of auditors’ working papers?
(https://pakmcqs.com/auditing-mcqs/following-unlikely-see-current-file-auditors-working-papers)
0 (https://pakmcqs.com/auditing-mcqs/following-unlikely-see-current-file-auditors-working-papers#respond)
A. Memorandum & articles of association
B. Audit planning memorandum
C. Summary of unadjusted errors
D. Details of the work done on the inventory count

According to ISA 500, the strength of audit evidence is determined by which two qualities?
(https://pakmcqs.com/auditing-mcqs/according-isa-500-strength-audit-evidence-determined-two-
qualities)
0 (https://pakmcqs.com/auditing-mcqs/according-isa-500-strength-audit-evidence-determined-two-
qualities#respond)
A. Appropriateness & competence
B. Sufficiency & appropriateness
C. Reliability & extensiveness
D. Objectivity & independence

Which of the following is normally the most reliable source of audit evidence?
(https://pakmcqs.com/auditing-mcqs/following-normally-reliable-source-audit-evidence)
A. Internal0 (https://pakmcqs.com/auditing-mcqs/following-normally-reliable-source-audit-evidence#respond)
audit
B. Suppliers’ statements
C. Board minutes
D. Analytical review

The degree of effectiveness of an internal control system depends on: (https://pakmcqs.com/auditing-

mcqs/degree-effectiveness-internal-control-system-depends)
A. 0 (https://pakmcqs.com/auditing-mcqs/degree-effectiveness-internal-control-system-depends#respond)

The design of the internal control system and the implementation of the controls
B. The design of the internal controls and the implementation of the control system
C. The implementation of the controls and the correctness of the accounting records
D. The design of the internal control system and the correctness of the accounting records