Depreciation does not arise form:
A. effluxion of time
B. use
C. obsolescence through technology
D. remarket expectation
Which of the following affects audit effectiveness:
A. Risk of over reliance
B. Risk of incorrect rejection
C. Risk of incorrect acceptance
D. Both A. and C.
Balance sheet audit includes verification of:
A. Assets
C. Income and expense accounts where appropriate
B. Liabilities
D. All of the above
Audit in depth is synonymous for:
A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit
In Pakistan, balance sheet audit is synonymous to:
A. Annual audit
B. Continuous audit
C. Detailed audit
D. Statutory audit
Audit of banks is an example of:
A. Statutory audit
B. Balance sheet audit
C. Concurrent audit
D. Both (A. and (B.
E. All of the above
Auditing is what:
A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. maintaining the ledger records
The current file of the auditor’s working papers, generally, should include:
A. A flowchart of the internal controls
B. Organisation charts
C. A copy of financial statements
D. Copies of bond and debentures
Audit programme is prepared by:
A. The auditor
B. The client
C. The audit assistants
D. The auditor and his audit assistants
The nature, timing and extent of substantive procedures is related to assessed level of control risk:
A. Randomly
B. Disproportionately
C. Directly
D. Inversely
