Operational audit is performed by the following EXCEPT
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6.
Operational audit is performed by the following EXCEPT
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- 1.what are the types of opinions expressed in the audit reports by the Certified AuditorsA special purpose auditors’ report is used in connection with the independent audit of the following financial information, EXCEPT A. Financial statements prepared in accordance with a comprehensive basis of accounting B. Compliance with contractual agreements C. Specified accounts . elements of accounts or items in a financial statement D. Financial statements prepared in accordance with PFRSIn auditing, a special purpose auditors’ report is used in connection with the independent audit of the following financial information, EXCEPT A. Financial statements prepared in accordance with a comprehensive basis of accounting B. Compliance with contractual agreements C. Specified accounts elements of accounts or items in a financial statement D. Financial statements prepared in accordance with PFRS
- n which of the following audit type the operational area of the audit is determined by management? a. Government audit b. Internal audit c. Statutory audit d. External auditClassify each of the following issues according to whether they will be (1) included in written representations in all audits, (2) included in writtenrepresentations in audits of public entities (under PCAOB standards), or (3) not included in written representations:a. Management acknowledgment of its responsibility for the fairness of the financial statements in accordance with U.S. GAAP.b. A list of pending or threatened litigation, claims, or assessments currently outstanding against the client.c. A description of recommendations that allow the client to improve the efficiency and effectiveness of its operations.d. Availability of all financial records and related data.e. Information related to the presentation and disclosure of items within the financial statements.f. Disclosure of all significant deficiencies and material weaknesses in internal control.g. Information concerning fraud involving management and employees who have significant roles in internal control.h. Auditors’…Auditing includes all of the following except:a. A systematic process.b. An objective obtaining and evaluating evidence concerning assertions about economic actions andevents.c. Ascertain degree of correspondence between assertions and financial statements.d. Communicate audit results to interested users. The following are the three types of audits according to subject matter, excepta. Financial statements auditsb. Operational auditsc. Compliance auditsd. External audits The following are the three types of audits according to auditor, excepta. External auditsb. Internal auditsc. Governmental auditsd. Performance audits The following statements relate to auditing in general. Which is false?a. Compliance audits and independent financial statement audits are similar in nature.b. Evaluating the efficiency and effectiveness—which depends on how they are defined—of operationsof an entity is subjective.c. Both a and bd. Neither a nor b
- Under preconditions of an audit, the management shall provide the auditor with the following, except: Group of answer choices b. Additional information that the auditor may request from management for the purpose of the audit d. All the above are concerns that management need to provide c. Unrestricted access to persons within the entity from whom the auditor determines it necessary to obtain audit evidence. a. Access to all information of which management is aware that is relevant to the preparation of the financial statements such as records, documentation and other matters;Identify the three types of modification to an auditor’sopinion on financial statements according to ISA705‘Modifications to the Opinion in the Independent Auditor’sReport’ and please explain how they are determined.26. The auditors are responsible for performing an independent audit of the financial statements and issuing a report on them in accordance with generally accepted auditing standards.Select one:TrueFalse
- 6-Which section of the audit report contains the matters communicated to and addressed by the auditor based on his professional judgments during the course of audit? a. Opinion section b. Key audit matters c. Basis of opinion d. Going concernThe particular and specialized actions that auditors take to obtain evidence during a specific engagement are known asa. Audit procedures.b. Audit standards.c. Interpretive publications.d. Statements on Auditing Standards7. In an audit in accordance with generally accepted auditing standards, the auditors must test compliance with those laws and regulations that: Group of answer choices Have a direct and material effect on the financial statements. Have a direct and material effect on major federal programs. Have a material direct or indirect effect on the financial statements. Have a material effect on major or nonmajor programs.
