AUDIT APPROACH
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10 questions
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- Q1Which one is the audit approach?Substantive, Compliance and Combined ApproachCombined ApproachControl EnvironmentCompliance and Substantive Approach45s
- Q2"This Approach carrying out examination in greater details, which means on extensive collection and intensive examination of evience". What is the Approach?The Risk AssessmentControl EnvironmentThe Substantive ApproachThe Combined Approach45s
- Q3Analytical approach can be performed at any 3 times during engagement period. What are they?Phase 1,3,4Phase 1,2,3Phase 1 and 3Phase 2 and 445s
- Q4Which one is not the important ratios that test a company's ability to meet its liability are?Ratios of Liability to Total AssetRatios of Debts to Total AssetRatios of Equity to Total AssetTimes Interest Earned45s
- Q5A selected number of specific transactions are tested to see if controls are performed properly. What are the substantive test that described the statement?Compliance TestAnalyical ProcedureTest of Details of BalanceSubstantive Test of Transactions45s
- Q6Another name for compliance approach is...Combined StrategyReliance StrategySubstantive StrategyCompliance Strategy45s
- Q7Types of audit evidence... i. documentation ii.observation iii. physical examination iv. re-performance and re-calculationiii&iall aboveii&iiii&iv45s
- Q8List two types of audit testCompliance Test and Substantive ApproachAll AboveRatio of Liability to Total AssetCompliance Test and Substantive Test45s
- Q9What is vouching?Substantive procedure which deal with examination of financial statementSubstantive procedure which deal with examination of ledgerSubstantive procedure which deal with examination of trial balanceSubstantive procedure which deal with examination of balance sheet45s
- Q10Which of the following are no the objectives of audit test?To examining specified transactionsLearn the purposes and types of analytical procedureUnderstand the audit testing hierarchyKnow the types of audit tests45s