QUIZ 1
1. Which of the following types of auditing is performed on a contractual basis?
Ans: External auditing
2. Clear, comprehensive and not subject to different interpretations, criteria that describes
Ans: Unders
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QUIZ 1
1. Which of the following types of auditing is performed on a contractual basis?
Ans: External auditing
2. Clear, comprehensive and not subject to different interpretations, criteria that describes
Ans: Understandability
3. An objective of operational audit is to assess whether
Ans: An organization's procedures adhere to specific procedures set by an authoritative body
4. It is the risk that a practitioner expresses an inappropriate conclusion when the subject matter is
materially misstated
Ans: Assurance engagement risk
5. Timely arrival to a conclusion by the intended users describes this suitable criteria
Ans: Relevance
6. This audit pertains to the determination whether an entity's FS are fairly presented in conformity with
GAAP
QUIZ 2
1. The Board shall submit to the Commission the ratings obtained by each candidate within
a. 10 calendar days after the examination
b. 2 calendar days after the examination
c. 5 calendar days after the examination
d. 15 calendar days after the examination
2. Which of the following statements appropriately describes inquiry
a. examining records or documents, whether internal or external in paper form, electronic form or other
media
b. physical examination of assets
c. consists of seeking information from a knowledgeable persons, both financial and nonfinancial, within
or outside of the entity
d. consists of looking at process or procedures being performed by others
3. Arrangements concerning with which of the following are least likely to be included in the
engagement letter
a. Fees and billing
b. Other services to be provided in addition to audit
c. A previous auditor
d. CPA investment in client securities
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