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Practice Auditing Questions and Answers

Internal auditor is removed and appointed by which among the following?
Which of the following statements is true for cash basis accounting?
Which of the following financial statements can be prepared using a receipt and payment account?
Suppose an NPO receives a donation of $10,000 from a donor. The entry to record this transaction would be as follows?
Which principle requires that the financial affairs of the business must be kept separate from the personal affairs of the owner(s)?
Which of the following financial statements shows a company's retained earnings over time?
Which auditing standard outlines the auditor's responsibilities relating to fraud in an audit of financial statements?
Process of verifying the documentary evidences of transactions are known as:
A sale of Rs. 25,000 to A was entered as a sale to B. This is an example of _
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
Which of the following statements is not true?
The scope of internal audit is decided by the :
Internal check is carried on by
________ the audit risks _________ the materiality and _______ the audit effort
……… is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsibili...
Which of the following deductions is/are available as deduction from income under both the old and new tax regime of Income Tax?
During an audit, the auditor notices that a single person in a company is responsible for authorizing transactions, maintaining records, and custody of ass...
A printing firm completes a specific order for 5,000 brochures for a client. What is the most appropriate costing method?
Which of the following best describes the principle of professional skepticism in auditing?
Which of the following constitutes the most reliable audit evidence?
An auditor finds that significant information is missing from financial statements and the effect is material and pervasive. What type of audit opinion sho...
While auditing cash payments, an auditor examines supporting documents like invoices, payment vouchers, and authorizations. This process is called:
Internal audit is conducted to:
If the auditor is unable to obtain sufficient audit evidence and the possible effect is material but not pervasive, what type of opinion is issued?
As per SA 230, audit working papers must be retained for:
CARO, 2020 is applicable to which of the following companies?
An auditor identifies a material misstatement due to fraud in financial statements. What should be his immediate course of action?
The internal audit report of XYZ Ltd. reveals irregularities in procurement. The statutory auditor plans to rely on internal audit work. Which standard gui...
An auditor finds material misstatements due to fraud but the management refuses to take corrective action. What should be the auditor’s next step?
Who is primarily responsible for preventing and detecting frauds in an organisation?
An auditor finds management has overridden controls, leading to possible material misstatements. As per SA 240, what should the auditor do?
During audit of XYZ Ltd., the auditor noted that the management concealed certain pending litigations that could affect profitability. However, the CFO ins...
A statutory auditor of a listed company evaluates whether the going concern assumption holds. He observes continuous losses, negative net worth, and pendin...
Which of the following is a primary objective of auditing?

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