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4 Multiple Choice Questions

The document contains 10 multiple choice questions about audit working papers. It addresses topics like how an auditor's experience and professional judgment most affects the quantity of working papers, that the primary purpose of an audit program is to gather sufficient appropriate evidence, and that an auditor's working papers should be considered the principal support for the auditor's report.

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Mohib Ullah Yousafzai
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© Attribution Non-Commercial (BY-NC)
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1K views2 pages

4 Multiple Choice Questions

The document contains 10 multiple choice questions about audit working papers. It addresses topics like how an auditor's experience and professional judgment most affects the quantity of working papers, that the primary purpose of an audit program is to gather sufficient appropriate evidence, and that an auditor's working papers should be considered the principal support for the auditor's report.

Uploaded by

Mohib Ullah Yousafzai
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Q.4.

The quantity of audit working papers complied on engagement would most be affected by a) managements integrity b) auditors experience and professional judgment c) auditors qualification d) control risk Ans. b) auditors experience and professional judgment. Q. 5. Which of the following best describes the primary purpose of audit programme preparation? a) To detect errors or fraud. b) To comply with GAAP c) To gather sufficient appropriate evidence d) To assess audit risk Ans. c) To gather sufficient appropriate evidence.

Q. 6. Which of the following is not an advantage of the preparation of working paper? a) To provide a basis for review of audit work b) To provide a basis for subsequent audits c) To ensure audit work is being carried out as per programme d) To provide a guide for advising another client on similar issues Ans. d) To provide a guide for advising another client on similar issues. Q. 7. The auditors permanent working paper file should not normally, include a) extracts from clients bank statements b) past years financial statements c) attorneys letters b) debt agreements Ans. a) extracts from clients bank statements. Q. 8. For what minimum period should audit working papers be retained by audit firm? a) For the time period the entity remains a client of the audit firm. b) For a period of ten years c) For a period auditor opines them to be useful in servicing the client d) For the period the audit firm is in existence.

Ans. c) For a period auditor opines them to be useful in servicing the client. Q. 9. Which of the following factors would least likely affect the quantity and content of an auditors working papers a) The assessed level of control risk b) The possibility of peer review c) The nature of auditors report d) The content of management representation letter Ans. d) The content of management representation letter. Q.10. Which of the following statement is true regarding an auditors working papers? a) They document the level of independence maintained by the auditor b) They should be considered as the principle support for the auditors report c) They should not contain details regarding weaknesses in the internal control system d) They help the auditor to monitor the effectiveness of the aud it firms quality control Ans. b) They should be considered as the principle support for the auditors report.

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