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Not new to Audit! So Let's take a short quiz!
This quiz is the first Day quiz for students of CA Final, exclusively designed by FAST Education for CA Sarthak Jain's CA Final Advanced Auditing and Professional Ethics paper to make a preliminary assessment of basic concepts of audit learned during IPCC. The objective of the quiz is to analyse how clear our fundamentals are? So lets begin
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Welcome to FAST
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Date of the First Class
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Quiz Questions
Multiple choice questions, with each question having only one appropriate answer. Click the appropriate answer.
Is an auditor responsible to check Internal Controls of the entity where is appointed as an auditor?
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1 point
Yes
No
Only in case of audit of companies
Is an auditor responsible to identify significant deficiencies of Internal Controls of the entity under audit?
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1 point
No
Yes if it relates to financial controls, but only in case of a company
Yes if it relates to financial controls
Is an auditor responsible to report in his auditor's report deficiencies identified in Internal Controls of the entity while applying audit procedures. For example auditor identifies that the entity under audit has weak internal controls on cash and is not verifying cash balances at all, whether reporting required even if the cash balance physically verified by the auditor is as per the books.
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1 point
No
Only in case of audit of companies
Yes
While conducting company audit you observed child labour working in the factory. As an auditor are you responsible to report?
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1 point
Yes
Maybe in few cases
No
An auditor observes that company is selling duplicate products in the name of branded products. Is he responsible to report?
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Yes
No
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