MCQ-F301

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MCQ-F301

MCQ for CA Final - Paper 3 - Audit (Old & New)
Solve & Evaluate Yourself
Each question carry 1 point
View your Score after submit.

Full Name *

This is a set of 10 questions, each ques carry 1 point, lets see how much you score.

The basic assumption underlying the use of analytical procedures is: *

1 point

It helps the auditor to study relationship among elements of financial information

Relationship among data exist and continue in the absence of known condition to the contrary

Analytical procedures will not be able to detect unusual relationships

None of the above

Direct confirmation procedures are performed during audit of accounts receivable balances to address the following balance sheet assertion *

1 point

Right and obligations

Valuation

Completeness

Existence

The auditor shall express _________ opinion when the auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are both material and pervasive to the financial statements *

1 point

Adverse

Qualified

Disclaimer of opinion

clean

The agreed terms of the audit engagement shall be recorded in an audit engagement letter which shall include the following except- *

1 point

Responsibilities of the auditor

Description of methods to be followed for obtaining audit evidence

Responsibilities of management

Objective and scope of the audit of the financial statements

The measure of the quality of audit evidence about its relevance and reliability in providing support forthe conclusions on which the auditor’s opinion is based is: *

1 point

Sufficiency of audit evidence

Appropriateness of audit evidence

Accounting estimates

Reasonableness of audit evidence

The auditor’s _________ safeguards the auditor’s ability to form an audit opinion without being affected by any influences *

1 point

Objectivity

Independence

Confidentiality

Integrity

Which of the following company is not exempted from reporting under CARO, 2016? *

1 point

Banking company.

Insurance company.

Company licensed to operate under section 8 of the Companies Act, 2013.

Private limited company having paid up capital of Rs. 5 crore.

Section 144 of the Companies Act, 2013 does not excludes the statutory auditor of the company to render the services of - *

1 point

Investment advisory

Investment banking

Branch auditor

Actuarial

As per SA 550 on Related Parties, existence of which relationship indicate the presence of control or significant influence? *

1 point

Friend of a family member of a person who has the authority and responsibility for planning

Holding debentures in the entity.

The entity’s holding of debentures in other entities.

The entity’s holding of equity in other entities.

When does an auditor shall modify the opinion in the auditor’s report? *

1 point

When, based on the audit evidence obtained, the financial statements as a whole are not free from material misstatement.

When, unable to obtain sufficient appropriate audit evidence to conclude that the financial statements as a whole are free from material misstatement.

(a) and (b) both.

Either (a) or (b).

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