These are Performed if the audit team plans to take assurance from mitigating controls or from other controls .

Standard Substantive Procedures

Reflecting all the transactions relating to the period of the accounts without regard to the actual date of payment or receipt is also called

Mercantile system of accounting

16 + Mcqs in Financial Attest Audit Manual in Uncategorized topics Page 1 McqOptions

Explore topic-wise MCQs in Uncategorized topics.

Financial (attest) audit includes:i Examination and evaluaion of financial recordsii Audit of financial systems and transactionsiii Audit of intenal control and internal audit functionsiv Evaluation of Compliance with applicable statutes and regulations

The following types of financial statements are audited in respect of Union, State and UT Governmentsi Finance Accountsii Appropriation Accountsiii Balance Sheetiv Statements of Expenditure

Transaction audit essentially seeks to address the following issues of risks to:i Regularityii Performanceiii Proprietyiv Financial Control

The Auditing Standards of the C&AG of India comprise ofi General Standardsii Field Audit Standardsiii Field Standardsiv Reporting Standards

Insurance relating to the year 2013-14 was paid in 2012-13 in advance. The same was however booked as expenditure in 2012-13. This does not meet the objective of

Working papers should be restricted to matters, which are important, pertinent and useful for the purpose. Which is the characteristic that we are talking about?

The primary responsibility for safeguarding the audited entity s funds and assets and to prevent frauds or errors lies with its

Population is divided into groups, each being fairly homogenous with respect to value and risk in this kind of sampling

The three levels of substantive procedures that can be performed in decreasing order of assurance required are:

Instructions to audit team members on the performance of chosen audit procedures are contained in the

These are Performed if the audit team plans to take assurance from mitigating controls or from other controls .

Policies, systems and procedures established by Comptroller and Auditor General to maintain a high standard of audit activity are also called

Reflecting all the transactions relating to the period of the accounts without regard to the actual date of payment or receipt is also called

The risks identified from top down review of entities and which may affect a number of different account areas are called

The document that presents an analysis of the main audit areas and a summary of the key planning decisions is called

If the financial statements properly present receipts and payments or give a true and fair view and have been prepared in accordance with relevant accounting requirements, the auditor