47. Before the work of audit is commenced, the auditor plans out the whole of audit work is known as –
A. Audit plan
B. Audit note
C. Audit risk
D. Audit program
✅ The correct answer is option D.
48. This kind of audit is generally conducted between two annual audits.
A. Internal audit
B. Interim audit
C. Final audit
D. Continuous audit
✅ The correct answer is option B.
49. Under check system principle of_________ is followed.
A. Division of labour
B. Division of work
C. Principle of scalar chain
D. Accountancy
✅ The correct answer is option A.
50. When issuing unqualified opinion the auditor who evaluates the audit findings should be satisfied that the :
A. Amount of known miss-statement is documented in working papers.
B. Estimates of the total likely misstatement are less than materiality level.
C. Estimated of the total likely misstatement is more than materiality level.
D. Estimates of the total likely misstatement cannot be made.
✅ The correct answer is option B.
51. Balance sheet does not include :
A. Verification of assets & liabilities.
B. Vouching of income & expense accounts related to assets and liabilities.
C. Examination of adjusting and auditing & closing entries.
D. Routine checks.
✅ The correct answer is option D.
52. Which of the following is not a fact of EPA ?
A. Economic audit.
B. Efficiency audit.
C. Expenditure audit.
D. Effectiveness audit.
✅ The correct answer is option C.
34. Balance sheet audit included verification of :
A. Assets.
B. Liabilities.
C. Income & expenditure accounts where appropriate.
D. All of the above.
✅ The correct answer is option D.
35. Audit in depth is synonymous for:
A. Complete audit.
B. Completed audit.
C. Final audit.
D. Detailed audit.
✅ The correct answer is option D.
36. Concurrent audit is a part of :
A. Internal check system.
B. Continuous audit.
C. Internal audit system.
D. Final audit.
✅ The correct answer is option C.
38. Audit in depth means :
A. Audit of each and every item.
B. Intensive audit of each and every item.
C. Intensive audit of few items.
D. Audit of a few selected items.
✅ The correct answer is option B.