451. Working papers are the property of the auditor
A. AAS5
B. AAS4
C. AAS1
D. AAS3

452. In accordance with SA –330, the auditor shall design and perform further audit procedures whose nature, timing and extent are responsive to the assessed risks of material misstatement due to fraud at.
A .Management Level
B.Assertion level
C.Finalization level
D.All of theabove

453. If we assume in entity under audit that there is no internal control, the risk of fraud or error for each item of the balance sheet and profit and loss account is known as at assertion level.
A.Control Risk
B.Detection Risk
C.Inherent Risk
D.All of theabove

454.Thereis a relationship between Detection Risk and the combined level of Inherent and control risk
A.Proportionate
B.Inverse
C.Direct
D.Positive

455.Based on the audit procedures performed and the audit evidence obtained, the auditor shall evaluate before the conclusion of the audit whether the assessments of the risk so fat assertion level remains appropriate.
A.Detection
B.Control
C.Materialmisstatement
D.Fraud

456.Internal control is a process which is often modified on the basis of suggestions given by Internal Auditor time to time.
A.Management
B.Continuous
C.Audit
D.Haphazard

457.Surprise checks help the auditor to as certain if the is operating effectively.
A.Internal controlsystem
B.Deficiency controlsystem
C.External controlsystem
D.All of theabove

458.As per sa330 , external confirmation may be used as substantive procedure. Area in which external confirmation may be obtained are.
A.Amount due to lenders including terms of repayment.
B.Salary paid to employes.
C.Amount transfered to reserve.
D.All of above

459.Substantive procedure comprise of..
A.Test of control and test of details.
B.Risk assessment procedures and test of details
C.Test of details and substantive analytical procedure.
D.None ofabove

460. The Delhi Government had constructed six bungalows for its ministers. They are lying unoccupied for last three years. This would be a matter of concern for
A. Propriety Auditor
B. Performance Auditor
C. Financial Auditor
D. None of the above

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