491. Which of the following would prevent double payment of the same voucher?
A. The person signing the cheque should cancel the supportingdocuments
B.Cheques should be signed by at best two persons
C. The data of payment of vouchers of similar nature should be the same or close to each other
D. All of the above
A. Yes, as the responsibility of audit is of the auditor and hence is liable for the delay
C. No, the responsibility for preparation and presentation of financial statement is that of management and the audit of financial statements does not relieve management of its responsibilities.
D. Yes, but the responsibility lies between both management and the auditor.
493. When the auditor is unable to obtain reasonable assurance and qualified opinion in the auditor’s report is insufficient in the circumstances for purposes of reporting to the intended users of the financial statements, what does SA 200 require
A. Disclaim the opinion
B. Withdraw from the engagement
C. either (a) or (b)
D. none of the above
494. Professional judgment means a judgment taken by the auditor out of his ______ in an audit situation
A. Past experience
B. Relation with the management
C. Professional experience
D. Work experience
495. Whether sufficient appropriate audit evidence has been obtained to reduce audit risk to an acceptable low level, and thereby enable the auditor to draw reasonable conclusion on which to base the auditor’s opinion, is a matter of ________.
A. Audit guidelines
B. Professional judgment
D. Requirement from management
496. _________ means limitations which cannot be overcome and which are with the subject since the inception or evolution of the subject.
A. Management limitation
B. Time constraints
C. Scope limitation
D. Inherent limitation
497.An auditor is required to determine the________of audit procedures according to the requirements of Standards on Auditing.
B.Nature,timing and extent
C.performance and monitoring
498. If there is a conflict between the laws with which the auditee is subject to and Standards of Auditing, the _____ shall prevail.
A. Notification from the central government
B. Applicable Laws and Regulations
C. Standard of Auditing
D. Guidance note
499. X and Co., Chartered Accountants firm were appointed as Joint Auditor where Y and Co., Chartered Accountants were the existing statutory auditor in order to expedite the audit process. This condition may lead the Y and Co. to
A. revise the terms of audit engagement
B. withdraw the audit assignment
C. continue the audit assignment without new Engagement Letter
D. give a modified report
500. SA 210 deals with the key considerations that Independent Auditor needs to keep in mind on the _______ with Management or those charged with governance.
A. Terms of audit engagement
C. Road map designed
D. Precondition of audit
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