981. Broadly defined, the subject matter of any audit consist of
982. An audit of financial statements is conducted to determine if the
A.Organization is operating efficiency and effectively
B.Auditee is following specific procedures or rules set down by some higher authority
C.Overall financial statement statements are stated in accordance with the applicable financial reporting framework
D.Client’s internal control is functioning as intended
983. Most of the independent auditor’s work in formulating an opinion on financial statement consist of
A.Studying and evaluating internal control
B.Obtaining and examining evidential matter
C.Examining cash transaction
D.Comparing recorded accountability with assets
984. In financial statement audits, the audit process should be conducted in accordance with
A.The audit program
B.Philippine standard on auditing
C.Philippine accounting standards
D.Philippine Financial Reporting Standards
985. ——-lays out the strategies to be followed to conduct an audit.
A.An action plan
B.An audit plan
C.An audit programme
D.All of the above
986.The objective of the auditor is to plan the audit so that it will be performed in-
A.planned way and manner
D.an effective manner
987.While framing an audit plan auditor should ascertain his—— cast by various legislations on him.
B.Duties and obligations
C.Rights and powers
D.Terms of appointment and responsibilities
988.Auditor should determine the ——and the timing of the report.
C.Nature and actual
989.——–followed by the enterprise affect the audit plan.
A. Accounting policies
C.Accounting and audit policies
990.While preparing an audit plan due consideration may be given to the areas where there is any change in-
D. Management policies
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