981. Broadly defined, the subject matter of any audit consist of
A.Financial statements
B.Economic data
C.Assertions
D.Operating data

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
B.timely manner
C.Both(a)and(b) above
D.an effective manner

987.While framing an audit plan auditor should ascertain his—— cast by various legislations on him.
A.Limitations
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.
A.Nature
B.Actual
C.Nature and actual
D.Form

989.——–followed by the enterprise affect the audit plan.
A. Accounting policies
B.Audit policies
C.Accounting and audit policies
D.Management policies

990.While preparing an audit plan due consideration may be given to the areas where there is any change in-
A.Legal policies
B.Audit policies
C.Accounting policies
D. Management policies

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