Financial Attest Audit Manual Set 1

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This set of Financial Attest Audit Manual Multiple Choice Questions & Answers (MCQs) focuses on Financial Attest Audit Manual Set 1

Q1 | Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.
Q2 | Financial (attest) audit includes:i Examination and evaluaion of financial recordsii Audit of financial systems and transactionsiii Audit of intenal control and internal audit functionsiv Evaluation of Compliance with applicable statutes and regulations
Q3 | Financial (attest) audit includes an evaluation of Compliance with applicable statutes and regulations
Q4 | Transaction audit essentially seeks to address the following issues of risks to:i Regularityii Performanceiii Proprietyiv Financial Control
Q5 | Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year
Q6 | Risks of financial irregularity are always material for the purpose of qualifying audit opinion on the finanicial statements
Q7 | The following types of financial statements are audited in respect of Union, State and UT Governmentsi Finance Accountsii Appropriation Accountsiii Balance Sheetiv Statements of Expenditure
Q8 | Financial Audit of Government Companies is conducted by
Q9 | The audit of financial statements of Government Companies conducted by the C&AG is called
Q10 | Financial Audit of Autonomous Bodies receiving financial assistance is governed by ______ of CAG's DPC Act 1971
Q11 | The International Standards of Auditing (ISAs) have been developed by
Q12 | The Auditing Standards of the C&AG of India comprise ofi General Standardsii Field Audit Standardsiii Field Standardsiv Reporting Standards
Q13 | Which of these standards regulate the condut of the auditor
Q14 | Which of these standards regulate the audit activity of the auditor
Q15 | The Primary objective of a financial audit is to
Q16 | The general audit objectives are also called
Q17 | Which of these is the correct set of general financial audit objectives for income & expenditure account
Q18 | Which of these is the correct set of general financial audit objectives for balance sheet
Q19 | The legal right to sue and recover an account receivable is the test of
Q20 | This financial audit objective directly tests for potential overstatement of assets and liabilities
Q21 | Insurance relating to the year 2013-14 was paid in 2012-13 in advance. The same was howeverbooked as expenditure in 2012-13. This does not meet the objective of
Q22 | If some item of revenue expenditure is misclassified as capital expenditure, it can be said that this objective is not met
Q23 | If the monthly accounts of some Treasuries or Public Works Divisions are excluded from the Accounts of a State Government, it affects this objective
Q24 | A financial audit is intended to give
Q25 | Materiality is classified by
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