Financial Attest Audit Manual Set 2

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This set of Financial Attest Audit Manual Multiple Choice Questions & Answers (MCQs) focuses on Financial Attest Audit Manual Set 2

Q1 | The point where the total value of errors in an account becomes unacceptable to audit is called
Q2 | The materiality thresholds depend on the ____ of accounts and their _____.
Q3 | For accounts prepared on cash basis, in respect of gross receipts/expenditure, materiality percentage would be
Q4 | Planning materiality may be taken at a lower figure than reporting materiality.
Q5 | Which of the following statements is true about Precision
Q6 | AMLE in the context of likely errors is used in this stage of audit
Q7 | The formula for calculating precision is
Q8 | There is a direct relationship between materiality level and the level of audit risk
Q9 | The three components of Audit Risk as per the risk model are
Q10 | If the desired overall assurance from audit is 95%, the inherent risk is 40% and the control risk is 50%, what would be the desired assurance from substantive tests
Q11 | what are the audit procedures commonly used to obtain audit assurance?
Q12 | Which of the following is not a part of analytical procedures?
Q13 | When you are finding out the inventory-turnover ratio, you are doing
Q14 | This is a technique that creates an equation to reveal how one variable is related to one or more other variables.
Q15 | Which of the audit procedures is a form of inductive reasoning where the reasonableness of the aggregate results is inferred from the evidence of reliability of the individual details that are tested?
Q16 | Which kind of audit sampling is generally used for testing controls?
Q17 | Which method of sampling is expected to produce representative samples?
Q18 | Which method of sampling is not expected to produce representative samples?
Q19 | A pre-condition for any statistical sampling is the availability of a _______
Q20 | Population is divided into groups, each being fairly homogenous with respect to value and riskin this kind of sampling
Q21 | Sampling interval is calculated in this kind of sampling
Q22 | This method of sampling is also called probability proportionate to size (PPS) sampling
Q23 | Extrapolation of sampling results to the population is possible in the case of Judgmental Sampling.
Q24 | Risk assessment is primarily a part of which of these stages in the audit process?
Q25 | Reflecting all the transactions relating to the period of the accounts without regard to the actualdate of payment or receipt is also called