Senior Auditor - Paper - 1 | Multiple Questions and Answers

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Senior Auditor - Paper - 1 Multiple Questions and Answers.

6.	Auditing is compulsory for____________?

	A.	Small scale business
	B.	Partnership firms
	C.	Joint stock Companies
	D.	Proprietary Concerns

7.	Concealment of shortage by delaying the recording of cash receipts is known as_____________?

	A.	Embezzlement
	B.	Misappropriation
	C.	Lapping
	D.	None of these

8.	The fundamental objective of the audit of a company is to_____________?

	A.	Protect the interests of the minority shareholders
	B.	Detect and prevent errors and fraud
	C.	Assess the effectiveness of the companyâ€™s performance
	D.	Attest to the credibility of the companyâ€™s accounts

9.	The concept of stewardship means that a companyâ€™s directors________________?

	A.	Are responsible for ensuring that the company complies with the law
	B.	Are responsible for ensuring that the company pays its tax by the due date
	C.	Safeguard the companyâ€™s assets and manage them on behalf of the shareholders
	D.	Report suspected fraud and money laundering to the authorities

10.	Why do auditors concentrate their efforts on material items in accounts?

	A.	Because they are easier to audit
	B.	Because it reduces the audit time
	C.	Because the risk to the accounts of their being incorrectly stated is greater
	D.	Because the directors have asked for it

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Date to Date Current Affairs 2022

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