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1. Professional skepticism requires that the auditor assume that management is a) reasonably honest b) Neither honest nor dishonest c) Not necessarily honest d) Dishonest unless proved otherwise

1. Professional skepticism requires that the auditor assume that management is a) reasonably honest b) Neither honest nor dishonest c) Not necessarily honest d) Dishonest unless proved otherwise

Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter14: Activities Required In Completing A Quality Audit
Section: Chapter Questions
Problem 28MCQ
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1. Professional skepticism requires that the auditor assume that management is a) reasonably honest b) Neither honest nor dishonest c) Not necessarily honest d) Dishonest unless proved otherwise 2. Which of the following information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement? i) Information about integrity of management ii) Disagreement with management concerning auditing procedures iii) Review of internal control system. iv) Organisation structure a) (i) and (ii) b) (ii) and (iii) c) (i), (ii) and (iii) d) i) and (iii) 3.The audit engagement letter, generally, should include a reference to each of the following except a) limitations of auditing b) responsibilities of management with respect to audit work c) expectation of receiving a written management representation letter. d) a description of the auditor's method of sample selection. 4.An auditor who accepts an audit but does not possess the industry expertise of the business entity should a) engage experts b) obtain knowledge of matters that relate to the nature of entity's business c) inform management about it d) take help of other auditors 5. What are analytical procedures? a) Substantive tests designed to assess control risk b) Substantive tests designed to evaluate the validity of management's representation letter c) Substantive tests designed to study relationships between financial and non- financial d) All of the above
Transcribed Image Text:1. Professional skepticism requires that the auditor assume that management is a) reasonably honest b) Neither honest nor dishonest c) Not necessarily honest d) Dishonest unless proved otherwise 2. Which of the following information should a successor auditor obtain during the inquiry of the predecessor auditor before accepting engagement? i) Information about integrity of management ii) Disagreement with management concerning auditing procedures iii) Review of internal control system. iv) Organisation structure a) (i) and (ii) b) (ii) and (iii) c) (i), (ii) and (iii) d) i) and (iii) 3.The audit engagement letter, generally, should include a reference to each of the following except a) limitations of auditing b) responsibilities of management with respect to audit work c) expectation of receiving a written management representation letter. d) a description of the auditor's method of sample selection. 4.An auditor who accepts an audit but does not possess the industry expertise of the business entity should a) engage experts b) obtain knowledge of matters that relate to the nature of entity's business c) inform management about it d) take help of other auditors 5. What are analytical procedures? a) Substantive tests designed to assess control risk b) Substantive tests designed to evaluate the validity of management's representation letter c) Substantive tests designed to study relationships between financial and non- financial d) All of the above
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