CA Inter Audit Lec 53 & 54

300.12

. ………. sets the scope, timing & direction of the audit and guides the development of the more detailed plan.

• a) Audit Programme

• b) Overall Audit Strategy

• c) Completion Memorandum

• d) Audit Plan

300.15

Which of the following is correct :

• a)  The auditor shall establish an audit plan that sets the scope, timing, and direction of the audit, and that guides the development of the overall audit strategy.

• b)  The auditor shall establish an overall audit strategy that sets the scope, timing and direction of the audit, and there is no need to guide the development of the audit plan.                                                                      

• c) The auditor shall establish an overall audit strategy that sets the scope, timing, and direction of the audit, and that guides the development of the audit plan.

• d) The auditor shall establish an audit plan that sets the scope, timing, and direction of the audit, and that there is no need to guide the development of the overall audit strategy.

300.16

which of the following is not addressed by the overall audit strategy :

• a) scope of the audit

• b)  timing of the audit                                                                                                                                     

• c) direction of the audit

• d) monitoring of the audit

300.1

Once the overall audit strategy has been established, can be developed to address the various matters identified in the overall audit strategy, taking into account the need to achieve the audit objectives through the efficient use of the auditor’s resources.

• a) audit strategy

• b) audit plan

• c) audit plan and audit strategy

• d) audit note book

300.2

When planning the audit,

• a) the auditor considers what would make the financial information materially misstated.

• b)  the auditor need not consider what would make the financial information materially misstated.

• c) the auditor need not consider what would make the financial information materially misstated at planning stage

• d) the auditor needs to consider what would make the financial information materially misstated while conducting audit only

300.4

According to SA 300,

• a) planning is not a continual and iterative phase of an audit, but rather a discrete process

• b)  planning is not a discrete phase of an audit, but rather a continual and iterative process

• c) planning is not continual and iterative process

• d) planning is not a discrete phase of an audit

300.6

Planning is _______ process of an audit that often begins shortly after (or in connection with) the completion of the previous audit and continues until the completion of the current audit engagement:

• a) continuous

• b) discreet

• c) neither continuous nor discreet

300.8

The auditor shall develop an audit plan that shall include a description of:

• a)  the nature, timing, and extent of planed risk assessment procedure

• b) The nature, timing, and extent of planned further audit procedures at the assertion level.

• c) Other planned audit procedures that are required to be carried out so that the engagement complies with SAs.

• d) All of the above.

300.14

Statement 1: The establishment of the overall audit strategy and the detailed audit plan are not necessarily discrete or sequential process but are closely inter-related.

Statement 2: The auditor shall establish an overall audit strategy that guides the development of audit plan.

• a) only Statement 1 is correct

• b) Only Statement 2 is correct

• c) Both Statements 1 & 2 are correct

• d) Both Statements 1 & 2 are incorrect

300.11

The auditor shall update and change ______as necessary during the course of the audit.

• a) overall strategy

• b)  the overall audit strategy and the audit plan

• c) audit plan

• d) audit program