PALP Week 7
Quiz
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Business
•
University
•
Medium
Lim Xuan Zhe
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10 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Describe the risks that can be controlled by the auditor
Audit Risk
Inherent Risk
Control Risk
Detection Risk
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which audit test is done during the planning phase?
Test of control
Substantive testing
Test of detail
Risk assessment Procedures
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Risk assessment Procedures include all except for:
Inspection
Observation
Inquiries
Reperformance
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The risk of material misstatement occuring in an account, assuming an absence of internal control, is referred to as:
Control Risk
Detection Risk
Inherent Risk
Audit Risk
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Audit risk is typically considered and assessed:
At the assertion level
At the account balance level
For the Financial Statement as a whole
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Auditors are required to have sufficient evidence to reduce audit risk
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When RMM is high, the auditor should
Adjust DR to be lower and do less substantive procedures
Adjust DR to be higher and do more substantive Procedures
Adjust DR to be higher and do less substantive procedures
Adjust DR to be lower and do more substantive procedures
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