quiz1-acis

refers to the audit of the entity’s financial statements by an independent auditor where audit opinion will be provided on those financial statements after auditing works are done

• tax audit

• financial audit

• statutory audit

• internal audit

independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization.

• tax audit

• financial audit

• statutory audit

• internal audit

refers to an audit of financial statements for the specific type of entities required by law or local authority.

• tax audit

• financial audit

• statutory audit

• internal audit

require the formal establishment of measurement criteria or their description in the presentation

• attestation service

• advisory services

• external audit

• internal audit

Actuarial services, internal audit outsourcing services, management functions or human resources, broker or dealer, investment adviser, or investment banking services are examples of this kind of services

• attestation service

• advisory services

• external audit

• internal audit

which is not a role of audit committee

• Accountability

• information and transparency

• management improvement

• maximization of profit

to maintain its independence the audit committee will report directly to

• CEO

• Chairman of the board

• Board of Directors

• Local Authorities

The financial and other information are disclosed fairly and at appropriate amounts pertains to

• Occurrence

• Accuracy and valuations

• Rights and Obligations

• Completeness

Is to determine whether adequate internal controls are in place and functioning properly.

• Internal control

• test of control

• materiality

• substantive test

•is the probability that the auditor will render an unqualified (clean) opinion on financial statements that are, in fact, materially misstated.

• control risk

• detection risk

• inherent risk

• audit risk