Introduction to Auditing

Is Accounting and Auditing the same?

• YES

• NO

Accounting first or auditing first?

• Accounting first the only Auditing

• Auditing first then only Accounting

• At the same time

Which of the following best describes the primary purpose of an audit?

• To prepare financial statements for a company

• To manage the company's accounting functions

• To determine whether the financial statements are free from material misstatements

The needs for financial statement audit arises when there is a difference between the business owners and the management team responsible for its day-to-day operations

• True

• False

• Not relevant

Which of the following is a limitation of an audit?

• The auditor's independence

• The use of sampling

• The qualifications of the auditor