
CAI AUDIT CH-1 & CH-2
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Professional Development
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of an audit?
To enhance the operational efficiency of a company
To ensure compliance with regulatory standards
To enhance the degree of confidence in financial statements
To analyze the company’s future financial projections
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
From which Latin word does ‘audit’ originate, and what is its meaning?
‘Auditorium’ meaning ‘to discuss’
‘Auditare’ meaning ‘to inspect’
‘Audire’ meaning ‘to hear’
‘Auditus’ meaning ‘to review’
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is generally responsible for appointing an auditor in a company?
The CEO of the company
The shareholders in an Annual General Meeting (AGM)
The board of directors
The Chief Financial Officer (CFO)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a review on the context of auditing?
A detailed examination of a company’s accounts
A limited assurance engagement providing a moderate level of assurance
An official investigation into alleged wrongdoing
A complete audit of a company’s financial statements
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In analyzing the agency problem, how does the conflict to interest between managers and shareholders manifest in corporate decision-making?
Managers prioritize organizational structure over profitability
Managers may prioritize personal goals over shareholder wealth maximization.
Shareholders tend to focus on short-term gains at the expense of long-term stability.
Shareholders typically interfere in daily operational decisions.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a quality that contributes to making a good auditor?
Integrity
Impulsiveness
Clear-headedness
Discretion
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does SC 1 ensure in the context of auditing?
It ensure that audit reports are always error-free
It ensures compliance with professional standards and legal requirements
It ensures the financial profitability of the audited entity
It ensures the personal development of auditors
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