
Exercise PSA 120

Quiz
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Business
•
University
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Medium
janette dzabalo
Used 1+ times
FREE Resource
20 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the primary purpose of the Philippine Standards on Auditing (PSAs)?
To provide guidelines for financial reporting
To describe the framework for auditing financial statements
To establish tax regulations
To outline accounting standards
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is NOT a type of service distinguished in the Framework?
Review
Audit
Compilation
Consultancy
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What level of assurance does an audit provide?
High, but not absolute assurance
Absolute assurance
No assurance
Moderate assurance
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In a review engagement, what type of assurance is provided?
No assurance
High assurance
Positive assurance
Negative assurance
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the role of the Auditing Standards and Practices Council?
To prepare financial statements
To conduct financial audits
To issue Philippine Standards on Auditing
To issue tax regulations
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What must an auditor do if they depart from a PSA?
Seek legal advice
Notify the public
Justify the departure
Ignore the departure
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the objective of an audit of financial statements?
To compile financial information
To provide tax advice
To express an opinion on the financial statements
To prepare financial statements
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