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Once auditors have completed their work, they write an __________, explaining what they have done and giving an opinion drawn from their work.

• audit report

• financial report

• income statement

• cash flow statement

The purpose of an audit is to form a view on whether the __________ presented in the financial report, taken as a whole, reflects the financial position of the organization at a given date.

• number

• information

• figure

• picture

The ____________ is also expected to provide the resources needed and select staff members to accompany the auditors.

• auditor

• client

• internal auditor

• auditee

Final audit implies____________

• audit of accounts at the end of the year

• finally checking of accounts to reveal frauds

• audit for submitting report immediately at the end of the year

• audit of banking companies

Audit procedures in the substantive procedures are performed to gather evidence about various audit assertions of different classes of transactions and account ___________.

• balance

• holder

• deficit

• document

_____is the process of asking the clients for an explanation of the process or transactions related to financial statements. This type of audit procedure usually involves collecting verbal evidence.

• scanning

• vouching

• tracing

• inquiry

The errors are difficult to _________ as the Trial Balance tallies in spite of such errors. For instance, capital expenditure is recorded as revenue expenditure or vice versa.

• record

• arise

• get

• detect

When a transaction is recorded twice and also posted twice in the ledger, such an error is an error of _________.

• compensation

• duplication

• omission

• transaction

A clean report is issued when the auditor is satisfied with the __________.

• fairness of Balance Sheet and Profit and Loss account

• all the contents of the financial statements

• evidences, documents and explanation given by his clients

• all of the above

Negative report is made when auditor is __________.

• satisfied with the fairness of Balance Sheet and Profit and Loss account

• not agree with affirmation made by the management in the books

• unable to form overall opinion on Financial Statement

• all of the above