NTS AUDITING MULTIPLE CHOICE QUESTIONS (MCQS).

6. What type of standard is applied in the review of historical financial information?
(A) IFAs
(B) ISAs
(C) ISAEs
(D) ISREs

7. What type of standard is applied in assurance engagements other than audits or reviews of historical financial information?
(A) IFAs
(B) ISAs
(C) ISAEs
(D) ISREs

8. What type of standard is applied on compilation engagements, engagements to apply agreed upon procedures to information and other related services engagements?
(A) ISRSs
(B) ISREs
(C) ISAEs
(D) ISQCs

9. ISQCs is an abbreviation for
(A) International Standards on Quantity Control
(B) International Standards on Quality Control
(C) International Society for Quantity Control
(D) International Society for Quality Control

10. When the account balance of “cash at bank” is verified, which from the following audit procedure(s) has/have to be performed?
I. Confirmation from the relevant banks
II. Bank reconciliations
(A) I only
(B) II only
(C) I or II
(D) I and II

ANSWERS: NTS AUDITING MCQS
6. (D) ISREs [International Standards on Review Engagements]
7. (C) ISAEs [International Standards on Assurance Engagements]
8. (A) ISRSs [International Standards on Related Services]
9. (B) International Standards on Quality Control
10. (D) I and II

AUDITING MULTIPLE CHOICE QUESTIONS (MCQS).

1. Fundamentally, the auditor report gives an opinion on whether the financial statements
(A) are in accordance with the national standards
(B) are in accordance with the international standards
(C) have errors, mistakes, or fraud
(D) present fairly the position and results of an entity

2. The _____ certify or guarantee that the financial statements are correct.
(A) management
(B) board of governors
(C) auditor
(D) auditor does not

3. IFAC is an abbreviation for
(A) International Federation of Accountants
(B) International Federation of Auditors
(C) International Framework for Accounting Concepts
(D) International Framework for Auditing Concepts

4. IAASB is an abbreviation for
(A) International Accounting and Auditing Standards Board
(B) International Accountants and Auditors Standards Board
(C) International Auditing and Assurance Standards Board
(D) International Accounting and Assurance Standards Board

5. What type of standard is applied in the audit of historical financial information?
(A) IFAs
(B) ISAs
(C) ISAEs
(D) ISRSs

ANSWERS: AUDITING MCQS
1. (D) present fairly the position and results of an entity
2. (D) auditor does not
3. (A) International Federation of Accountants
4. (C) International Auditing and Assurance Standards Board
5. (B) ISAs [International Standards on Auditing]