Practice Quiz

CPA Accountant Review Questions - Question List

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71. Which of the following is considered when finalizing an audit team?
  1. Team size
  2. Orientation of the team members
  3. Presence of conflict of interest
  4. Skillset of each member
  5. All of the above
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72. Which of the following is attributed to giving integral role to the internal audit committees?
  1. IFRS
  2. Sarbanes-Oxley Act
  3. ISA
  4. IAS
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73. What happens when an auditor is not able to apply ‘audit procedures’ on a particularly selected item?
  1. No effect on the item
  2. The item is deemed not to be containing any misstatement
  3. The item is deemed as a deviation/misstatement
  4. None of these
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74. What does an ‘anomaly’ refer to in auditing terms?
  1. Another name for the statement of financial position
  2. Another name for the notes to the financial statements
  3. An individual misstatement that is not representative of the population misstatement
  4. An ‘audit test’ related to the statement of comprehensive income
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75. What does a ‘qualified audit opinion’ refer to?
  1. Auditor is 100% sure about the authenticity of the financial statements
  2. Financial statements are not prepared as per the required financial standards
  3. Auditor will give the opinion later
  4. One or more areas of the financial statements do not adhere to auditing standards
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