Basic Auditing MCQs

By: Prof. Dr. Fazal Rehman | Last updated: May 21, 2025

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1. : What is the primary objective of an audit?



2. : Which type of audit is conducted by an independent external auditor?



3. : What is the purpose of a compliance audit?



4. : Which auditing standard provides guidelines on the auditor’s independence?



5. : What is the role of an internal auditor in an organization?



6. : Which type of audit focuses on reviewing financial statements for accuracy and completeness?



7. : Who appoints an external auditor for a statutory audit?



8. : What is the objective of a management audit?



9. : Which auditing standard provides guidance on assessing the risk of material misstatement?



10. : What is the purpose of a forensic audit?



11. : Which type of audit involves reviewing financial transactions and records for evidence of fraud?



12. : What does the term “auditor’s opinion” refer to in auditing?



13. : Which auditing standard provides guidance on using the work of an expert in an audit?



14. : Who is responsible for the preparation of financial statements being audited?



15. : Which audit approach emphasizes understanding the entity’s internal controls and assessing control risk?



16. : What is the primary focus of an operational audit?



17. : Which type of audit focuses on specific areas of an organization’s operations, finances, or systems?



18. : What does the term “materiality” mean in auditing?



19. : Which audit procedure involves comparing financial information with non-financial information to identify inconsistencies?



20. : What is the purpose of an external audit?



21. : Which auditing standard provides guidance on audit evidence?



22. : What is the objective of an integrated audit?



23. : Which audit approach emphasizes substantive testing over reliance on internal controls?



24. : What does the term “audit risk” refer to in auditing?



25. : Which audit procedure involves obtaining written confirmation of a balance or transaction directly from a third party?



26. : What is the purpose of an interim audit?



27. : Which auditing standard provides guidance on the auditor’s responsibilities when using the work of internal auditors?



28. : What is the primary focus of a forensic audit?



29. : Which audit procedure involves detailed examination of transactions and supporting documents?



30. : What is the purpose of an internal control audit?



31. : Which type of audit is conducted to evaluate whether an organization is achieving value-for-money?



32. : What is the objective of a compliance-based audit approach?



33. : Which auditing standard provides guidance on communicating audit findings to those charged with governance?



34. : What is the role of an external auditor in relation to financial statements?



35. : Which audit approach involves reviewing the effectiveness of internal controls and assessing control risk?



36. : What does the term “audit evidence” refer to in auditing?



37. : Which audit procedure involves testing internal controls to ensure they are operating effectively?



38. : What is the objective of an interim audit?



39. : Which auditing standard provides guidance on evaluating the work of an expert used by the auditor?



40. : What is the purpose of an internal control audit?



41. : Which audit procedure involves detailed examination of transactions and supporting documents?



42. : What is the primary focus of a forensic audit?



43. : Which type of audit is conducted to evaluate whether an organization is achieving value-for-money?



44. : What is the objective of a compliance-based audit approach?



45. : Which auditing standard provides guidance on communicating audit findings to those charged with governance?



46. : What is the role of an external auditor in relation to financial statements?



47. : Which audit approach involves reviewing the effectiveness of internal controls and assessing control risk?



48. : What does the term “audit evidence” refer to in auditing?



49. : Which audit procedure involves testing internal controls to ensure they are operating effectively?



50. : What is the objective of an interim audit?



 

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