Auditing

Name:

Unusual transactions is to be?

Verified thoroughly

Documented Seperately

Included in the report

Examining P&L items are

Vouching and Verification

Vouching

Verification

Inquiry is done

within the entity

outside the entity

both within and outside the entity

Comparing Balance Sheet with prior year's Balance sheet is an example of?

Observation

Analytical Procedure

Recalculation

Check whether audit is conducted in the previous year, If not understand the

Procedure followed by accounts department

Business

Procedure followed by similar company

Audit Documentation should be retained for how many years after issuance of the same

7 Years or more

8 Years

7 Years

Documents can be edited after report release date?

Additions or Deletions can be made after report release date before aduit documentation is issued

additions can be made to the audit documentation after report release date before audit documentation is issued

Deletions can be made after report release date

Surprise check acts as a good moral check on

Client's staff

audit staff

both audit and client's staff

Depreciation is to be provided for fixed assets

Only if it is in use

Even if it is not in use

Documentation is to be done by

Audit Staff

Client staff

Both audit and client staff

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