Audit and Assurance MCQs
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ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
The objectives of an auditor under ISA 200 are to Obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Here on MCQs.club we have prepared easily understood Multiple-Choice Questions (MCQs) on ISA 200 that fully cover ISA 200 revised, the summary of ISA 200 and these SA 200 MCQs are a basis for conclusions for ISA 200. These MCQs are useful for accountancy exams, Business management exams and Competitive exams.
- The purpose of an external audit engagement is to ‘enhance the degree of confidence of intended users in financial statements.’
- The Purpose of an external audit engagement is achieved by the auditor expressing an opinion on whether the financial statements:
- Give a true and fair view (or present fairly in all material respects).
- Are prepared, in all material respects, in accordance with an applicable financial reporting framework.
- Both A&B
- The objectives of an auditor under ISA 200 are to:
- Obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.
- Express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.
- Report on the financial statements, and communicate as required by ISAs, in accordance with the auditor’s findings.
- All of the above
- ISA 200 requires the auditor to:
- comply with all ISAs relevant to the audit
- comply with relevant ethical requirements
- plan and perform an audit with *professional skepticism
- exercise professional judgement in planning and performing an audit
- obtain sufficient appropriate audit evidence to allow him to obtain reasonable assurance
- All of the above
- (I) (III) and (IV) only
- (I) (IV) and (V) only
- Professional skepticism –An attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence.
- The above statement is correct
- The above statement is incorrect
- Sufficient appropriate audit evidence- Sufficiency is the measure of the quantity of audit evidence. Appropriateness is the measure of the quality of audit evidence in terms of its relevance and reliability.
- The above is correct
- The above is incorrect
- One of the main requirements of the audit is for the auditor to obtain sufficient appropriate evidence to reduce audit risk to an acceptably low level.
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