ISA 500 Audit Evidence MCQs

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ISA 500 Audit Evidence states the objective of the auditor, in terms of gathering evidence, is 'to design and perform audit procedures in such a way to
ISA 500 Audit Evidence MCQs

ISA 500, Audit Evidence

ISA 500 Audit Evidence states the objective of the auditor, in terms of gathering evidence, is ‘to design and perform audit procedures in such a way to enable the auditor to obtain sufficient appropriate audit evidence. Here on MCQs.club we have prepared useful Multiple-Choice Questions on ISA 500 revised IFAC that fully cover MCQs on ISA 500 Summary Audit Evidence, ISA 500 management expert, ISA 500 MCQs with answers. These MCQ on SA 500 are helpful for Competitive exams, Professional accountancy exams and Business management exams.

  1. ISA 500 Audit Evidence states the objective of the auditor, in terms of gathering evidence, is:

‘to design and perform audit procedures in such a way to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.’

    1. The above statement is correct
    2. The above statement is incorrect
  1. ISA 500 Audit Evidence allows the auditor to use analytical procedures as a substantive procedure during the final audit to help detect misstatement.
    1. True
    2. False
  1. When determining whether there is enough evidence the auditor must consider:
    1. The risk of material misstatement
    2. The materiality of the item
    3. The nature of accounting and internal control systems
    4. The results of controls tests
    5. The auditor’s knowledge and experience of the business
    6. The size of a population being tested
    7. The size of the sample selected to test
    8. The reliability of the evidence obtained.
    1. All of the above
    2. (I) (III) (IV) and (VII) only
    3. (I) (II) and (VII) only
    4. None
  1. Appropriateness of evidence breaks down into:
    1. Reliability
    2. Relevance
    3. Both A&B
    4. None
  1. Which of the following is correct regarding Reliability of audit evidence?
    1. Evidence obtained from an independent external source is more reliable than client generated evidence.
    2. Evidence obtained directly by the auditor is more reliable than evidence obtained indirectly.
    3. Client generated evidence is the least reliable source of evidence.
    4. Written evidence is more reliable than oral evidence
    5. All of the above
  1. Types of audit procedure to obtain audit evidence include:
    1. Inspection, Observation, External confirmation
    2. Recalculation, Re-performance, Analytical and Enquiry
    3. Both A&B
    4. None
  1. Inspection of documents and records:
    1. May give evidence of rights and obligations, e.g. title deeds.
    2. May give evidence that a control is operating, e.g. invoices stamped paid or authorised for payment by an appropriate signature.
    3. May give evidence about cut-off, e.g. the dates on invoices, despatch notes, etc.
    4. All of the above
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