Audit Enumeration

Question 1

Types of Audit

Answer 1

1. Financial Statement Audit
2. Compliance Audit
3. Operational Audit

Question 2

Types Of Auditor

Answer 2

1. External Auditor
2. Internal Auditor
3. Government Auditor

Question 3

Limitations of Audit

Answer 3

1. Sampling Risk
2. Non-sampling Risk
3. Reliance on management’s representation
4. Inherent limitations of the client’s accounting and internal control system
5. Nature of evidence

Question 4

Gen principles governing the audit of FS

Answer 4

1. Code of Professional Ethics
2. Phillippine Standards on Auditing
3. Attitude of professional skepticism

Question 5

Need for an independent FS Audit

Answer 5

1. Conflict of interest
2. Expertise
3. Remoteness
4. Financial Consequence

Question 6

Theoretical Framework of auditing

Answer 6

1. Financial Data are verifiable
2. Independence
3. No long-term conflict
4. Effective internal control
5. Consistent application of gaap/pfrs
6. Continuity
7. Benefits the public

Question 7

General Standards

Answer 7

1. Technical training and proficiency
2. Independence
3. Professional Care

Question 8

Standard of Fieldwork

Answer 8

1. Planning
2. Internal Control consideration
3. Evidential Matter

Question 9

Standard of reporting

Answer 9

1. GAAP
2. Inconsistency
3. Disclosure
4. Opinion

Question 10

Elements of quality control

Answer 10

1. Leadership responsibilities for quality on audits
2. Ethical requirments
3. Independence
4. Acceptance and continuance of client relationship
5. Human resources and assignment
6. Engagement performance
7. Monitoring