Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year

Related MCQs

• Financial (attest) audit includes: i Examination and evaluaion of financial records ii Audit of financial systems and transactions iii Audit of intenal control and internal audit functions iv Evaluation of Compliance with applicable statutes and regulations
• Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.
• If the desired overall assurance from audit is 95%, the inherent risk is 40% and the control risk is 50%, what would be the desired assurance from substantive tests
• what are the audit procedures commonly used to obtain audit assurance?
• Transaction audit essentially seeks to address the following issues of risks to: i Regularity ii Performance iii Propriety iv Financial Control
• The extent of audit procedures and the the level of assurance required are
• These are Performed if the audit team plans to take assurance from mitigating controls or from other controls .
• Financial Audit of Autonomous Bodies receiving financial assistance is governed by ______ of CAG's DPC Act 1971
• Risks of financial irregularity are always material for the purpose of qualifying audit opinion on the finanicial statements
• The audit of financial statements of Government Companies conducted by the C&AG is called