Risks of financial irregularity are always material for the purpose of qualifying audit opinion on the finanicial statements

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.
• Transaction audit essentially seeks to address the following issues of risks to: i Regularity ii Performance iii Propriety iv Financial Control
• These are performed if the audit team has not identified risks that could lead to material misstatement and no reliance is planned to be placed on controls.
• Financial Audit of Autonomous Bodies receiving financial assistance is governed by ______ of CAG's DPC Act 1971
• Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year
• The audit of financial statements of Government Companies conducted by the C&AG is called
• what are the audit procedures commonly used to obtain audit assurance?
• Instructions to audit team members on the performance of chosen audit procedures are contained in the
• The following types of financial statements are audited in respect of Union, State and UT Governments i Finance Accounts ii Appropriation Accounts iii Balance Sheet iv Statements of Expenditure