The auditor while verifying prepaid insurance has concluded that there is inadequate insurance of building, He should__

Related MCQs

• An auditor is verifying valuation of building which has been self constructed by the client. Which of the following documents is least relevant to the auditor for verification purposes?
• While verifying intangible assets, an auditor would recomputed amortization charges and determines whether amortization period is reasonable. The auditor tries to establish ….by doing it
• When auditing prepaid insurance, an auditor discovers that the insurance policy bond on building is not available for inspection. This may indicate__
• The auditor has serious concern about the going concern of the company. It is dependent on company’s obtaining a working capital loan from a bank which has been applied for. Then management of the company has made full disclosure of these facts in the notes to the balance sheet. The auditor is satisfied with the level of disclosure. He should issue_
• While vouching wages, auditor should examine whether there is proper segregation of duties. Which of the following activities should not be done by same department?
• The auditor should state the reasons for his reservations in audit report and should try to quantify the effect on them. This should be done in case he has expressed _ i) A qualified opinion ii) an unqualified opinion with emphasis of matter paragraph iii) An adverse opinion IV) a disclaimer of opinion
• When an independent auditor relies on the work of an internal auditor, he or she should
• The auditor has to enquire, under section 227 (IA) into different aspects, related to shares allotted for cash for the purpose of auditor include
• As per the ‘Statement on Qualification in Auditor’s Report’s issued by the ICAI, the auditor, Under section 227(3) has to gave a statement of fact on_
• The inventory consists of about one per cent of all assets. The client has imposed restriction on auditor to prohibit observation of stock take. The auditor cannot apply alternate audit procedures.