Question 1

The legal right to sue and recover an account receivable is the test of

Accepted Answer

A) Existence 
B) Ownership 
C) Completeness 
D) None of these

Question 2

Transaction audit essentially seeks to address the following issues of risks to:
i. Regularity
ii. Performance
iii. Propriety
iv. Financial Control

Accepted Answer

A) All of the above 
B) (i), (ii) & (iii) only 
C) (i), (iii) & (iv) only 
D) (i), (ii) & (iv) only

Question 3

Financial Audit of Autonomous Bodies receiving financial assistance is governed by ______ of CAG's DPC Act 1971

Accepted Answer

A) 13 & 14 
B) 14 & 15 
C) 13 & 15 
D) 16

Question 4

Which of these is the correct set of general financial audit objectives for income & expenditure account

Accepted Answer

A) Completeness, Occurrence, Measurement, Disclosure, Regularity 
B) Completeness, Occurrence, Measurement, Disclosure, Existence 
C) Completeness, Occurrence, Existence, Disclosure, Regularity 
D) Completeness, Ownership, Measurement, Disclosure, Regularity

Question 5

If some item of revenue expenditure is misclassified as capital expenditure, it can be said that this objective is not met

Accepted Answer

A) Existence 
B) Disclosure 
C) Completeness 
D) Occurrence

Exam 1: Understanding Financial Audit and Standards for Auditors

The legal right to sue and recover an account receivable is the test of

Transaction audit essentially seeks to address the following issues of risks to: i. Regularity ii. Performance iii. Propriety iv. Financial Control

Financial Audit of Autonomous Bodies receiving financial assistance is governed by ______ of CAG's DPC Act 1971

Which of these is the correct set of general financial audit objectives for income & expenditure account

If some item of revenue expenditure is misclassified as capital expenditure, it can be said that this objective is not met