1.In audit engagements estimated cash flows required:Single choice.

 

Negative assurance 

Positive assurance 

 

2.In case of audit engagements, Suitable criteria will be:Single choice.

 

International standard of accounting 

Auditing standards

Engagement letter

Financial statements 

 

3.One of reason of agency conflict is that shareholders are risk averse attitude and directors have different attitude to risk. This statement is:Single choice.

 

True

False

4."Nothing has come to over attention" is an element of:Single choice.

 

Positive assurance report

Moderate assurance report

Reasonable assurance report

All of above 

5.All educational institutes in Pakistan are working under guidelines of HEC. This is an example ofSingle choice

 

Compliance audit

External audit

Operational Audit

Investigative audit

6.Which statement is not correct for statutory audit?Single choice.

 

The auditor has independence in status and in mental attitude

The auditor is liable for negligence only under the Common Law

The law determine the scope of work

The statute dictates the powers, rights and duties of an auditor

 

7.Which of the following statement is true about "Financial statements are not presenting True and Fair view"?Single choice.

 

Un Biased Financial statements  presentations 

Financial statements and director report have some conflicts

Financial statements have been prepared according to IFRS 

All of above

Please answer me fast only correct option dont include explanation.

Answer rating: 100% (QA)

1 I Ans POSITIVE ASSURANCE An auditor an audit obtains reasonable assurance that the cash flow state... View the full answer