SUBJECT : AUDITING (Philippines) 1. Auditing is defined by stating the objective of a financial statement audit, that is, to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. A. PSA B. AAA C. BOA D. None of the above 2. Audit is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria and communicating the results to interested users. A. PSA B. AAA C. BOA D. None of the above 3. It is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria and communicating the results to interested users. A. Audit B. Accounting C. Cost Accounting D. None of the above 4. These are representations made by an audience about economic actions and events. A. Accounts B. Assertions C. Established criteria D. None of the above 5. These are needed to judge the validity of the assertions A. Accounts B. Assertions C. Established criteria D. None of the above 6. They promulgated GAAS A. PAS B. PRC C. BOA D. None of the above 7. GAAS A. 15 B. 10 C. 20 D. None of the above 8. It represents measures of the quality of the auditor's performance. A. GAAP B. GAAS C. Ethics D. None of the above 9. General standards A. Planning B. Internal Control Consideration C. Evidential matter D. Independence 10. This is an audit conducted to determine whether the financial statements of an entity are fairly presented in accordance with an identified financial reporting framework. A. Compliance audit B. Operational audit C. Financial statement audit D. None of the above 11. It involves a review of an organization's procedures to determine whether the organization has adhered to specific procedures, rules. or regulations. A. Compliance audit B. Operational audit C. Financial statement audit D. None of the above 12. Standard of fieldwork A. Evidential matter B. Inconsistency C. Disclosure D. Opinion 13. Standards of reporting A. Technical Training and Proficiency B. GAAP C. Professional care