Test Checking refers to___________?

A. Testing of accounts and records
B. Checking of selected number of transactions
C. Examination of adjusting and closing entries
D. Checking of all transactions recorded

Concurrent audit is a part of____________?

A. Internal check system
B. Continuous audit
C. Internal audit system
D. None of these

Audit in depth is synonymous for____________?

A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit

Which of the following statements is not true about continuous audit?

A. It is conducted at regular interval
B. It may be carried out on daily basis
C. It is needed when the organization has a good internal control system
D. It is expensive

Audit of banks is an example of__________?

A. Statutory audit
B. Balance sheet audit
C. Concurrent audit
D. Both (A. and (B.

In Pakistan, balance sheet audit is synonymous to___________?

A. Annual audit
B. Continuous audit
C. Detailed audit
D. Statutory audit

Audit in depth is synonymous for­_____________?

A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit

Balance sheet audit includes verification of____________?

A. Assets
C. Income and expense accounts where appropriate
B. Liabilities
D. All of the above

Balance sheet does not include­:_____________?

A. Verification of assets and liabilities
B. Vouching of income and expense accounts related to assets and liabilities
C. Examination of adjusting and closing entries
D. Routine checks

_______the audit risk,_______the materiality and _______the audit effort?

A. Lower, Higher, Lower
B. Lower, Lower, Higher
C. Higher, Lower, Lower
D. Lower, Higher, Higher