Exam 1: Understanding Financial Audit and Standards for Auditors

Insurance relating to the year 2013-14 was paid in 2012-13 in advance. The same was however booked as expenditure in 2012-13. This does not meet the objective of

The following types of financial statements are audited in respect of Union, State and UT Governments i. Finance Accounts ii. Appropriation Accounts iii. Balance Sheet iv. Statements of Expenditure

The audit of financial statements of Government Companies conducted by the C&AG is called

The Primary objective of a financial audit is to

If the monthly accounts of some Treasuries or Public Works Divisions are excluded from the Accounts of a State Government, it affects this objective

Financial Audit of Government Companies is conducted by

The International Standards of Auditing (ISAs) have been developed by

Which of these is the correct set of general financial audit objectives for balance sheet

Which of these standards regulate the condut of the auditor

Financial (attest) audit includes: i. Examination and evaluaion of financial records ii. Audit of financial systems and transactions iii. Audit of intenal control and internal audit functions iv. Evaluation of Compliance with applicable statutes and regulations

Risks of financial irregularity are always material for the purpose of qualifying audit opinion on the finanicial statements

Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year

Financial (attest) audit includes an evaluation of Compliance with applicable statutes and regulations

Which of these standards regulate the audit activity of the auditor

The Auditing Standards of the C&AG of India comprise of I )General Standards Ii) Field Audit Standards Iii) Field Standards Iv) Reporting Standards

The general audit objectives are also called

A financial audit is intended to give

Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.

This financial audit objective directly tests for potential overstatement of assets and liabilities

Materiality is classified by