CA Intermediate Auditing and Assurance Test Series-16

Test Preparation on CA Intermediate Auditing and Assurance Test Series-16

1.

SA 701 deals with the responsibility of an auditor to communicate the _______ in his audit report.

1Key Audit matter Paragraph
2Emphasis of matter Paragraph
3Going concern paragraph
4Other matter Paragraph

2.

SA 701 might also assist the users of such financial statements to understand the entity and also help in _______ in such audited financial statements.

1Understanding the area of crucial management judgment
2Understanding the area of the crucial auditor‟s judgment
3Understanding the area of the crucial judgment of the regulatory
4Understanding the area of the crucial judgment of shareholder

3.

The auditor should take into account which factors while determining Key Audit matters?

1Areas of higher assessed risk of material misstatement
2Highly uncertain management estimates
3The effect of significant events or transactions that occurred during the period
4All of the above

4.

The purpose of communicating key audit matters is to enhance the _____ of the auditor‟s report by providing greater transparency about the audit that was performed.

1Quality Value
2Quantitative value
3Communicating value
4All of the above

5.

The auditor shall ______ a matter in the Key Audit Matters section of the auditor‟s report when the auditor would be required to modify the opinion in accordance with SA 705.

1Communicate
2Not communicate
3Insert
4Disclaim

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