Question

6. Attestation risk is limited to a low level in which of the following engagements? a Both examinations and reviews. b. Examinations, but not reviews. C Reviews, but not examination d. Neither examinations nor reviews. a b 7. Which of the following is not an underlying premise of an audit? Management must provide the auditor with all information relevant to the preparation and fair presentation of the financial statements Management and the auditors have responsibility for the preparation of financial statements in accordance with the applicable financial reporting framework. c. Where appropriate, the auditor may obtain information from those charged with governance. The auditors should be provided unrestricted access to those within the entity from whom the auditor determines it necessary to obtain audit evidence d a 8. An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of one of these differences? The usual audit of financial statements covers the four basic statements, whereas the operational audit is usually limited to either the balance sheet or the income statement. The boundaries of an operational audit are often drawn from an organization chart and are not limited to a single accounting period. Operational audits do not ordinarily result in the preparation of a report. The operational audit deals with pre-tax income. b. 9. Inquiries and analytical procedures ordinarily form the basis for which type of engagement? Agreed-upon procedures b. Audit c. Examination d. Review 10. Which of the following can be significantly affected by an audit? a Business risk. b Information risk c. The risk-free interest rate. d. All of these 11. Which of the following is least likely to be included as a titled section in a standard unqualified public company audit report? Basis for opinion section.

Answer 1

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6	Option B.
7	Option B.
8	Option B.
9	Option B.
10	Option B.