(CA Inter)May26/Sep26

Establishing an overall audit strategy that sets the scope, timing and direction of the audit and the guide the development of the audit plan is prerogative of the management

The establishment of overall audit strategy and the detailed audit plan are not necessarily discrete or sequential process but are closely inter related since change in one may result in consequential change to others

Which of the following is most important principal for formulation an audit plan

Which of the following is not advantage of an audit programme

Which of the following is not included in an audit programme normally

Which of the following is true about audit plan

Which of the following is not considered in planning an audit generally

Which of the following is benefits of planning

Planning an audit ensure that audit risk is reduced to an acceptable low level

SA 300 is planning an audit of financial statement

The auditor is not expected to and cannot, reduce audit risk to zero and cannot therefore obtain absolute assurance that the financial statement are free from material misstatements due to fraud or error

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statement

The basic objective of audit does not change with reference to nature,size or form of an entity

Which of the following is TRUE about standards on auditing?

Limited assurance engagement review of interim financial information of a company is an example of limited assurance engagement

Limited assurance engagement involves obtaining sufficient appropriate evidence to draw reasonable conclusion

Which of the following is TRUE about engagement standards?

Which of the following is NOT TRUE about an assessment engagement

Which of the following is not an advantage of audit