Solved MCQs for the Post
of Senior Auditor in FPSC
Question:
1. Which one of the following persons are responsible for the
preparation of Audit engagement later?
Options:
Auditor
Client
Company registrar
Company secretary
Question:
2. Who is
responsible for designing and preparing the financial statements?
Options:
Auditor
Management
Accountant
Company secretary
3. Question:
Which one of the following is the method of assessing the
internal control system of an entity?
Options:
Audit procedures
Audit evidence
Compliance audit
Technical analysis
Question:
4. The purpose
of engagement letter includes the following EXCEPT:
Options:
To defines the auditors responsibilities clearly
To minimize misunderstandings between the client and
auditors
To educate the client
To help the auditor in preparing audit report
Question:
5. A manufacturing company wants to hire external auditors who
examine the activities operations procedures and processes of each department
of the company. The company follows the local and international laws rules ad
regulations and also has set standards for the efficiency and effectiveness.
The company shall have to provide the access of all kind of operational
information that will be required to the auditors as audit evidences.
6. Considering
the above situation select the most suitable type of audit which the company
should opt?
Options:
Compliance audit
Operational audit
Technology audit
Financial audit
Question:
7. Which one
of the following is considered as the formal opinion or disclaimer thereof
issued by an independent auditor as a result of audit or evaluation performed
on a legal entity?
Options:
Financial report
Financial statement
Directorâtreport
Auditor's report
Question:
8. Which of
the following statements is true?
Options:
The auditing profession is unregulated
The auditing profession is regulated only by its own
professional body
Outside bodies sometimes become involved in the regulation
of the audit profession
The auditing profession is regulated only by the government
Question:
9. Which one of the following primary assertions is satisfied
when an auditor ensures that there are no unrecorded assets liabilities
transactions or events or undisclosed items in the client financial records?
Options:
Valuation
Completeness
Existence
Rights and obligations
Question:
10. Internal
control is primarily established within a company to do which of the following?
Options:
To prevent fraud in the company affairs
To provide reasonable assurance that the company's
objectives will be achieved
To catch all errors that may occur in the company
To aid in the effective auditing of the company
11. The
following authorities can determine fixation of remuneration of auditors
EXCEPT:
(Companies Ordinance 1984)
Options:
Directors
Company secretary
Commission
Members
Question:
12. A leather goods manufacturing company has started its
operations in year 2001. After five years of conducting successful business, it
has become a listed company recently. Now the company is required to hire its
first auditors but neither the directors nor the members could appoint the
auditors during the past 4 months since the incorporation of the company.
Select among the following authorities who can appoint the auditors in this
situation? (Companies Ordinance 1984)
Options:
Company secretary
Company registrar
Commission
