- Ensure presence of somebody from management
- Ensure postage and revenue , stamps are not counted in physical count.
- obtained a receipt from a custodian as to its return
- Temporary advances to employees are counted to calculate balance of cash in
- b
-
Cash on hand should be verify with the physical cash which is available in the Organization.
In order to vouch which of the expense, the auditor will examine bill of entry?
- Excise Duty
- Custom
- Sales Tax
- Income Tax
- b
-
The Custom Duty is a type of tax that imposed on Import and Export.
The statutory Audit of a Government Company submits its reports to:
- The C & AG
- The Company Secretary
- The legislature
- None of the Above
- b
Control risk is assessed at:
- Control Environment Level
- Financial Statement assertion level
- Fraud Risk Factor Level
- Overall financial statement error.
- b
Concurrent Audit is a part of:
- Internal Audit System
- Continuous Audit
- Internal Check System
- None of these
- b
-
Concurrent Audit is a systematic and timely verification of financial transaction on daily basis to mitigate the errors.
The risk of management fraud increases in the presence of:
- Substantial increase in sale
- Management incentive based on sale done in a quarter
- Improved Internal Control System
- Frequent Changes in Supply
- b
The main object of an audit is:
- Detection and Prevention of Errors & Frauds
- Expression of Opinion
- Both A & B
- Depends on the type of the Audit
- d
In Pakistan, Financial Statement of limited companies are prepared in according with?
- Internal Accounting Standards adopted in Pakistan.
- Companies Ordinance 1984
- Both A & B
- None of these
- c
Which of the following statement is true?
- Liabilities + Asset = Capital
- Capital + Liabilities = Asset
- Asset + Capital = Liabilities
- None of these
- b
The cost of the asset after expiry of its useful life is called:
- Written down value
- Depreciation
- Residual Value
- Expired Value
- c