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Management Sciences 5307 MCQs [All-Courses]

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Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

All Topics  5307

Which of the following factors would least likely affect the quantity and content of an auditor’s working papers
A The assessed level of control risk
B The possibility of peer review
C The nature of auditor’s report
D The content of management representation letter
Correct Answer: The content of management representation letter
For what minimum period should audit working papers be retained by audit firm?
A For the time period the entity remains a client of the audit firm.
B For a period of ten years
C For a period auditor opines them to be useful in servicing the client
D For the period the audit firm is in existence.
Correct Answer: For a period auditor opines them to be useful in servicing the client
The auditor’s permanent working paper file should not normally, include__________?
A Extracts from client’s bank statements
B Past year’s financial statements
C Attorney’s letters
D Debt agreements
Correct Answer: Extracts from client’s bank statements
Which of the following is not an advantage of the preparation of working paper?
A To provide a basis for review of audit work
B To provide a basis for subsequent audits
C To ensure audit work is being carried out as per programme
D To provide a guide for advising another client on similar issues
Correct Answer: To provide a guide for advising another client on similar issues
Which of the following best describes the primary purpose of audit programme preparation?
A To detect errors or fraud
B To comply with GAAP appropriate evidence
C To gather sufficient
D To assess audit risk
Correct Answer: To gather sufficient
The quantity of audit working papers complied on engagement would most be affected by__________?
A Management’s integrity
B Auditor’s experience and professional judgment
C Auditor’s qualification
D Control risk
Correct Answer: Auditor’s experience and professional judgment
The working papers which auditor prepares for financial statements audit are___________?
A Evidence for audit conclusions
B Owned by the client
C Owned by the auditor
D Retained in auditor’s office until a change in auditors
Correct Answer: Owned by the auditor
Audit programme is prepared by____________?
A The auditor
B The client
C The audit assistants
D The auditor and his audit assistants
Correct Answer: The auditor
Which of the following affects audit effectiveness?
A Risk of over reliance
B Risk of incorrect rejection
C Risk of incorrect acceptance
D Both A and C
Correct Answer: Both A and C
What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?
A The auditor concludes balance is materially correct when in actual fact it is not
B The auditor concludes that the balance is materially misstated when in actual fact it not
C The auditor has rejected an item for sample which was material
D None of the above
Correct Answer: The auditor concludes that the balance is materially misstated when in actual fact it not
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