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CA Final Auditor's Report — practice questions — page 4

Explore 100 free Auditor's Report questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Auditor's Report questions and exercises with answers

Showing questions 91–100 of 100.

For a going concern auditee, how is the report treated?Read the answer and worked solution →Compared with its breakup value, the value of a going concern is generally what?Read the answer and worked solution →Sarbanes-Oxley set up which audit regulator?Read the answer and worked solution →Firing an auditor to hunt for a clean opinion is called what?Read the answer and worked solution →What does a report to the audit committee typically give?Read the answer and worked solution →In the traditional three-paragraph report, which paragraph describes the nature of the audit work and its limitations?Read the answer and worked solution →The introductory paragraph of the traditional report identifies what?Read the answer and worked solution →Independence of the auditor mainly supports which feature of the report?Read the answer and worked solution →A report meant only for a parent company is what?Read the answer and worked solution →Audit reports derive their value mainly from doing what to financial statements?Read the answer and worked solution →

Worked practice questions

For a going concern auditee, how is the report treated?

  1. Adverse opinion given
  2. Disclaimer is added
  3. Report stays unchanged
  4. Auditor withdraws
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Correct answer: C. Report stays unchanged

When going concern is not in doubt, nothing needs to be added or changed in the report.

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Compared with its breakup value, the value of a going concern is generally what?

  1. Higher in value
  2. Lower in value
  3. Exactly the same
  4. Not measurable
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Correct answer: A. Higher in value

A going concern can keep earning profits, so its value exceeds the value if broken up and sold.

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Sarbanes-Oxley set up which audit regulator?

  1. Global Financial Stability Board
  2. International Auditing Standards Council
  3. Public Company Accounting Oversight Board
  4. Securities Exchange Review Panel
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Correct answer: C. Public Company Accounting Oversight Board

The PCAOB was established to monitor, regulate, inspect and discipline audit firms of public companies.

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More Auditing topics

Overview of Audit of Public Sector UndertakingsInternal AuditStandards on Auditing and Professional EthicsInternational Ethics Standards Board for AccountantsRisk Assessment and Internal ControlSpecial Features of Audit of Banks and Non-Banking Financial CompaniesAuditor's Report on Financial StatementsAudit Planning Strategy and Execution