Which organization issues the International Standards on Auditing (ISA)?
A) Financial Accounting Standards Board (FASB)
B) International Accounting Standards Board (IASB)
C) International Auditing and Assurance Standards Board (IAASB)
D) Securities and Exchange Commission (SEC)
The main objective of an audit under ISA is to:
A) Detect fraud
B) Ensure compliance with tax laws
C) Express an opinion on financial statements
D) Prepare financial statements
ISA 200 deals with:
A) Audit planning
B) Overall objectives of an independent auditor
C) Fraud detection
D) Related party transactions
Which ISA focuses on audit documentation?
A) ISA 500
B) ISA 230
C) ISA 330
D) ISA 240
ISA 315 relates to:
A) Identifying and assessing risks of material misstatement
B) External confirmations
C) Audit sampling
D) Analytical procedures
Which ISA focuses on fraud and auditor’s responsibilities?
A) ISA 230
B) ISA 240
C) ISA 300
D) ISA 500
ISA 500 deals with:
A) External confirmations
B) Audit sampling
C) Audit evidence
D) Internal controls
Audit risk consists of which three components?
A) Control risk, detection risk, inherent risk
B) Business risk, compliance risk, inherent risk
C) Fraud risk, operational risk, control risk
D) Financial risk, materiality risk, inherent risk
ISA 620 deals with:
A) Use of an auditor’s expert
B) Related party transactions
C) Written representations
D) Going concern
The purpose of an engagement letter as per ISA is to:
A) Confirm the terms of the audit engagement
B) Communicate findings to management
C) Report fraud
D) Explain material misstatements
Which ISA deals with going concern assumptions?
A) ISA 570
B) ISA 315
C) ISA 500
D) ISA 520
ISA 300 covers:
A) Audit planning
B) Risk assessment
C) Sampling techniques
D) Management assertions
Which ISA focuses on written representations?
A) ISA 250
B) ISA 550
C) ISA 580
D) ISA 320
ISA 402 relates to:
A) Audit of group financial statements
B) Considerations for an entity using a service organization
C) Communication with those charged with governance
D) Fraud detection
Which of the following is NOT an assertion in auditing?
A) Existence
B) Valuation
C) Materiality
D) Completeness
Which ISA deals with forming an opinion and reporting on financial statements?
A) ISA 500
B) ISA 700
C) ISA 450
D) ISA 540
ISA 450 relates to:
A) Evaluating misstatements identified during the audit
B) Internal controls testing
C) Fraud risk assessment
D) Substantive testing
ISA 320 focuses on:
A) Audit risk
B) Materiality in planning and performing an audit
C) Related party transactions
D) Fraud detection
Which ISA deals with related parties?
A) ISA 250
B) ISA 550
C) ISA 600
D) ISA 620
The term ‘substantive procedures’ in ISA refers to:
A) Audit procedures to detect material misstatements
B) Internal control assessments
C) Fraud detection techniques
D) Management’s assertions
ISA 710 covers:
A) Comparative information and corresponding figures
B) Audit risk
C) Going concern
D) Compliance with laws
Which ISA deals with group audits?
A) ISA 600
B) ISA 700
C) ISA 800
D) ISA 500
ISA 265 focuses on:
A) Communicating deficiencies in internal control
B) Audit sampling techniques
C) Audit planning
D) Internal fraud
The auditor’s responsibility to consider laws and regulations is addressed in:
A) ISA 250
B) ISA 520
C) ISA 230
D) ISA 330
ISA 330 relates to:
A) The auditor’s response to assessed risks
B) Group audits
C) Audit evidence
D) Financial fraud investigations
Which ISA covers audit conclusions and reporting?
A) ISA 450
B) ISA 700
C) ISA 800
D) ISA 505
ISA 505 relates to:
A) External confirmations
B) Audit planning
C) Audit sampling
D) Internal controls
Which ISA deals with analytical procedures?
A) ISA 250
B) ISA 520
C) ISA 700
D) ISA 450
ISA 560 addresses:
A) Subsequent events
B) Related party transactions
C) Material misstatements
D) Internal fraud
