Auditing MCQs
Auditing MCQs cover audits, controls, standards, planning, procedures, risks, and reporting—ideal for ACCA, CA, ICMA, B.Com, MBA, and finance exams, ensuring conceptual clarity and practical application for academic and professional success.
Q: Audit performed after the year-end helps determine financial accuracy
A) Interim audit
B) Internal audit
C) Tax audit
D) Final audit
✅ Correct Answer: D
Explanation: Final audit is conducted after the accounting year ends to assess financial statements.
Q: Opinion expressed without any reservations is known as
A) Qualified
B) Disclaimer
C) Unqualified
D) Adverse
✅ Correct Answer: C
Explanation: An unqualified opinion means the auditor found no material misstatements in the financial records.
Q: Verification of cash, assets, and liabilities forms part of
A) Auditing
B) Costing
C) Vouching
D) Reporting
✅ Correct Answer: A
Explanation: Auditing includes examining and verifying financial data for fairness and accuracy.
Q: Person legally appointed to express an opinion on books of accounts
A) Analyst
B) Auditor
C) Manager
D) Clerk
✅ Correct Answer: B
Explanation: Only an auditor is authorized to examine and report on financial statements.
Q: Clean audit report without any modifications indicates
A) Satisfactory records
B) Opinion withheld
C) Incomplete audit
D) Errors found
✅ Correct Answer: A
Explanation: A clean or unqualified audit report reflects compliance with accounting principles.