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: Records examined by auditors to support their conclusions
A) Working papers
B) Office registers
C) Legal documents
D) Annual reports
✅ Correct Answer: A
Explanation: Working papers document audit procedures and findings for reference and review.
Q: Audit undertaken voluntarily by an organization is termed
A) Voluntary audit
B) Statutory audit
C) Internal audit
D) Tax audit
✅ Correct Answer: A
Explanation: A voluntary audit is initiated by the business without any legal requirement.
Q: Review conducted to assess the efficiency of internal controls
A) External audit
B) Internal audit
C) Compliance audit
D) Tax audit
✅ Correct Answer: B
Explanation: Internal audits focus on internal processes and control effectiveness.
Q: Opinion withheld by auditor due to lack of evidence is
A) Disclaimer
B) Qualified opinion
C) Adverse opinion
D) Unqualified opinion
✅ Correct Answer: A
Explanation: A disclaimer is issued when the auditor cannot form an opinion due to insufficient evidence.
Q: Audit work performed continuously during the year
A) Continuous audit
B) Final audit
C) Test audit
D) Interim audit
✅ Correct Answer: A
Explanation: Continuous audit involves ongoing examination of records during the year.