SET A

Auditing
ept relating to the accumulation of •the audit evidence
13. A conc
ssary for the auditor to conclude that there are no
nece
ements in the financial statements taken as a
material misstat
whole.
nable assurance c. Moderate assurance
a. Reaso
e assurance d. Negative assurance
b. Positiv
market for auditing services is driven by
14. The
ory authority of the Securities and Exchange
a, The regulat
Commission
mand by external users of financial statements.
b. A de
ts issued by the AASC.
c. Pronouncemen
ough RA No. 9298
d. Congress thr
essional skepticism requires that an auditor assume that
15. Prof is
management
sence of fraud risk
a, Honest, in the ab factors.
st until completion of audit tests.
b. Dishone
t nor dishonest.
c. Neither hones
d. Offering reasonable assurance of honesty.

16. Which of the following statements about theoretical

framework of auditing is (are) correct?
I. The data to be audited can be verified
II. Long-term conflicts may exist between managers who
prepare the data and auditors who examine the data
10 In. Auditors act on behalf of management
IV. An audit benefits the public
a. II and III only c. I and IV only
b, I, II and IV only d. IV only

17. Completeness assertion about classes of transaction and

events means
a. Transactions and events that have been recorded have
occurred and pertain to the entity.
b. All transactions and events that should have been
recorded have been recorded.

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