1.

This ice breaker consists of an Easy round with 1 point,

Average for 2points and Hard question for 3points. Easy will be
true or false questions, Average will be multiple choice questions
and Hard question will be identification.
2. Group yourselves into 5, and chat it into the chat box, the
names of the member and the group name.
3. This is the format of your answers, for Easy and Average
question, E1 True or False / E2True or False, A1A,B,C,D, /
A2A,B,C,D While Hard question will be H1 Audit
4. Choose your representative in the group to type your answers
5. The first group that will send their answer with the correct
format after I chat the word "Go" will get the points.
6. Group that obtains the highest points will be the winner and will
received 150 pesos load (30 pesos load each member).
EASY
1. Quantitative Consideration relates to the causes of
misstatements.

TRUE FALSE
1. Quantitative Consideration relates to the causes of
misstatements.

TRUE FALSE
2. Audit Risk is the complement of Audit Assurance

TRUE FALSE
2. Audit Risk is the complement of Audit Assurance

TRUE FALSE
3. Time Schedule is an estimate of the time that will
be spent in executing the audit procedure.

TRUE FALSE
3. Time Schedule is an estimate of the time that will
be spent in executing the audit procedure.

TRUE FALSE
4. Vertical analysis is a method of financial statement
analysis in which each line item is listed as a
percentage of a base figure within the statement.

TRUE FALSE
4. Vertical analysis is a method of financial statement
analysis in which each line item is listed as a
percentage of a base figure within the statement.

TRUE FALSE
5. Ratio analysis is a qualitative method of gaining
insight into a company's liquidity, operational
efficiency, and profitability by studying its financial
statements such as the balance sheet and income
statement.

TRUE FALSE
5. Ratio analysis is a qualitative method of gaining
insight into a company's liquidity, operational
efficiency, and profitability by studying its financial
statements such as the balance sheet and income
statement.

TRUE FALSE
AVERAGE
1. Early appointment of the independent
auditor will enable

a. a more thorough b. a proper study and

examination to be evaluation of internal
performed control to be performed

c. sufficient competent d. a more efficient

evidential matter to be examination to be
obtained planned
1. Early appointment of the independent
auditor will enable

a. a more thorough b. a proper study and

examination to be evaluation of internal
performed control to be performed

c. sufficient competent d. a more efficient

evidential matter to be examination to be
obtained planned
2. Which of the following would not be classified as a
related-party transaction?

a. An advance of one b. Sales of merchandise

week's salary to an between affiliated
employee. companies.

d. Exchanges of
c. Loans or credit
equipment between
sales to the principal
two companies owned
owner or client.
by the same person.
2. Which of the following would not be classified as a
related-party transaction?

a. An advance of one b. Sales of merchandise

week's salary to an between affiliated
employee. companies.

d. Exchanges of
c. Loans or credit
equipment between
sales to the principal
two companies owned
owner or client.
by the same person.
3. A method where financial statements are
compared to reveal financial performance
over a specific period of time.

a. Horizon trend
c. Ratio analysis
analysis

c. Vertical analysis d. Moorse analysis

3. A method where financial statements are
compared to reveal financial performance
over a specific period of time.

a. a more thorough b. a proper study and

a. Horizon trend
examination to be evaluation
c. Ratio analysis
of internal
analysis
performed control to be performed

c. sufficient competent d. a more efficient

evidential
c. Vertical matter
analysis
to be examination
d. Moorse analysis
to be
obtained planned
4. Requires the auditor to obtain sufficient
understanding of the entity and its environment
including internal control.

a. PSA 500 b. PSA 200

c. PSA 315 d. PSA 400

4. Requires the auditor to obtain sufficient
understanding of the entity and its environment
including internal control.

a. PSA 500 b. PSA 200

c. PSA 315 d. PSA 400

5. PSA requires the auditor to use _______ in the
planning and overall review stages of the audit.

a. Audit plan b. Materiality

c. Analytical d. Professional
procedures skepticism
5. PSA requires the auditor to use _______ in the
planning and overall review stages of the audit.

a. Audit plan b. Materiality

c. Analytical d. Professional
procedures skepticism
HARD
 1. It is to assess and evaluate the
quality of the audit services delivered
by the engagement team
_ _ _ _ - _ _ _ _ _ responsibilities
 1. It is to assess and evaluate the
quality of the audit services delivered
by the engagement team
Post-audit responsibilities
 2. It is to assess the different risks
associated with the audit to determine
the nature, timing and extent of audit
procedures to be performed
_____ ________
 2. It is to assess the different risks
associated with the audit to determine
the nature, timing and extent of audit
procedures to be performed

Audit planning
3. It is to establish a basis for reliance on internal
controls in determining the nature, timing and
extent of audit procedures to be performed
Consideration of _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
3. It is to establish a basis for reliance on internal
controls in determining the nature, timing and
extent of audit procedures to be performed
Consideration of internal controls
 It is to ascertain the degree of
correspondence between the financial
statements prepared by client's management
and the financial reporting framework
________ _________
 It is to ascertain the degree of
correspondence between the financial
statements prepared by client's management
and the financial reporting framework
Evidence gathering
It is to assist the auditor in assessing
whether the conclusion reached is
consistent with evidence gathered.
________ ___ _____
It is to assist the auditor in assessing
whether the conclusion reached is
consistent with evidence gathered.
Completing the Audit