Arrange the following steps in Audit process in the correct order: (A). Formulation of audit plan.
(B). Issuance of audit report.
(C). Engagement of auditor
(D). Performing substantive procedures.

Question

Which of the following are the duties of an auditor?
(A) To measure business events in terms of profit and loss and communicate the financial conditions of the business
(B) To prepare a balance sheet representing a true and fair picture of the financial position of the business
(C) To prepare final accounts, computation of taxable income, etc., while acting as an accountant
(D) To report whether the profit and loss account represents a true and fair picture of the profit or loss

Answer 1

The steps for the correct audit process are: Auditor engagement → Audit plan creation → Execution of substantive procedures → Audit report issuance.

Firm 2	Cooperate	Compete
Firm 1	5, 5	0, 10
Compete	10,0	2, 2

Arrange the following steps in Audit process in the correct order: (A). Formulation of audit plan.
(B). Issuance of audit report.
(C). Engagement of auditor
(D). Performing substantive procedures.

Show Hint

The Correct Option is B

Solution and Explanation

Top Questions on Contemporary Audit

Questions Asked in CUET (PG) exam

Arrange the following steps in Audit process in the correct order: (A). Formulation of audit plan. (B). Issuance of audit report. (C). Engagement of auditor (D). Performing substantive procedures.

Show Hint

The Correct Option is B

Solution and Explanation

Top Questions on Contemporary Audit

Questions Asked in CUET (PG) exam

Arrange the following steps in Audit process in the correct order: (A). Formulation of audit plan.
(B). Issuance of audit report.
(C). Engagement of auditor
(D). Performing substantive procedures.