Reference no: EM132944892

Problem 1: Which one of the following would be kept on the permanent audit file?

Option 1: Planning information for the current audit.
Option 2: Reclassifying entries
Option 3: Working trial balance.
Option 4: Description of client entity activities.

Problem 1: Which one of the following is NOT one of the phases in planning an audit?

Option 1: Understand the client's industry and business
Option 2: Perform preliminary analytical procedures
Option 3: Client acceptance and continuance
Option 4: Audit of transaction cycle

Problem 1: Which one of the following statements is false?

Option 1: Stratification increases audit efficiency.
Option 2: Stratification can be done based on the monetary value of items in the population.
Option 3: An item in the population cannot be included in more than one stratum.
Option 4: Stratification is a method of sampling using probability theories to form statistical inference about the population.