1.Which of the following should be included in the 'Key Audit Matters' paragraph in the auditor's report? 1) Matters which are critical accounting estimates and related disclosures 2) Matters which result in a modification to the audit opinion 3) Matters where the auditor has consulted with others 4) Matters which are considered to be material to the financial statements

a.

1 and 2

b.

2 and 4

c.

3 and 4

d.

1 and 3

2)Mrs. Zahra was appointed as a statutory auditor of Morison Muscat Ltd. The company has provided the auditor photocopies of books of accounts and evidence for audit as the original books of accounts and evidence are ceased by income tax department, in such a case, Mrs. Zahra should give ______________

a.

Either modified or disclaimer

b.

Withdraw from audit engagement

c.

Disclaimer of opinion

d.

Modified report

3)The Auditor prepares a disclaimer opinion:

a.

When he is not satisfied with any explanation or information given to him

b.

When he is not able to obtain sufficient audit evidences.

c.

When he finds some discrepancy in the treatment of some items.

d.

When the auditor is not satisfied with the accounts presented to him.

4)As per IFAC guidelines professional accountants should contribute to the growth of individual companies and society in all the areas, except

a.

Assist governments in achieving their economic and social objectives.

b.

Acquiring high quality professional skill and competencies

c.

Contribute to financial market performance by quality reporting

d.

Contribute to the growth of economies