38)Which of the following is not True about External Auditors?

i) External Audit is an audit function performed by a Independent body which is a part of the organization. ii) External Auditor provides an Opinion on the effectiveness of the operational activities of the organization.

iii) External Auditor checks the accuracy and validity of Operational activities of the Organisation iv) External Auditors analyzes and verifies the financial statement of the company

Only iv) is not True

Only i) is not True

i) ,ii) and iii) are not True

Only ii) and iii) are not True

39)Which of the International Standards on Audit requires the external auditor to communicate audit matters of governance interest to those charged with governance of the entity.

IAS 260

ISA 261

IAS 261

ISA 260

40)Mohsin Auditors is an official auditor for PDO. The audit has to begin from the first week of January 2021 for the year ended 2020. The auditors are coming up with clear objectives of audit. The auditors have already decided the audit methodology. The audit methodology of the auditors shall be based on:

Audit program of Auditors

Corrective action plan and their implementation

Issues identified during the audit

Issued discussed during the entrance meeting with management of PDO