CCBS 4017 Principles of Auditing 2019-2020 S2 END-OF-TERM ASSESSMENT Section A (30 marks) Auswer ALL multiple-choice questions from this section. Each question carries 3 marks. 1 The purpose of is to evaluate the economy and efficiency with which resources are employed. A) financial audit B) compliance audit C) internal audit D) governmental audit 2. Ignoring any particular legal or regulatory requirement, audit documentation should be retained A for a minimum of five years. B for a minimum of seven years. C until three years after the client appoints another auditor D forever 3. is NOT a component of the audit risk model. A) Inherent risk B) Statistical risk C) Detection risk D) Control risk 4. Which of the following are covered by the auditors' report? Statement of cash flows II Statement of financial position III Notes to the statement of comprehensive income and statement of financial position A) I and II only B) I and III only C) II and III only D) I. II and III 2