Correct Answer:
B. The auditor
Working papers are the property of the auditor, subject to confidentiality and legal requirements.
November 13, 2026 · Accounting and Finance MCQs, Auditing MCQs
Audit working papers generally belong to:
Related MCQs
An example of an automatic stabilizer is:
A.
Progressive income tax and unemployment benefits
B.
A new infrastructure program
C.
A change in the discount rate
D.
A one-time tax amnesty
Correct answer is:
A. Progressive income tax and unemployment benefits
Do you agree with this answer?
The present value of Rs. 11,000 to be received after 1 year at a discount rate of 10% is:
A.
Rs. 10,000
B.
Rs. 9,900
C.
Rs. 12,100
D.
Rs. 11,000
Correct answer is:
A. Rs. 10,000
Do you agree with this answer?
Under IFRS 15, revenue is recognized when:
A.
A performance obligation is satisfied by transferring control of goods or services to the customer
B.
A contract is signed
C.
Cash is received in all cases
D.
The invoice is printed
Correct answer is:
A. A performance obligation is satisfied by transferring control of goods or services to the customer
Do you agree with this answer?
Under the cash basis of accounting, transactions are recognized when:
A.
They are earned or incurred
B.
Cash is received or paid
C.
They are budgeted
D.
They are audited
Correct answer is:
B. Cash is received or paid
Do you agree with this answer?
Value for money in public audit refers to:
A.
Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
B.
Spending as little as possible regardless of outcome
C.
Spending the entire budget
D.
Maximizing revenue only
Correct answer is:
A. Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
Do you agree with this answer?
Pre-audit means that:
A.
Bills and claims are checked before payment is made
B.
Accounts are checked after payment
C.
The audit is done by the court
D.
Audit is skipped
Correct answer is:
A. Bills and claims are checked before payment is made
Do you agree with this answer?
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