Correct Answer:
B. No earlier than the date on which the auditor obtained sufficient appropriate evidence to support the opinion
ISA 700 requires the report date to be no earlier than when sufficient appropriate evidence has been obtained.
November 13, 2026 · Accounting and Finance MCQs, Auditing MCQs
The date of the auditor’s report should be:
Related MCQs
Operating income is Rs. 200,000, invested assets are Rs. 1,000,000 and the required rate of return is 12%. Residual income is:
A.
Rs. 120,000
B.
Rs. 80,000
C.
Rs. 200,000
D.
Rs. 320,000
Correct answer is:
B. Rs. 80,000
Do you agree with this answer?
Which of the following is a test of controls?
A.
Confirming receivable balances with customers
B.
Recalculating depreciation expense
C.
Inspecting purchase orders for evidence of authorization signatures
D.
Counting inventory at year end
Correct answer is:
C. Inspecting purchase orders for evidence of authorization signatures
Do you agree with this answer?
Audit of local government (local fund) accounts mainly examines:
A.
Only federal taxes
B.
Only foreign aid
C.
Receipts and expenditure of local bodies for compliance with applicable laws and rules
D.
Only defense spending
Correct answer is:
C. Receipts and expenditure of local bodies for compliance with applicable laws and rules
Do you agree with this answer?
In a regressive tax system:
A.
The average tax rate rises as income rises
B.
The tax rate is the same for all
C.
Only high incomes are taxed
D.
The average tax rate falls as income rises
Correct answer is:
D. The average tax rate falls as income rises
Do you agree with this answer?
The principle of annuality in budgeting means that:
A.
Taxes are paid yearly
B.
Debt is repaid in one year
C.
Public servants are appointed yearly
D.
Budget authority is granted for one fiscal year at a time
Correct answer is:
D. Budget authority is granted for one fiscal year at a time
Do you agree with this answer?
Irregular expenditure generally means expenditure:
A.
Incurred without compliance with rules, regulations or proper sanction
B.
That is within the budget and rules
C.
That is less than expected
D.
Made in a leap year
Correct answer is:
A. Incurred without compliance with rules, regulations or proper sanction
Do you agree with this answer?
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