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NEW QUESTION: 1
An organization's accounts payable function improved its internal controls significantly after it received an unsatisfactory audit report. When planning a follow-up audit of the function, what level of detection risk should be expected if the audit and sampling procedures used are unchanged from the prior audit?
A. Detection risk is lower because control risk is lower.
B. Detection risk is lower because control risk is higher.
C. Detection risk is unchanged although control risk is lower.
D. Detection risk is higher because control risk is lower.
Answer: C

NEW QUESTION: 2
The auditor has identified a material but not pervasive mis-statement whilst undertaking the external audit of an entity's financial statements.
This will result in a modified audit report with the opinion being .

Answer:
Explanation:

NEW QUESTION: 3
Section B (2 Mark)
Total income for assessment year 2012-13 of an individual including long-term capital gain of Rs. 60,000/- is Rs. 1,80,000/-. The tax on total income shall be: [CII-12-13: 852,11-12: 785,10-11:711]
A. Rs. 6,525/-
B. Rs. 6,600/-
C. Rs. 4,120/-
D. Rs. 6,798/-
Answer: C