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Business English Exercises
 

Auditing

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Home > Teaching Business English > Business English Lessons, Advanced Level # 71
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The purpose of an audit is to gather and evaluate evidence in order to form an opinion on the reliability of a company's financial statements.

Correct answer: (c) reliability

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The audit report is usually no more than a page in length and is attached to the financial statements.

Correct answer: (a) report

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Auditors are not responsible for the preparation of the financial statements of an company.

Correct answer: (d) preparation

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In the financial statements, the company implicitly states that all items, account balances and transactions are materially valid, complete and accurate.

Correct answer: (c) materially

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An error in validity is committed when the financial statements include an item that should not be included.

Correct answer: (d) validity

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An error in completeness is committed when the financial statements do not include an item which should be included.

Correct answer: (c) completeness

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An error in accuracy is committed when the financial statements include incorrect information about an item that should be included.

Correct answer: (a) accuracy

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One of the principal goals of the auditor is to add credibility to this assertion.

Correct answer: (b) credibility

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Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are significantly misstated.

Correct answer: (a) misstated

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In addition to the financial statements, the auditor also examines the company's internal control procedures for effectiveness.

Correct answer: (c) control

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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Responsability versus reliability, Evaluation versus preparation, Materially valid, complete and accurate.

 

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