Commerce · all questions

Auditing
practice.

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Q401

Where does balance sheet audit prove to be more efficient?

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Q402

Cost audit was started in the following year

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Q403

The arrangement under which such a system of work is deposited so that the work of one employee is checked by another employee only in the progress of work is called

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Q404

Which among the following are NOT qualified to be appointed as auditor of a company?
(1) An individual who is a Chartered Accountant and holds a Certificate of Practice as per CA Act, 1949
(2) A limited liability partnership firm, which has all partners as Chartered Accountants
(3) Officer or employee of a company who is qualified Chartered Accountant degree holder too
(4) Any Chartered Accountant whose appointment will result in the person being the auditor of more than 10 companies
Choose the most appropriate option:

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Q405

An auditor should ascertain that a company pays dividends out of:

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Q406

When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the:

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Q407

Continuous audit is specially needed for:

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Q408

In case the directions fail to appoint first auditor (s), the shareholders shall appoint them at . . . . . . . . By passing a resolution.

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Q409

Which of the following factors is most important in determining the appropriations of audit evidence?

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Q410

What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?

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Q411

The existence of a good system of internal check reduces to a great extent

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Q412

The first Auditor of a company is appointed by the

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Q413

Which of the following will not lead to creation of secret reserve?

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Q414

Which of the following statement is not true regard to auditor's attendance at stock taking?

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Q415

The scope of the audit including reference to the pronouncements of the ICAI, which the auditor adheres to, generally is communicated to the client in the . . . . . . . .
(i) auditor's report
(ii) engagement letter
(iii) representation letter

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Q416

Special audit is necessary for . . . . . . . .

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Q417

Knowledge of the entity's business does not help the auditor to:

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Q418

Under the Companies Act, the Statutory Cost Audit is conducted as per the provisions of

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Q419

While vouching wages, auditor should examine whether there is proper segregation of duties. Which of the following activities should not be done by same department?

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Q420

Which statement is not true about Management Audit?

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