Which of the following are the rights of a Statutory Auditor?
A. 1 and 2
B. 1, 2 and 4
C. 1, 3 and 4
D. 1, 2, 3 and 4
Select an option to see the answer and solution.
The technique(s) of management audit is/are
A. Only 2
B. Both 2 and 3
C. Both 1 and 4
D. All of the above
Select an option to see the answer and solution.
The value at which the assets are shown in the books of account is known as
A. Book value
B. Market value
C. Cost value
D. Replacement value
Select an option to see the answer and solution.
Auditing is luxury for:
A. Joint stock company
B. Partnership firm
C. Small shop-keeper
D. Government company
E. Co-operative society
Select an option to see the answer and solution.
What is the maximum time limit for submitting management audit report?
A. 15 days
B. 20 days
C. 30 days
D. No time limit
Select an option to see the answer and solution.
The remuneration of an auditor of a partnership firm is fixed by
A. The Partnership Act
B. The Companies Act
C. Government
D. None of the above
Select an option to see the answer and solution.
The beneficiaries of auditing include(s)
A. Company
B. Bankers
C. Sole proprietorship
D. All of these
Select an option to see the answer and solution.
A company auditor can be removed before the expiry of his term by
A. Shareholders
B. Board of directors
C. Central government
D. State government
Select an option to see the answer and solution.
In order to vouch, which of the expenses the auditor will examine in bill of entry?
A. Customs
B. Income tax
C. GST
D. VAT
Select an option to see the answer and solution.
Safety audit is mandatory for
A. Manufacturing industries
B. Hazardous industries
C. Textile industries
D. Mining industries
Select an option to see the answer and solution.
The auditor is most likely to examine related party transactions very carefully while vouching:
A. Credit sales
B. Sales returns
C. Credit purchases
D. Cash purchases
Select an option to see the answer and solution.
Investigation is conducted:
A. As a good inquiry
B. To establish the correctness of the accounting records
C. For some specific purpose
D. As a constitutional requirement
Select an option to see the answer and solution.
The reason(s) of qualified report is/are
A. Violation of generally accepted principles of auditing
B. Violation of accounting principles
C. Lack of adequate information and explanations
D. All of the above
Select an option to see the answer and solution.
Checking the date of voucher on the voucher during vouching, mainly helps the auditor to obtain evidence that
A. The transaction relates to current year
B. The transaction has taken place
C. The transaction is genuine
D. The transaction is legal
Select an option to see the answer and solution.
Interim audit refers to
A. Continuous examination of accounts
B. Intermittent examination of accounts
C. Audit work to find and check the interim profits of a company
D. Carrying on audit for bonus purpose at the end of the year
Select an option to see the answer and solution.
The main objective of verification of assets is
A. Physical verification of assets
B. Checking the values of assets
C. Examining the authority of their acquisition
D. All of the above
Select an option to see the answer and solution.
Acontinuous audit is especially needed for
A. Any trading organization
B. Smaller concern
C. Banking business
D. Manufacturing companies
Select an option to see the answer and solution.
In which type of energy audit readily available data is used to analyse the performance?
A. General audit
B. Preliminary audit
C. Safety audit
D. System audit
Select an option to see the answer and solution.
Statement I: Management audit is a part of financial audit.Statement II: Management audit is not compulsory under any law.
A. Only statement I is true
B. Only statement II is true
C. Both statements are true
D. Both statements are false
Select an option to see the answer and solution.
Which of the following is not an advantage of the preparation of working paper?
A. To provide a basis for review of audit work
B. To provide a basis for subsequent audits
C. To ensure audit work is being carried out as per programme
D. To provide a guide for advising another client on similar issues
Select an option to see the answer and solution.
