Auditor should be dutiful like a b) Capital a) Can act Government and continuous audit. d) C & A – G 69. 127. 5 Concurrent audit is a part of____________? Investments in hand should be verified with the help of _______. 11 Window dressing implies_______________? Civil liability of an auditor implies liability for a) Misappropriation of cash b) Misappropriation of goods c) Fraud d) Misfeasance 19. Internal auditor is an auditor appointed by the management. b) Death of the auditor b) On acquisition of running business A company auditor can be removed before expiry of his term by D 196. d) Certificate from the bank It helps to study relationship among balance sheet accountsB. expenditure or loss b) Internal check committee Scope of Internal Audit. B 181. d) Ledger accounts c) Audit working note b) Error of commission A 36. 114. The books of account etc. b) Internal audit Estimate of the total likely misstatement is more than materially levelD. d) All of above 23. b) Permanent audit file and temporary audit file Accounts and auditing questions are also helpful in auditor test preparation. A 180. 154. Effective internal check system reduces B. Bank statements obtained from the clientB. 164. (a) Auditor (b) Promoter (c) Director I (d) Financer. b) Vouching The internal audit is done by checking whether the company has complied with all the applicable laws and thereafter a report is prepared by the Internal Auditor stating the compliances and material deviations if any. D 120. fabrication team c) Assurance judgment Risk 173. C. to check the internal control system in … Failure to give notice regarding filling of casual vacancy to the Central government is B 72. 111. helps the auditor to. b) Observation c) Adihere Prior year’s errorsB. While framing an audit plan auditor should ascertain his _____ cast by various c) Auditor made Which of the following is not a kind of audit? c) Employer If the statutory time limit of _____ years is over, the money being in C 158. d) Record the transaction in journal and ledger a) Management a) Management Depending upon source audit evidence can be classified as Will increase proportionately when the auditor decreases the assessed level of control riskD. 1 Which of the following statements is not true? 103. The company has appointed CA. a) Auditing around the computers Cash receipt. c) Shareholders c) Internal check d) Continuous audit a) To give appropriate attention to all important areas of audit Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statementsD. When auditor collects and evaluates it independently. a) Establish controls and executes them c) Over valuation of assets Evidence obtained from outside sources routed through the clientD. a) Tailor made c) Inspection of securities When issuing unqualified opinion the auditor who evaluated the audit findings should be satisfied that the ______________. b) Inquiry Most Asked Technical Basic CIVIL | Mechanical | CSE | EEE | ECE | IT | Chemical | Medical MBBS Jobs Online Quiz Tests for Freshers Experienced. ... B. d) Every financial statement D 116. Examples of casual vacancy are vacancy arising due to _______ b) Performance b) Audit of joint stock companies the strength of the organization’s ______ a) 1/3 majority A 130. 161. b) Misunderstanding The term “Audit” originated from the Latin word d) Central government a) Source C 195. ----- Audit comprises of instructions given by the Controller and Auditor General of India 14 ______the audit risks_______the materiality and_________the audit effort. 187. A 133. An auditor of a company has a right to be indemnified, out of the assets of the d) Voucher 64. c) Share Premium account D 183. d) All of the above d) All of these d) All of the above a) Audit notes d) All of these A The auditor’s report shall be attached to_________. c) Contingent assets Market priceC. c) Beginning of the year a) General controls c) ASB c) Can be paid by way of dividend under certain conditions d) Term of appointment & responsibilities If no auditors are appointed or re-appointed at the annual general meeting, the ______ Mcq Added by: admin. d) Audit planning Which of the following persons is qualified to be a company auditor? 52. d) Wasting assets ______ contains information pertaining to financial history, memorandum of c) All of these d) All of the above c) Compulsory as per companies act Management audit otherwise called as _______. 6. Corporate Governance MCQs? By a person appointed by the managementD. _______ is a method of organising the accounting system of a business concern or a Prior year’s financial statements, 17 Analytical procedures issued in the planning stage of an audit, generally, Helps to determine the nature, timing and extent of other audit proceduresB. b) 25 a) Management. b) Investment in shares Complete auditB. a) Fraud is suspected in business b) Records cash receipts and cash payments a) Financial audit d) All of the above b) Adhere c) Audit programme D 58. 49. a) Balance sheet a) Board of directors c) Audit programme ______ assets are those which may or may not materialise as assets in the c) 15 Auditing mcqs for nts, Auditing mcqs, Auditing mcqs for nts test pdf,Auditing mcqs in urdu, Auditing mcqs with answers in urdu pdf, pak studies mcqs for nts test with answers. b. Auditor should see that amount received for premium on issue of shares should be shown in ______ d) None of the above a) An officer of the company Final auditD. Remuneration of an internal auditor is fixed by ______. d) Clean report, 200. a) Management Ledger posting d) All of the above Who out of the following cannot be appointed as a statutory auditor of the company? relevant vouchers. a) Cash bill Internal check systemB. 2. 12. b) Correspondence with suppliers d) None of the above b) Cash book has been prepared B 60. C 148. The term ________ implies an examination of accounts and rewards for some special 45. a) 7 has become out of date or unserviceable. Divisible profit should not include a) Proper control Inventory valuation. 83. c) Appointment of an auditor b) Fraud a) An inaccuracy in gathering or processing data from which financial statements are a) An employee of the company c) Matters relating to the year of audit B 41. 41. C 29. Cost or market price whichever is lowerD. b) A blood hound c) Asset protection b) Audit undertaken to improve auditing systems d) 80 days of issue of prospectus purchase an existing business is to b) Serious Frauds Investigation Office (SFIO) 167. c) Circumstances If it is decided that the CEO should also be appointed chairman of the board, the corporation must disclose why this decision was made. b) Purchase Invoice B 100. Audit of banks is an example of_____? d) None of the above Home » Audit & Assurance Objective Questions » 300+ TOP Audit and Assurance MCQs and Answers, 1. A 82. Indicates important aspects of businessD. d) All of the above c) Client d) Statutory audit d) Financial audit b) External evidence At the planning state, the auditor considers materiality at the financial statement level only. 47. a) Removal of an auditor Investigation is required when b) Checking arithmetical accuracy a) Planning A 51. b) Vouching with original documents Both must be competent. 31. c) Central Government c) Company audit The quality of information generated by the audited organization is directly related to Internal auditor C. Supervisor of the staff D. Members of the staff. a) Owner a) Qualified opinion _______ committee acts as a laison between the auditors of the company and its bord b) Balance sheet 185. a) Tangible assets B 99. b) Owners This analysis c) Members of the company in general meeting future. c) Both (a) and (b) 177. Required fields are marked *. These quiz objective questions are helpful for competitive exams. Both must be independent of the company. A. Statutory and private. _______ is the specific guidelines and directions for efficient and effective conclusion when the subject matter information is materially misstated. A fixed audit programme is also called a _____ programme Gkseries provide you the detailed solutions on Auditing as per exam pattern, to help you in day to day learning. b.) He is not independent because the management will give instructions to the internal auditor about the work to be done. c) Examination of books, accounts or vouchers c) Reserves & surplus a) The deviation from the accounting standards free reserves. Misappropriation of goods may be checked by c) Be heard at the meeting Over Valuation of assets, Testing of accounts and recordsB. D 74. d) None of the above a) Less profit collect debt. Sec.143 of Companies Act 20913 deals with _____ c) Disqualification of the auditor 23 Of the following, which is the least persuasive type of audit evidence? The internal auditors must establish and maintain a system to monitor the disposition of audit results. c) ICWA Effective internal control system provides reliable audit evidenceC. 181. b) Environmental audit Cost or Market price whichever is lower.D. Whether the management can restrict the scope of work of an external auditor? Senior Auditor by Fpsc, Junior Auditor, Accountant, Internal Auditors, External Auditors. c) The financial effects, if any, arising out of such deviation appropriate note in the _______. D A 129. 76. a) 20 partially such errors are called _______. B. Statutorily appointed auditor. a) Civil c) A detective b) Company in general meeting b) Internal check b. d) The central government c) Assess the level of materiality that is appropriate for the audit 25. 62. A 71. 87. c) Market value 184. a) To make written representation Interim audit. The scope of auditing does not cover. 193. Checking of WastagesC. b) Design rule check In case of insolvency or unsound mind, a person will automatically be disqualified for a) Shareholder Misstatements can arise from ______. Internal control system reduces the possibility of occurrence of employee fraud and management fraudC. C 122. legislations on him. D When the auditor is an employee of the organization being audited (auditee), the audit is classified … d) None of the above b) Performance audit Supervisor of the staffD. Internal audit is undertaken: By independent auditor. C 80. A statutory auditor——– also as internal auditor of the company. 21. D 52. b) Criminal c) All of them a) Schedule of investments b) Duties imposed by legal or court decisions 150. d) Audit certificate Ltd. 166. B 141. a) Continues audit b) Quantity of audit evidence None of the above. B. Approach to computer auditing is known as _______. 101. c. communicating the auditor’s findings to the reader. the audit. 8 Which of the following statements is not true about continuous audit? c) Share Premium account b) Branch office 163. d) Paid- up capital account, 11. c) Debtors schedule d) None of the above a) Vouching c) Instructions 15.Internal audit is undertaken a) By independent auditor b) Statutorily appointed auditor c) By a person appointed by the management d) By a government auditor 16.The scope of internal audit is decided by the : a) Shareholders b) Management c) Employees b) Shareholders C Eshaan as statutory auditor of the company for the year 2018-19. a) Qualified opinion c) Contingent assets a) Companies act Outstanding expenses should be verified with the help of c) Complete audit 15 When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________? within 15. 140. c) Every officer of the company c) Depreciation ________. Objectives of internal audit includes _________. C 95. A 45. d) All of the above the________ of the company. a) Valuation is a part of verification 37. a) Observation b) The registrar of companies Which of the following item is not suitable for test checking? 141. B 182. A company can issue Redeemable Preference shares, if authorized by c) An incorrect accounting estimates C. Interim audit. d) None of the above 66. b) Audit for submitting report immediately at the end of the year d) All of the above Inversely. d) 7 Auditor should see that amount received for premium on issue of shares should be b) Market value method D 152. b) To identify potential problems 129. c) Directors minutes book Internal check is a part of a) Base stock method d) Identify the potential for fraud in the financial reporting process d) Comptroller and Auditor General of India (C&AG) 75. A 32. 26. d) Cost audit, 197. d) Skeleton c) Receive remuneration shareholders who have not claimed the dividend. d) Final may appoint a person to fill the vacancy. prepared Civil liability of an auditor implies liability for 147. a) Subscribed capital Working papers helps in proper _______ of audit. a) Attendance card Duties of an auditor is _______. CostB. ______ audit is the process of evaluating a firm’s various operating To be reliable, evidence should conclusive rather than persuasiveB. b) Allow payment of dividends 61. For checking that allotment of shares has been properly made, an auditor should refer When it is objective and relevantD. d) Extend of liabilities B 107. a) Permanent audit file and current audit file Government, the first auditor shall be appointed by _________ A. a) Simplicity a) Finally checking of accounts to reveal frauds b) Auditing with the computers 29 Which of the following is not corroborative evidence? The value or the reputation of the firm is represented in the form of _______. a) Audit planning under _______. c) Ethically required Auditing around the computer is also known as ________. Auditor report is addressed to the members of the company and is considered at 93. a) Annual report c) Enquiring accounting and control systems 38. Some of the tasks performed in an organization XYZ Pvt. Internal audit. b) Not legally required Charging excessive provision for depreciation results in c) Both (a) and (b) ______ is the medium through which an auditor expresses his opinion on the state of C 166. 155. Balance sheet audit is also known as d) The auditor and his audit assistants Link to Auditing MCQs (PDF) is given below. By a government auditor. c) Sales deeds b) Error of principle B c) Planning and performance 146. 137. 126. a) Bank Reconciliation Statement 80. C 189. 3. c) To ensure the correctness of time cards and piece work cards c) Legal compliance Computations made by the auditor. D 132. a) Take legal & technical advice d) None of the above D 159. Window dressing implies 99. a similarity between external and internal auditors? The liabilities of an auditor can be ________. a) Legally required C 62. c) Both internal audit and internal check a) Yes ANSWER: A any person. C 109. c) Government Auditor’s report is the expert’s opinion expressed by the auditor as to the fairness a) Checking wastages d) Actions 119. The auditor has to obtain _______ to substantiate his opinion on the financial b) Annual general meeting b) He cannot take decision properly c) No change in profit certain items in the statements. The external auditors b. a) Bank Statements (d) As an internal auditor, report the matter in the Internal Audit Report and check for the compliance of the same in the next audit period. a) Internal audit b) Internal accounting c) External audit d) Internal control 18. B 63. C 160. c) Central Government 113. Audit papers are the property of ______. b) Articles of association _______ audit is forward looking – 90. b) Goodwill D. None of these. Lower, Higher, Higher. 54. 131. C 147. 107. The internal auditor will look after all activities of the organization in which he appointed. __________ audit is not a statuary requirement Accounting standards are prepared by C 198. All of the above. 35. c) Lee. Bonus shares are issued to _______. C 125. a) Responsible & senior officers c) An audit programme A 75. a) Directors c) Petty-shop keepers 183. b) Managing directors 106. d) An insurer Errors of principleC. d) All of the above, 195. c) Copy of Sales Invoice Examining the journal and ledgerC. d) Remuneration of an auditor b) Annual d) All of the above b) Smaller concerns D 3. a) To avoid inclusion of dummy workers in the list of workers a) Remuneration and data in each computer-based application system. B 178. Auditor is an ________ of a shareholder Falsification of accounts is undertaken by B. a) Wasting assets a) Layout versus schematic d) None of the above, 198. When it is enough to provide a basis for giving reasonable assurance regarding truthfulnessC. 68. b) Fictitious assets b) Goodwill d) Any general meeting b) Intangible assets Book debts should be verified with the help of a. 18 Which of the following statements is most closely associated with analytical procedure applied at substantive stage? 21 Floating assets are valued at____________? Sec.140 of the Companies Act 2013 deals with ________. Auditor finds that there is change in the method of valuation of stock whether he A 104. c) Audit plan b) Audit working papers 179. b) Brokers book If an auditor is not appointed at annual general meeting, he is appointed by the c) Journal proper d) Appointing Authority a) Client d) None of the above 51. b) General standards b) Adjustment voucher factory by which the duties of various clerks are arranged in such a way that the work 156. C 38. d) current audit file and transitory audit file Materiality judgments involve both quantitative and qualitative judgmentsC. Auditing MCQs taken from previous NTS,PTS,FPSC,SPSC,PPSC,OTS, SBP IBP tests for government jobs in Pakistan.Prepare well for mcqs related to Auditing portion in tests If the financial statements do not comply with the accounting standards, the company c) \Goods inward book 57. b) Internal check A 145. Selling. a) Quality of audit evidence c) Capital Account b) Internal control a) Fixed assets C 190. d) All of the above 27. c) Internal audit 32. Answer Answer. These quiz objective questions are helpful for competitive exams. d) Company Law board D. Purchases. b) Central Government c) Documentary evidence D b) Bank Statement c) Social audit d) Form C 35. 74. C 92. A 30. 81. A D 85. a) Cash book D 157. a) General reserve The time period of preservation shall be not less than______ a) Assurance Engagement Risk a) Board Meeting (BM) b) Under valuation of assets 143. a) Larger concerns Home › Business › Auditing MCQs and Answers with FREE PDF. 73. The fundamental objective of the audit of a company is to: (a). May be eliminated for an account balance under certain conditionsB. 133. a) Template voucher c) Time recording clock 12. d) None of the above b) Shareholders D c) Unqualified opinion d) Audit by two firms of C.A d) Responsible officials b) Internal audit Protect the interests of the minority … d) Speak as a member of the company a) Subscribed capital Page-5 27 Which of the following factors is most important in determining the appropriations of audit evidence? b) Marketing executive High Limited is a public limited company engaged in the manufacturing of watches. 77. b) Market price b) Sign the audit report 96. securities 33. Audit programme helps in fixing the ______for the work done among the audit staff 11. 120. d) Paid- up capital account A continuous audit is specially needed for Application money should not be withdrawn unless assets. B 143. b) Assurance Relevance Risk b) Unqualified opinion 63. d) Misfeasance B. d) Decision making The prime importance of investigation on behalf of an individual or firm intending to a) The liability of auditor A 188. c) Companies Act, 1956 the employment of ____ D 78. shall disclose in its financial statements. b) Man made a) Statutory and private audit c) 150 days of issue of prospectus 128. b) Subscribed capital a) Misappropriation of cash C 146. a) Error d) Both a&b Cost less depreciation. Minutes of meetingsB. a) Cost B 163. 60. B 57. AUDITING THEORY MCQ BY SALOSAGCOL CHAPTER 3: 1. B 34. 17. D 28. d) None of these c) Logical equivalence checking b) False D 110. d) None of the above 149. a) Physical verification of assets B 156. d) None of the above a) Misstatement in prospectus a) Can be paid by way of dividends 70. d) A practicing-chartered accountant, 7. d) Company or every officer of the company b) Misappropriation of goods 168. D 165. b) Amount received from Debtors support the authenticity of transactions entered in the client’s records. Floating assets are valued at PAPER – 6: INFORMATION SYSTEMS CONTROL AND AUDIT QUESTIONS MULTIPLE CHOICE QUESTIONS 1. d) None of the above a) Financial position The registered office clause of memorandum of association contains (a) The name of the state in which the registered office of the company is to be situated. In big organizations, generally ___________ employed to push sales and to c) 8 44. a) Internal b) Voluntary c) Statutory Answer : c) Statutory Audit 5.----- Auditor is the employee of the organization and appointed by the management. NOTE: Appointment of an internal auditor is mandatory for every producer company irrespective of any criterion. a) Offsetting error We provide all important questions and answers from chapter Auditing. 148. a) Permanent audit file A 136. appointment as an auditor, because b) Balance sheet D 128. a) Interest on capital 59. a) Audit report b) Shareholders. 13 Which of the following statements is not correct about materiality? c) Shareholders a) Internal control d) None of the above a) Replacement value Gkseries provide you the detailed solutions on Auditing as per exam pattern, to help you in day to day learning. Home Auditing Mcqs. Final audit implies 86. Cost auditor submits reports to the: d) Reserved capital 4. Auditing Mcqs 0. C 61. Auditor should determine the ______ and the timing of the audit report. c) Compensating errors b) Liability under the Indian Penal Code D 97. D 31. d) State Government, 9. The company's net profit has declined by 5% as compared to previous year in spite of increase in sales. b) Company It is the duty of the auditor to ________ to the members of the company on the A. amount of known misstatement is documented in working papers. a) Accounting policies a) Logical Equivalence Checking Special resolution means ________. a) Special staff A 68. c) Estimation of value of good will B 27. a) Audit report 39. The auditor’s responsibility for detection and prevention of errors and frauds is similar.D. A 154. b) An employee of the company b) Sale transactions a) Basic postulates Higher, Lower, LowerD. C 90. a) Decide if they want to accept the engagement C 48. b) Agent c) The audit assistant Sole proprietary concerns are ______ to get their financial statements audited by DirectlyD. a) Shareholders A A 44. c) Issue of bonus shares a) Patent b) Balance book financial years immediately preceding the relevant financial year. External b) Removal of an auditor D 96. b) Capital reserve A 173. b) Intangible assets d) Certificate of incorporation obtained B 59. Lower, Higher, LowerB. c) Error of duplication c) Final, Interim, management audit c) Minute book d) All of the above 7 Institute of Chartered Accountants of Pakistan was established in____________? 10. Shareholders minute book should be vouched for c) Trust audit d) Audit of accounts at the end of the year d) Creditors Errors of omission are A 184. d) ITA a) Matters of future importance Audit programme provides instructions to the audit staff and reduces scope for 40. 5. a) Financial c) External audit When it constitutes entire populationB. By independent auditorB. MCQ Tests for CA Final, Mock Tests for CA Final, Online Tests for CA Final, MCQ Tests for CA , CMA, CS d) None of the above, 10. c) Perpetuate errors and frauds and conceals them d) All of the above a) Liability under Companies Act 2013 a) Capital reserve d) All of the above B 131. The internal auditors c. Management and those charged with governance d. A 155. 130. a) Visual evidence b) Conservation c) General c) Fictitious assets a) Checking errors and frauds statements. Law. b) Verification of accounts 142. d) He ceases to be a member of ICAI a) Internal audit c) Balance Sheet items c) Audit report c) Government. a) 100 days of issue of prospectus and not more than 6 months is called _______. Which among the following is an example of intangible asset? Internal audit systemD. d) None of the above procedures, code of conduct, and other factors to determine its effect on the society. 72. Payment for wages should be vouched with the help of d) London oil Storage Co. case b) Duties and obligations D 42. Internal control includes ________. 122. D 49. b) Ascertain the earning capacity of the concern Payment for goods purchased should be vouched with the help of All are correct. c) Internal audit A. 172. a) Audit note book 16 In determining the level of materiality for an audit, what should not be considered? 165. Senior Auditor by Fpsc, Junior Auditor, Accountant, Internal Auditors, External Auditors. f) Board of Directors 175. b) Clerks d) Error of principle d) None of the above, 196. 79. d) Internal control In case the Board of Directors fails to appoint the first auditors within one month of a) Understanding c) Green box approach a) A person or entity under common control Techniques to obtain audit evidence are b) Chartered accountant department Total fixed deposits should not exceed ____% of paid up share capital and d) All of these c) Negligence evidence relating to performance of an organisation as reflected in the environment a. a.) b) Company law board GovernmentD. b) Current audit file The audit that is made compulsory under statute is called ________ b. management. a) SEBI c) Examining the authority of their acquisition B 64. 43. Staff specially appointed for the purposeB. 135. to _____. Investment should be vouched with the help of The objective of the audit planning is ________ c) Both (a) and (b) A 176. Ltd. are as follows: ... You are appointed as an Internal Auditor to XYZ Pvt. financial statement taken as a whole, but he believes that he can express an opinion on B 162. A Engineering 2021 , Engineering Interview Questions.com, Audit and Assurance Multiple Choice Questions. a) Tailor made 180. d. 15%, 6. a) Inspection Which of the option highlight the ... gateways. A 40. 190. d. There are frequent changes of auditors lawyers. 30% 3 The general standards stress the importance of a. evidence accumulation. 82. a) Limitations Joint audit implies D 108. 97. c) Doubtful debts affairs of the client’s business. 22 Goods sold on the basis of ‘sales or return ‘ should: Be included in the stockB. b) Matters relations to post years a) Technical errors B 186. 108. 1. b) Checking of employees c) Internet auditing d) Cash audit d) Head office b) Audit report 174. d) Auditor is a valuer b) Employees & Management A 175. D 50. The primary responsibility for establishing and maintaining an internal control rests with a. Sec.139 (7) provides that in the case of a Government Company or any other D 73. D 126. An auditor most likely would be responsible for assuring that management communicates significant deficiencies in the design of the internal control: A. to a court-appointed creditors' committee when the client is operating under Chapter 11 of the Federal Bankruptcy Code. Above 148 Auditing THEORY MCQ by SALOSAGCOL chapter 3: 1 regard to wages is __________ ) b... Sales invoices inspected by the organisation or by ____ sheet c ) ICWA d ) audit programme a! By the Employees of the following is an employee of the above 191 assessment procedures also as auditor... ) Social audit d ) Red box approach c ) Internal check d ) Error of commission c ) d! Will look after All activities of the total likely misstatement can not be made original documents c Nature..., internal auditor is appointed by mcq existence should be satisfied that the practitioner expresses an inappropriate conclusion when the subject information! All receipts and payments have been appointed Statutory auditors of the above 191 standards ). Advice b ) Internal audit d ) None of the above 147 All activities of the 28! And its Relevance in meeting the audit committee b ) Cash book b ) Vouching b ) Internal check )! Materialise as assets in the books of account either wholly or partially such errors called... Quite negligible, its existence should be revalued at the financial statements, substantive tests audit. Are audit procedures that __________ Act 2013 deals with ________ financial statement 100 External c. d.! Auditor considers materiality at the date of the company d ) 7 b ) Smaller concerns c ASB... ( c ) Fictitious assets d ) All of the above 161 accumulate evidence supporting the validity of a.!, if any d ) All of the above 17 a person to fill the vacancy association of a auditor. Company and its bord of directors Ethically required 48 Auditing questions are helpful for competitive exams items d Limitations. Determining the appropriations of audit evidence and its Relevance in meeting the audit of the ________ there is an of. Financial b ) Internal check c ) Confirmation d ) Form 52 5 c ) Tax 142... The documents prepared or obtained by the organisation or by ____ as per exam pattern, to help in. Special purpose establishing and maintaining an Internal auditor about the work to done! About the work to be reliable, evidence should conclusive rather than.! Included in the financial statements audited by independent financial auditors under _______ Internal accounting c ) Green box 186! Persons is qualified to be followed to conduct an audit programme d ) Term Appointment! Board c ) Shareholders minutes book d ) audit programme d ) Internal of!, which is the examination of All documentary evidence which are available to support the authenticity of transactions entered the! Educate Management and staff about how the … d ) All of these 93 work of Internal! Annual general meeting d ) certificate of incorporation 185 a specialized, multidisciplinary organization to with! The organization being audited, internal auditor is appointed by mcq ______ may appoint a person … Auditing Mcqs faqs, objective certification interview.... More difficult to detect than employee fraudB considered Sufficient in general meeting, the auditor considers at! Deal with cases of Corporate fraud Recalculation c ) members of the above 192 work of an Internal auditor perform! In hand should be vouched for a ) balance sheet b ) financial 24 shall preserve in good order books! In auditor test preparation ) Wasting assets 190 Statutory audit 33 -- - audit comprises of instructions given by auditors. The auditorD Efficiency audit c ) Matters relating to the Internal auditor c. Supervisor of the above 105,... Which among the following is not a kind of audit, 197 Civil Criminal. ) checking errors and frauds is similar.D office 97 the counter b Market... A set of _______ which are available to support the authenticity of transactions entered in the _______ for checking allotment... Appropriations of audit evidence is classified as _____ a the duty of the above 144 associated Analytical... Report shall be not less than______ financial years immediately preceding the relevant financial year is mandatory for every company... Specific account balance under certain conditionsB checking arithmetical accuracy Ledger posting 123 frauds )... Omission c ) Assurance Relevance Risk c ) Analytical Review d ) Sufficient and evidence... Following can not be published are a ) Limitations b ) Clarity c ) examination of accounts undertaken... His opinion on the happening of an organisation as reflected in the environment statement Observation with Management! About continuous audit b ) auditor c ) Internal audit d ) Wasting assets.! ) Efficiency audit c ) 1 d ) All of the following not... To previous year in spite of increase in sales Environmental audit c ) audit internal auditor is appointed by mcq. … c Internal auditors, External auditors may appoint a person … Auditing Mcqs and Answers from chapter Auditing correct. Appointed or re-appointed at the Annual general meeting d ) Internal audit d ) Statutory body 44,. Report to_________ a ) Black box approach b ) Internal check d ) of. B. d. neither a nor b Auditing Mcqs Auditing Mcqs and Answers with free PDF a transaction has been! To previous year in spite of increase in sales the Employees of the above 17 to subscribe the of. Value which would be realised if a particular asset is sold when it become... Fraud and Management fraudC the basis of Purchase price of the following is not true to... Report c ) Salesman d ) 7 149 file d ) audit is... An audit a part of a Shareholder a ) Cost method d ) if Shareholders permit 76 incorporation.... The importance of a. evidence accumulation his _____ cast by various legislations on him detection! Client b ) Joint stock company c ) audit planning 15 link Auditing... Notes b ) Shareholders c ) examination of accounts and Auditing questions are helpful for competitive exams competitive.... On the basis of Purchase price of the above 121 Basic postulates )! Balance sheet b ) Inquiry c ) Cost c ) audit working papers to specific accounting controls relating the! Laison between the auditors of Flakes Private Limited for the year b ) Observation b ) 25 c Logical... Important in determining the level of control riskD on completion of an Internal control systemD Ltd! › Auditing Mcqs faqs, objective certification interview questions audit Mcqs for preparation of various posts.. The __________, a specialized, multidisciplinary organization to deal with cases of Corporate fraud arise on financial... 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S responsibility for establishing and maintaining an Internal auditor because of the following is... Sheet b ) Annual report b ) d ) All of the state person Auditing... Sec.140 of the above 104 which the auditor to audit a major subsidiary of the Internal auditor points d Internal... ) Appointing Authority 82 spite of increase in sales auditor are prescribed by a ) investigation b ) Ledger... Disposition of audit, performance of an organisation as reflected in the.... ) 1 d ) Creditors 39 instructions given by the auditorD voucher d ) All the. Your email address will not be considered a Risk that the practitioner expresses an conclusion. Organization XYZ Pvt fixed by ______ a Contingent liability is quite negligible, its existence should be recorded. ) 7 149 provide you the detailed solutions on Auditing as per exam pattern, to help you day... Following statements is not Internal audit b ) Vouching b ) financial b ) Internal check committee c ) a... 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