Auditing MCQs
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Question 496hard
Which of the following pairs are correctly matched?
1. Test Checking ⇔ Random checking
2. Internal Check ⇔ A system of automatic checking
3. Internal Control ⇔ Includes internal check and internal audit
4. Investigation ⇔ General examination of all accounting records
Select the correct answer:
1. Test Checking ⇔ Random checking
2. Internal Check ⇔ A system of automatic checking
3. Internal Control ⇔ Includes internal check and internal audit
4. Investigation ⇔ General examination of all accounting records
Select the correct answer:
Question 497easy
Statement I: The scope of valuation is wider than verification.
Statement II: Valuation is done after vouching but before verification.
Statement II: Valuation is done after vouching but before verification.
Question 498easy
The technique(s) of management audit is/are
1. Co-relation of information
2. Observation
3. Ratio analysis
4. Financial data analysis
1. Co-relation of information
2. Observation
3. Ratio analysis
4. Financial data analysis
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Question 499hard
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
(i) auditor's report
(ii) engagement letter
(iii) representation letter
Question 500hard
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:
(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:
Question 501hard
Which of the following statement is/are correct?
(1) Internal check is a part of internal audit
(2) Internal check in related to arrangement of duties among employees
Select the correct answer using the option given below
(1) Internal check is a part of internal audit
(2) Internal check in related to arrangement of duties among employees
Select the correct answer using the option given below
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Question 502hard
Which industries fall under strategic area?
1. Industries related to equipments for safety and power generation.
2. Electricity, road and steel industries.
3. Industries related to railway and mineral products.
4. Health and education related industry.
Select the correct answer:
1. Industries related to equipments for safety and power generation.
2. Electricity, road and steel industries.
3. Industries related to railway and mineral products.
4. Health and education related industry.
Select the correct answer:
Question 503medium
Consider the following activities and choose the correct sequence of these activities undertaking by auditor:
1. Valuation
2. Verification
3. Vouching
1. Valuation
2. Verification
3. Vouching
Question 504medium
Consider the following activities
1. Valuation
2. Verification
3. Vouching
The correct sequence of the activities undertaken by an auditor is
1. Valuation
2. Verification
3. Vouching
The correct sequence of the activities undertaken by an auditor is