McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 51. |
Audit papers are the property of ______. |
| A. | Client |
| B. | Auditor |
| C. | Both the client and the auditor |
| D. | The audit committee |
| Answer» B. Auditor | |
| 52. |
Sole proprietary concerns are ______ to get their financial statements audited by independent financial auditors. |
| A. | Legally required |
| B. | Not legally required |
| C. | Ethically required |
| D. | Not ethically required |
| Answer» B. Not legally required | |
| 53. |
The performance audit may be initiated by the organisation or by ____. |
| A. | Government |
| B. | Employees & Management |
| C. | Shareholders |
| D. | External interested parties |
| Answer» D. External interested parties | |
| 54. |
Balance sheet audit is also known as ………… |
| A. | Continues audit |
| B. | Annual audit |
| C. | Internal audit |
| D. | Financial audit |
| Answer» D. Financial audit | |
| 55. |
…. lays out the strategies to be followed to conduct an audit. |
| A. | An action plan |
| B. | An audit plan |
| C. | An audit programme |
| D. | All of the above |
| Answer» A. An action plan | |
| 56. |
Auditor should determine the ______ and the timing of the audit report |
| A. | Nature |
| B. | Actual |
| C. | Nature & actual |
| D. | Form |
| Answer» D. Form | |
| 57. |
……………..followed by the enterprise affect the audit plan. |
| A. | Accounting policies |
| B. | Audit policies |
| C. | Accounting and Audit policies |
| D. | Management policies |
| Answer» C. Accounting and Audit policies | |
| 58. |
While framing an audit plan auditor should ascertain his _____ cast by various legislations on him. |
| A. | Limitations |
| B. | Duties and obligations |
| C. | Rights and powers |
| D. | Term of appointment & responsibilities |
| Answer» D. Term of appointment & responsibilities | |
| 59. |
An audit programme is a set of _______ which are to be followed for proper execution of audit. |
| A. | Rules |
| B. | Policies |
| C. | Instructions |
| D. | Actions |
| Answer» C. Instructions | |
| 60. |
Audit programme provides instructions to the audit staff and reduces scope for |
| A. | Understanding |
| B. | Misunderstanding |
| C. | Negligence |
| D. | Liabilities |
| Answer» C. Negligence | |
| 61. |
Audit programme helps in fixing the ______for the work done among the audit staff as work done may be traced back to the individual staff members. |
| A. | Remuneration |
| B. | Liabilities |
| C. | Negligence |
| D. | Responsibility |
| Answer» D. Responsibility | |
| 62. |
On completion of an audit _______serves the purpose of audit record which may be useful for future reference. |
| A. | Audit programme |
| B. | Audit working papers |
| C. | Audit plan |
| D. | Audit notes |
| Answer» A. Audit programme | |
| 63. |
Audit programme is prepared by _____ |
| A. | The auditor |
| B. | The client |
| C. | The audit assistant |
| D. | The auditor and his audit assistants |
| Answer» A. The auditor | |
| 64. |
The auditor has to obtain _______ to substantiate his opinion on the financial statements. |
| A. | Internal evidence |
| B. | External evidence |
| C. | Internal and external evidence |
| D. | Sufficient and appropriate evidence |
| Answer» D. Sufficient and appropriate evidence | |
| 65. |
The quality of information generated by the audited organization is directly related to the strength of the organization’s ______ |
| A. | Internal check |
| B. | Internal control |
| C. | Internal audit |
| D. | All of the above |
| Answer» D. All of the above | |
| 66. |
_______ are the documents prepared or obtained by the auditors in connection with the audit. |
| A. | Audit notes |
| B. | Audit working papers |
| C. | Audit report |
| D. | All of the above |
| Answer» D. All of the above | |
| 67. |
Working papers helps in proper _______ of audit. |
| A. | Planning |
| B. | Performance |
| C. | Planning and performance |
| D. | Execution |
| Answer» C. Planning and performance | |
| 68. |
The Auditors Working Papers are divided into two parts |
| A. | Permanent audit file and current audit file |
| B. | Permanent audit file and temporary audit file |
| C. | temporary audit file and current audit file |
| D. | current audit file and transitory audit file |
| Answer» A. Permanent audit file and current audit file | |
| 69. |
A statutory auditor-------- also as internal auditor of the company |
| A. | Can act |
| B. | Cannot act |
| C. | Though can act but ethically should not act |
| D. | None of the above |
| Answer» B. Cannot act | |
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