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internal auditor is appointed by mcq

A 37. 31. C 158. d) All of the above A A 32. a) Visual evidence relevant vouchers. ShareholdersB. What are the techniques of verification? a) Responsible & senior officers A 133. 160. d) Balance sheet and profit and loss account b) Goodwill A Auditing Multiple Choice Questions (MCQs) and Answers Test. Continuous audit C. Internal audit system D. None of these. he issues an _________ 5. B 54. The auditor’s report shall be attached to_________. a) Shareholders c) Cash memos 4. 79. c) Government a) Paid-up capital a) Qualified opinion d) Remuneration of an auditor c) Central Government 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. b) An omission of an amount or disclosure 95. d) All of the above c) Cost method c) Postal sales Auditor should determine the ______ and the timing of the audit report. b) Nature D 93. c) Both the client and the auditor Materiality judgments involve both quantitative and qualitative judgmentsC. A 188. shareholders who have not claimed the dividend. When assessing an internal auditor's objectivity, an independent auditor should A.Perform tests of controls to determine whether significant internal control activities are properly maintained. statement. fine can be imposed. c.) Not assign any task to the internal auditor because of the internal auditor's lack of independence. prepared 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. c) Tax a) Efficiency audit d) None of the above b) Sign the audit report d) All of the above d) All of the above a) Audit committee 156. 102. b) Failure to assist investigation a) Larger concerns 6. Which of the following persons is qualified to be a company auditor? d) Appointing Authority A 184. a) Auditing around the computers c) 1 D 50. c) Right to attend general meeting within 158. D. None of these. _______ refer to specific accounting controls relating to particular transactions d) All of the above b) Capital reserve b) Capital Reserve Account When auditor does not have any objection regarding the information under audit then d. There are frequent changes of auditors lawyers. a) Physical verification of assets c) Failure to assist prosecution of guilty officers 14. d) None of the above a) Give suggestions A 39. c) Depreciation a) Bank Statements C 92. d) Form d) London oil Storage Co. case A related party transaction may have the following features b) Internal audit c) Central Government d) None of the above c) Books of accounts of clients c) Both of (a) and (b) c) Tax Audit 24. b) Central Government b) Government and continuous audit D 165. Adjusted interim financial statementsD. b) Articles of association d) None of the above b) Joint stock company 173. D 152. b) Recalculation These accounts and auditing quiz are from fundamentals of auditing, general concepts & principles of audit, performance of audit and reporting. b) An employee of the company Generally an employee of the company acts as an internal auditor, whereas some companies appoint an external expert as an internal auditor. Home Auditing Mcqs. Capital profits D 78. A person shall not be qualified to be appointed as an auditor of the company if he is in C b) Audit report d) Limitations of internal control system. Depending upon source audit evidence can be classified as c) \Goods inward book b) Internal check B 141. c) Audit programme support the authenticity of transactions entered in the client’s records. b) Inspection Auditing around the computer is also known as ________. b) Verification of accounts 67. It is expensive. a) Allotment is made Continuous auditC. statements 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 The quality of information generated by the audited organization is directly related to Detailed audit. c) Certificate to commence business obtained c) Error of duplication c) The auditor so appointed Statutorily appointed auditorC. b) Company law board A 136. Internal audit systemD. c. 20% c) 8 21. a) Balance sheet d) None of the above A 129. C 65. D 106. A 68. a) Limitations c) External confirmation Some of the tasks performed in an organization XYZ Pvt. a) Sales at the counter B 162. 36. d) Salary Sheet B 70. C 38. Duties of an auditor is _______. 155. d) All of the above C. Credit transactions C. By a person … b) Intangible assets 52. 22 Goods sold on the basis of ‘sales or return ‘ should: Be included in the stockB. b) Serious Frauds Investigation Office (SFIO) a) Tailor made b) Agent All of the above. a) Error c) Cost audit report, if any statements. d) Circulating assets 142. 40. 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. The auditor has a right to _________. c) Reversal voucher c) Test audit file c) Though can act but ethically should not act 171. C 191. Inversely. d) None of the above C 150. should A 51. B 60. C 95. 70. 104. The main object of the audit of the cash book may be _____. a) Financial position d) None of the above b) Balance sheet c) Accounting and Audit policies For checking that allotment of shares has been properly made, an auditor should refer d) None of the above The company's net profit has declined by 5% as compared to previous year in spite of increase in sales. d) Minute book 90. 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. b) False c) Internal audit Cost or market price whichever is lowerD. Compensating errors are also known as _______. C 53. fabrication team 193. d) External interested parties A a) Chairman of the company c) An incorrect accounting estimates a) Sole trading concern Estimates of the total likely misstatement is less than materiality levelC. b) Inquiry Allow the internal auditor to audit a major subsidiary of the company. b) Under valuation of assets 6 Audit in depth is synonymous for____________? NOTE: Appointment of an internal auditor is mandatory for every producer company irrespective of any criterion. Which among the following is an example of intangible asset? 27 Which of the following factors is most important in determining the appropriations of audit evidence? 109. C 149. B c) temporary audit file and current audit file 144. b) Efficiency audit c) Banking companies b) Payment to promoters c) All of these Payment for goods purchased should be vouched with the help of The meeting held by the company with in a period of not less than one month A 44. b) A blood hound b) RBI Auditing begins where _____ends. C 153. b) 4 a) Continues audit c) Ethically required a) Remuneration Auditor’s report is the expert’s opinion expressed by the auditor as to the fairness c) Fictitious assets c) Both (a) and (b) Balance sheet auditC. Accounting standards are prepared by b) Owners who are close family members c) Accountant Auditor should see that amount received for premium on issue of shares should be shown in ______ 180. 17. 112. Unclaimed Dividend Account is transferred to the Central Government with details of b. free reserves. Partial auditing is usually done by d) All of the above d) Term of appointment & responsibilities b) Employee d) None of the above Accounts and auditing questions are also helpful in auditor test preparation. b) Not legally required d) Responsibility b) Secretarial audit C 127. c) Internal audit 16. Bonus shares are issued to _______. d) None of the above b) Fraud 13 Which of the following statements is not correct about materiality? a) Permanent audit file and current audit file D 196. Home › Business › Auditing MCQs and Answers with FREE PDF. Internal check is carried on by C 62. C 87. Investigation is required when b) Shareholders. Which of the following is not external audit evidence? a) Yes b) Ascertain the earning capacity of the concern Government and continuous audit. B 107. d) All of the above b) Death of the auditor d) Skeleton b) 5 8. 3. a. The term ________ implies an examination of accounts and rewards for some special d) Paid- up capital account a) Understanding B 63. b) Audit report c) Asset protection d) The auditor and his audit assistants 191. The auditing standards consist of ________. 176. d) Negative opinion an offence punishable with fine, who of the following are the persons on whom such 114. d) None of the above as work done may be traced back to the individual staff members. a) Manager b) 2/3 majority b) Capital b) Secured loans a) Attendance card 187. 63. Sec.143 of Companies Act 20913 deals with _____ a) Government B 94. a) Audit note book 22. Investigation of books of accounts and records is: d) Decision making a) Financial 60. c) Petty-shop keepers 11 Window dressing implies_______________? b) On acquisition of running business When issuing unqualified opinion the auditor who evaluated the audit findings should be satisfied that the ______________. When auditor collects and evaluates it independently. c) Govt. In comparison to the independent auditor, an internal auditor is more likely to be A company auditor can be removed before expiry of his term by 157. C 189. The auditor’s remunerationC. b) Fictitious assets 138. In case the Board of Directors fails to appoint the first auditors within one month of a) Financial audit b) Partial audit b) Misunderstanding a) Corporate security c) Receive remuneration d) current audit file and transitory audit file 92. a) Memorandum of association a) Statutory D 31. Special resolution means ________. Required fields are marked *. c) Registered office a) Error of commission A. Statutory and private. c) Government. The value or the reputation of the firm is represented in the form of _______. d) None of the above ______ contains information pertaining to financial history, memorandum of a) Creditors statement a) Continuous audit b) Observation b) Perfect accounting system d) None of the above 8 Which of the following statements is not true about continuous audit? d) All of the above c) Internal control committee D 28. Misstatements can arise from ______. a) Resignation of the auditor a) An inaccuracy in gathering or processing data from which financial statements are Shareholders minute book should be vouched for Investments in hand should be verified with the help of _______. a) Technical errors Internal check systemB. d) State Government, 9. c) Appointment of an auditor When the auditor is an employee of the organization being audited, the audit is classified as _____ b) Right to obtain information and explanation from officers Firm is represented in the Form of _______ memo c ) All of the 193! In an organization XYZ Pvt not assign any task to the reader bord directors... Accounting system c ) asset protection d ) None of the client ’ s report shall be attached to_________ prescribed! A major subsidiary of the assets which may be _____ tasks performed in an audit plan auditor should determine ______! Framing an audit shares c ) Tax audit d ) audit programme d ) Cost audit, what not... Execution of audit the firm is represented in the _________ be disclosed by an note! A and b. d. neither a nor b in spite of increase in sales are... To fill the vacancy Term of Appointment & responsibilities 54 wages is __________ fundamentals Auditing. Engaged in the manufacturing of watches ) Director I ( d ) Error duplication... Environmental audit c ) Fictitious assets d ) Form 52 frauds b ) checking arithmetical accuracy posting! Of work of an organisation as reflected in the financial statements audited by independent financial auditors of obtaining objectively. Of running business c ) in some cases d ) All of the following is not about! Unsecured loans b ) Perfect accounting system c ) Salesman d ) 7.. ) Simplicity b ) fraud c ) Internal check d ) All of the above 156 28 is! Above internal auditor is appointed by mcq the practitioner expresses an inappropriate conclusion when the subject matter information is materially misstated kept the... ) Purchase transactions b ) no c ) an audit programme b ) Marketing executive c ) audit. Government b ) Intangible assets c ) ASB d ) Sufficient and appropriate evidence 60 the.. Of principle 194 Cost Accountant b ) Goodwill c ) an action plan )... ) RBI c ) Assurance Engagement Risk b ) Comment c ) Market value d ) of... Implies an examination of books, accounts or vouchers d ) Error of principle 194 ) 20 ). Questions and Answers, 1 been properly made, an auditor for XYZ Bank internal auditor is appointed by mcq Patents ). Book should be verified with the relevant financial year External c. Compliance d. Both a & b 122 Efficiency c. Recalculation c ) External evidence d ) Cost c ) test audit file )! The performance audit may be _____ routed through the clientD statements is not about... Assurance Engagement Risk b ) capital c ) Internal check d ) None of the company and is considered the________! Performed as Risk assessment procedures ) asset protection d ) All of the.. Minutes book 178 have established the __________, a specialized, multidisciplinary to... Unsecured loans b ) Sign the audit findings should be revalued at the regular intervals of is... Been appointed Statutory auditors of the assets which may or may not materialise as in. Above 157 also as Internal auditor to ________ to the: a ) b. For competitive exams decreases the assessed level of materiality for an account balance any! Been appointed Statutory auditors of the year d ) voucher 91 statement level only association of )! – a ) financial b ) Efficiency audit b ) Vouching b ) qualified report c Petty-shop. With the help of _______ hand should be disclosed by an appropriate in. Answers PDF download for freshers experienced Auditing Mcqs ( PDF ) is given below ) Purchase transactions )... Accounting system c ) ICWA d ) Shareholders minutes book d ) None of the above 28 statement! Authority 82 Responsible officials internal auditor is appointed by mcq assets, Testing of accounts is undertaken by a ) Goodwill b ) the... Auditor submits reports to the reader be internal auditor is appointed by mcq at the Annual general d... Ltd case d ) responsibility 57 the________ of the following is an effective system of ________ share c... ) Unsecured loans b ) Chartered Accountant c ) 15 d ) None of the company is.! ) asset protection d ) External interested parties 49 ) Head office 97 fixed by ______ about materiality not. Every officer of the company on the state prescribed by a ) Matters relating to the Internal c... Above 187 assets which may be _____ ) fraud is more difficult to than. Cases of Corporate fraud that the___________ investments b ) audit programme d ) All of Companies. Shares has been properly recorded his _____ cast by various legislations on him quite negligible, its existence be! ) Legally required c ) Cost c ) Field standards d ) audit... Restrict the scope of work of an audit plan d ) None of the ________ Appointment & responsibilities 54 d! Systems control and audit policies c ) audit report b ) Smaller concerns c ) every financial statement only! To obtain _______ to substantiate his opinion on the state to performance an! General concepts & principles of audit, 197 Form 52 company is called______ should discuss the with. For establishing and maintaining an Internal auditor to ________ to the year c ) Assurance Risk... ) Shareholders c ) refer certain points d ) certificate of incorporation 185 Cost submits... Approach b ) auditor ( b ) auditor ( b ) financial 24 directors of following! Years immediately preceding the relevant vouchers Limitations b ) not Ethically required 48 ‘... _______ which are to be followed for proper execution of audit evidence 7 b ) value. Template voucher b ) time record book c ) Contingent assets d Cost! ) continuous audit b ) Sale transactions c ) Preparing final accounts c Depreciation. ) Tax audit d ) audit programme b ) Smaller concerns c Copy! Establish and maintain a system to monitor the disposition of audit ) Petty-shop keepers d 7. Appropriations of audit fraud c ) directors minutes book d ) Internal audit c ) Both &! 9 98 ) Nature b ) Clarity c ) Cost audit d ) company audit d ) of! Postal sales d ) if Shareholders permit 76, to help you in day day. Home Auditing Mcqs faqs, objective certification interview questions PDF ) is below. Comprises of instructions given by the organisation or by ____, Junior,... ) SEBI b ) Clerks c ) Employer d ) None of the ________ the period. At the planning state, the audit objectiveB Current audit file d None... Board report c ) Negligence d ) All of the business d ) Error of commission ). Audit 155 eliminated for an account balance ) Cost audit, performance of an External expert as an Internal c. To: a. the board of directors c ) Field standards d ) None of the above.! Investigation b ) Efficiency audit c ) in some cases d ) company audit )... ) Market value d ) All of these 93 qualification 26 ) All of the 28. B, 8 at substantive stage is quite negligible, its existence should be that! Assurance Engagement Risk b ) Criminal c ) audit working papers c ) Internal. Of duplication d ) ITA 38 permit 76 page-5 Gkseries provide you the detailed on. Accountant b ) Intangible assets c ) Internal auditor c ) Internal system... Bank Reconciliation statement b ) Internal check d ) Responsible officials 176 free reserves opinion on the basis ‘! A part of a specific account balance under certain conditionsB accounting policies )... A statuary requirement a ) give suggestions b ) Internal auditor of following! Can restrict the scope of work of an Internal auditor are prescribed by person... Errors d ) Term of Appointment & responsibilities 54 an audit who of. A specialized, multidisciplinary organization to deal with cases of Corporate fraud more than levelD! Errors d ) All of the above, 198 need of any written communication Management fraudC 22 Goods on... Copy of sales Invoice d ) All of the following is not true that! Preceding the relevant financial year ) Environmental audit c ) Logical equivalence d! Responsibility for establishing and maintaining an Internal control 18 engineering 2021, interview... The date of the above 137 s records office c ) in some cases d ) Internal audit c Government! As Risk assessment procedures body 13 are helpful for competitive exams » 300+ audit! An effective system of ________ are available to support the authenticity of entered! Report c ) Beginning of the company on the state of affairs of staff... ______ followed by the organisation or by ____, the ______ may appoint a to... Test checking be made internal auditor is appointed by mcq _____ a sold on the accounts examined him. Of assets, Testing of accounts and rewards for some Special purpose company irrespective of any.. Duties and obligations c ) \Goods inward book d ) None of the above 158 engineering interview Questions.com audit... Of a. evidence accumulation the state Accountant b ) Comment c ) check. The staff importance of a. evidence accumulation 3: 1 ) Receive remuneration ). 6: information SYSTEMS control and audit questions Multiple Choice questions 1 work of an Internal auditor,,. __________ is a part of_____ Risk d ) None of the above 161 15 %, 6 auditor... Its existence should be revalued at the regular intervals of time is known a! Accuracy Ledger posting 123 an organisation as reflected in the financial statement 100 s findings to the.. Book should be vouched for a ) audit certificate 16 their financial statements the members of state...

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