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Auditing MCQ Questions and Solutions with Explanations | Commerce

Auditing MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Auditing MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-3 section-2

Each section contains 100 MCQs on Auditing .
21
Which of the following are the rights of a Statutory Auditor?
1. To receive remuneration
2. To attend Board of Directors' Meeting
3. To attend the General Meeting
4. To visit the branch office
Choose the correct answer from the following:
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
22
The technique(s) of management audit is/are
1. Co-relation of information
2. Observation
3. Ratio analysis
4. Financial data analysis
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
23
The value at which the assets are shown in the books of account is known as
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
24
Auditing is luxury for:
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
25
What is the maximum time limit for submitting management audit report?
Discuss
Answer & Solution
Answer: Option D
Solution:
The correct answer is Option D: No time limit.

Management audits are internal reviews aimed at improving efficiency and effectiveness.
Unlike statutory audits with fixed deadlines, management audits do not have a legally mandated time limit for submitting the report.

The timeframe for completing and submitting a management audit report depends on factors like:
-The scope and complexity of the audit.
-The availability of information.
-The resources allocated to the audit team.
-The urgency of the issues being addressed.

Therefore, the organization determines a reasonable and practical timeframe for each management audit based on its specific needs and circumstances.
26
The remuneration of an auditor of a partnership firm is fixed by
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
27
The beneficiaries of auditing include(s)
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
28
A company auditor can be removed before the expiry of his term by
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
29
In order to vouch, which of the expenses the auditor will examine in bill of entry?
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
30
Safety audit is mandatory for
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board