Auditing MCQ Questions and Solutions with Explanations

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Each section contains 100 MCQs on Auditing .

The title of AAS2 issued by Council of ICAI is:

A) Objective and Scope of the Financial Statements B) Objective and Scope of the Audit of Financial Statements C) Objective and Scope of Business of an Entity D) Objective and Scope of Financial Statements Audit

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

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

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

An audit program is a program designed to

A) for the arrival and departure of the auditor B) for routine check up C) to inspect the branches of the company D) for phased work of audit

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

An auditor should study and evaluate internal controls to

A) Determine whether assets are safeguarded B) Suggest improvements in internal control C) Plan audit procedures D) Express and opinion

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Standard Auditing Practice-1 (SAP-1) is related with

A) Objective and scope of audit of financial statement B) Basic principles governing an audit C) Documentation D) Detection of frauds and errors

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

In a company, Internal Auditor is appointed by:

A) Board of Directors B) Shareholders C) Government D) Creditors

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

After completion of the audit of a company the auditor should submit its report to the

A) Government B) Court C) Public D) Shareholders

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

A company auditor has to report

A) Board of directors B) Managing Director C) Institutional investors D) To the shareholders in the annual general meeting

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Auditor is a watch dog and not a blood hound statement is given by:

A) Lord Justice lindley B) Lord Justice lopes C) Luca Pacialo D) Spicer and Pegler E) Montgomory

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Which of the following expenses should not be treated as capital expenditure?

A) Expenses paid on installation of a plant B) Cost of dismantling a building in case a new building is to be constructed on the land C) Legal expenses incurred to defend a suit related to title of patent. The suit has been lost D) The fees paid to engineer who constructed the plant

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

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Auditing MCQ Questions and Solutions with Explanations | Commerce