41
Which of the following is NOT a function performed by a company secretary?
A)
CS as an agent of Top Management
B)
CS as a watch-dog
C)
CS as a proxy to the members of BOD
D)
CS as an Accountant
E)
CS as an Auditor
Answer & Solution
Answer: Option
D
42
Analytical procedures issued in the planning stage of an audit, generally:
A)
Helps to determine the nature, timing and extent of other audit procedures
B)
Directs attention to potential risk areas
C)
Indicates important aspects of business
D)
All of the above
Answer & Solution
Answer: Option
D
43
The vacancy caused by the resignation of an auditor is filled only by
A)
the shareholders in the Annual General Meeting
B)
the Board of Directors
C)
the Company Law Board
D)
the managing Director of the Company
Answer & Solution
Answer: Option
A
44
In comparison to the independent auditor, an internal auditor is more likely to be concerned with:
A)
Cost accounting system
B)
Internal control system
C)
Legal compliance
D)
Accounting system
Answer & Solution
Answer: Option
B
45
Match the following.
List-I List-II
a. Statutory Audit
1. Commerce graduate having proficiency in Accounting
b. Secretarial Audit
2. Practicing Company Secretary
c. Cost Audit
3. Practicing Chartered Accountant
d. Internal Audit
4. Practicing Cost & Works (or Management) Accountant
A)
a-3, b-2, c-4, d-1
B)
a-2, b-3, c-4, d-1
C)
a-1, b-4, c-2, d-3
D)
a-4, b-3, c-2, d-1
E)
a-1, b-2, c-3, d-4
Answer & Solution
Answer: Option
A
46
Management Audit means
A)
Audit on behalf of management
B)
Systematic appraisal of management's objectives and work
C)
Audit of management accounting
D)
All of the above
Answer & Solution
Answer: Option
B
47
Which of the following institutions has to conduct compulsory audit?
A)
Co-operative societies
B)
Life Insurance Company
C)
Trust
D)
All of the above
Answer & Solution
Answer: Option
D
48
Which of the following is a part of verification of assets?
A)
Physical verification of existence of assets
B)
Verification of values of assets
C)
Both the above
D)
None of the above
Answer & Solution
Answer: Option
C
49
Errors and frauds already committed can be discovered under the system of . . . . . . . .
A)
internal audit, internal check, internal control
B)
external check
C)
statutory audit
D)
interim audit
Answer & Solution
Answer: Option
A
50
Goods sold on the basis of 'sales or return' should:
A)
Be included in the stock
B)
Not be included in the stock
C)
Not be checked by auditor
D)
None of the above
Answer & Solution
Answer: Option
A
