Which one of the following statement is not true?
A. An auditor is not a servant of the appointing company
B. The auditor is an agent of shareholders, but they are not bound by all types of notices given to the auditor by the company
C. In case a person other than a retiring auditor is to be appointed as an auditor a notice of this intention must be given to the shareholders of the company as least 10 days before the date of the General Meeting of the company
D. A debtor of the company for more than Rs. 1,000 cannot be appointed auditor of the company
Answer: Option C
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
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