Auditing

Main Object of auditing is to

• Detect Errors

• Prevent errors

• Detect and Prevent errors

• None of these

Audit report along with annual accounts is given by

• Statutory Auditor

• Internal Auditor

• Government Auditor

• Secretarial Auditor

When an auditor detects material weaknesses in the internal checks and control system of the company under audit, it should report his findings as per

• ICAI orders

• SEBI orders

• MAOCARO orders

• ICWAI orders

System of Internal Check is said to exist in an organisation when

• An employee is specifically deputed to check the work of another employee

• Departmental head checks the work of his subordinates

• Some outside experts checks the work of employees

• Another employee of the same department check.

Internal Auditor is appointed by the

• Shareholders of the company

• Statutory Auditor

• Institute of Internal Auditors of India

• Board of Directors of the company

Which one of the following is true of the position of an auditor regarding the system of internal check in the organisation?

• He should account himself with the system of internal check

• He should monitor and supervise the system of internal check

• He himself should lay down the system of internal check

• He has nothing to do with the system of internal check

A continuous audit is not suitable where

• Transactions are few but complicated

• There is no urgency to finalise the accounts on a particular date

• Internal audit work is being carried on in a satisfactory manner

• System of Internal check in operation is not satisfactory

The first auditors of a company are appointed by the

• Registrar of Companies

• Shareholders of the Company

• Promoters of the Company

• Board of Directors of the Company

Auditors of a company are ordinarily appointed by

• Managing Director

• Chairman of the Board of Directors

• Shareholders in the annual general meeting

• General Manager of the company

Internal check is a part of the whole system of

• Internal Control

• Internal Audit

• Final Audit

• Interim Audit