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WorksheetsNov. FT 3rd Auditing
Total questions: 10
Worksheet time: 18mins
Following are the rights of an auditor--------
a) Right to call for information and explanation
b) Right to have access of books of accounts, Right to receive notice and attend annual general meeting
c) Both a and b
d) None of above
Following are the main advantages of audit plan---------------
a) Ensure proper attention to the important areas of audit, identify probable problems.
b) Proper utilization of staff, coordinate work with other auditors and experts.
c) Both a and b
d) none of above
When the auditor starts auditing for a client, he has to perform the following as the first
step of auditing
a) Auditing the books of accounts
b) Evaluating and understanding the client’s industry
c) None of the above
When the auditor gives some bad opinion about the client in his report, the type of report
is known as ------------ report
a) Qualified
b) Unqualified
c) None of the above
Which of the following is responsibility of auditor
a) To ensure that financial statement comply with applicable financial reporting framework
c) To ensure compliance with laws and regulations applicable on the entity
b) To express an opinion on true and fair view of the financial statements.
c) To ensure compliance with laws and regulations applicable on the entity
d) To design, implement and maintain system of internal control.
Auditor must have sound knowledge of
a) Accountancy
b) Auditing
c) Client’s Nature of Business
d) All of above
Any auditor appointed to fill a casual vacancy shall hold office of auditor of company
a) Till conclusion of 6th AGM
b) Till conclusion of next AGM
c) Till he submits his audit report
d) None of these
At any AGM, a retiring auditor may be re-appointed if
a) He is not disqualified for re-appointment
b) He has not given the company a notice in writing of his unwillingness to be re-appointed
c) A special resolution has not been passed at that AGM appointing some other auditor or providing expressly that he shall not be re-appointed.
d) All of above
Rotation of auditor is not applicable on
a) Dormant Company
b) One Person Company
c) Small Company
d) Both (b) and (c)
As on date of appointment no audit firm having a common partner or partners to audit firm, whose
tenure has expired in a company, shall be appointed as auditor of the same company for a period of
a) 1
b) 3
c) 5
d) 10
