WorksheetsNEW AREAS OF AUDITING - TYPES OF AUDIT
Total questions: 15
Worksheet time: 8mins
_____________ audit checks whether companies are maintaining proper cost records
Operational Audit
Cost Audit
Social Audit
Tax Audit
______________ generally covers verification of Job Descriptions, training and development etc.
Human Resource Audit
Cost Audit
Operational Audit
Forecast Audit
_____________ helps to prepare accurate cost reports
Operational audit
cost audit
HR audit
Forensic audit
The audit which evaluates management team is __________
HR Audit
Management Audit
Forecast Audit
Operational Audit
_______________ is a technique for estimating many future aspects of a business
Costing
Accounting
Processing
Forecasting
The management audit helps in ______________
smooth operation of an organization
provides suggestions to the management
Measures How effective are current risk management
Identify weak areas of forecasting system
Promote education, research and development in the techniques of the industry
Tax audit is compulsory for ______________
A person carrying on business if the total sales/ turnover exceeds Rs. 1 lakh during the previous year
A person carrying on profession if the Gross receipts exceeds Rs. 10 lakhs during the previous year
A person carrying on business if the total sales/ turnover exceeds Rs. 1 crore during the previous year
All
_________________ audit is conducted usually for investigation and prosecution of criminal acts such as misappropriation or fraud
Forecast Audit
Forensic audit
Operational Audit
Statutory Audit
__________________ audit is concerned with verification of performance of environment management systems to control pollution and their efficiency to conserve environment
Environment Audit
Social Audit
Energy Audit
Management Audit
______________ auditor cannot be appointed as tax auditor even though capable
Statutory
Internal
Operational
Cost auditor
Cost audit is helpful for fixing up selling price of the product
True
False
HR Audit is compulsory for companies
True
False
Operational audit may suggest opportunities for improvement in operations
True
False
Statutory auditor cannot be appointed as tax auditor
True
False
It is easy to judge the quality of the forecast
TRue
False
