A. Verification of assets & liabilities.
B. Vouching of income & expense accounts related to assets and liabilities.
C. Examination of adjusting and auditing & closing entries.
D. Routine checks.
✅ The correct answer is option D.
50. When issuing unqualified opinion the auditor who evaluates the audit findings should be satisfied that the :
A. Amount of known miss-statement is documented in working papers.
B. Estimates of the total likely misstatement are less than materiality level.
C. Estimated of the total likely misstatement is more than materiality level.
D. Estimates of the total likely misstatement cannot be made.
✅ The correct answer is option B.
49. Under check system principle of_________ is followed.
A. Division of labour
B. Division of work
C. Principle of scalar chain
D. Accountancy
✅ The correct answer is option A.
48. This kind of audit is generally conducted between two annual audits.
A. Internal audit
B. Interim audit
C. Final audit
D. Continuous audit
✅ The correct answer is option B.
47. Before the work of audit is commenced, the auditor plans out the whole of audit work is known as –
A. Audit plan
B. Audit note
C. Audit risk
D. Audit program
✅ The correct answer is option D.
46. Internal auditor is appointed by –
A. The management
B. The shareholders
C. The government
D. statutory body
✅ The correct answer is option A.
45. The audit that is made compulsory under the statute is called –
A. Statuary audit
B. Partial audit
C. Complete audit
D. Continues audit
✅ The correct answer is option A.
43. Who among the following can be appointed as the auditor of company?
A. A partner or the director of the company
B. A person of unsound mind
C. Mr. ‘Y’ who owes Rs.500 to company
D. Mr. ‘Z’ who holds the ‘CA’ Certificate
✅ The correct answer is option D.
41. ___ is documentary evidence by which the accuracy in the books of accounts may be proved.
A. Cheque
B. Receipt
C. Voucher
D. Statement
✅ The correct answer is option C.
39. In comparison to the independent auditor an internal auditor is more likely to be concerned with –
A. Cost accountancy system
B. Internal control system
C. Legal compliance
D. Accounting system
✅ The correct answer is option B.