An auditor is like a
A. Blood haunt
B. Watch dog
C. May both according to situation
D. None of these
✅ The correct answer is option B.
If a material financial fraud is detected, Auditor should ________________
A. report it to police
B. report it to the institute of ca of india
C. ignore it
D. report it to the owners or shareholders
✅ The correct answer is option D.
256. Which of the following statements is not true?
A. Management fraud is more difficult to detect than employee fraud
B. Internal control system reduces the possibility of occurrence of employee fraud and management fraud
C. The auditor’s responsibility for detection and prevention of errors and frauds is similar.
D. All statements are correct.
✅ The correct answer is option B.
258. In India, balance sheet audit is synonymous to
A. Annual audit
B. Continuous audit
C. Detailed audit
D. Statutory audit
✅ The correct answer is option A.
259. Concurrent audit is a part of
A. Internal check system
B. Continuous audit
C. Internal audit system
D. None
✅ The correct answer is option C.
252. The scope of internal audit is decided by the :
A. Shareholders
B. Management
C. Government
D. Law
✅ The correct answer is option B.
232. Which of the following statements is not true about continuous audit?
A. It is conducted at regular interval
B. It may be carried out on daily basis
C. It is needed when the organization has a good internal control system
D. It is expensive
✅ The correct answer is option C.
243. Errors of Omission are
A. Technical errors
B. Errors of principle
C. Compensating errors
D. None of the above
✅ The correct answer is option A.
245. Internal check is carried on by
A. Staff specially appointed for the purpose
B. Internal auditor
C. Supervisor of the staff
D. Members of the staff
✅ The correct answer is option D.
247. Institute of Chartered Accountants of India was established
A. 1956
B. 1949
C. 1956
D. 1948
✅ The correct answer is option B.