69. The main object of investigation is :
A. To discover errors and frauds.
B. To prevent errors and frauds.
C. To verify statements.
D. All the above.
✅ The correct answer is option D.
70. Verification is :
A. The art of recording the business transactions.
B. An examination of the books of accounts.
C. The act of establishing the accuracy of entries in the books of accounts.
D. none
✅ The correct answer is option C.
71. The owners of the company are called:
A. Debenture holders.
B. Debtors.
C. Shareholders.
D. None of the above.
✅ The correct answer is option C.
53. A good audit report must at least meet one of the following qualifications:
A. It should offer constructive and timely suggestions to the management.
B. It should not point out mistakes.
C. It should not be based on factual information.
D. It should not be based on balance sheet.
✅ The correct answer is option A.
56. Internal check is meant for :
A. Prevention of frauds.
B. Detection of frauds.
C. Helping audit in depth.
D. Detection of errors.
✅ The correct answer is option C.
57. Voucher relates to :
A. Cash receipt.
B. Cash payment.
C. Credit transactions.
D. All the above.
✅ The correct answer is option D.
58. A number of checks & controls exercised in a business to ensure its efficient working is known as :
A. Internal check.
B. Internal control.
C. Internal audit.
D. Interim check.
✅ The correct answer is option A.
59. The first auditor or auditors are appointed by :
A. Central Government.
B. Company Law Board.
C. Board of Directors.
D. Shareholders.
✅ The correct answer is option C.
63. An internal auditor is :
A. Temporary Employee.
B. Permanent Employee.
C. Daily Wager.
D. None of the above.
✅ The correct answer is option B.
65. Which of the following has a broader scope?
A. Internal Control.
B. Internal Audit.
C. Internal Checking.
D. None of the above.
✅ The correct answer is option D.