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.
61. Valuation is the base of:
A. Verification.
B. Marketing.
C. Internal checking.
D. Vouching.
✅ The correct answer is option A.
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.
67. Audit Note Book contains: ———————————————————
A. Various dates of reference.
B. Details of work done.
C. Notes regarding item requiring clarification, explanations, etc.
D. All of the above.
✅ The correct answer is option D.
51. Balance sheet does not include :
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.
52. Which of the following is not a fact of EPA ?
A. Economic audit.
B. Efficiency audit.
C. Expenditure audit.
D. Effectiveness audit.
✅ The correct answer is option C.
34. Balance sheet audit included verification of :
A. Assets.
B. Liabilities.
C. Income & expenditure accounts where appropriate.
D. All of the above.
✅ The correct answer is option D.
35. Audit in depth is synonymous for:
A. Complete audit.
B. Completed audit.
C. Final audit.
D. Detailed audit.
✅ The correct answer is option D.
36. Concurrent audit is a part of :
A. Internal check system.
B. Continuous audit.
C. Internal audit system.
D. Final audit.
✅ The correct answer is option C.