Practice Test

Q1) ________ is an evaluation and analysis of the business operation conducted by the internal audit staff. Show Answer

Q2) Internal audit is the independent appraisal activity within an organization for the review of ________. Show Answer

Q3) An internal audit is carried out by _______. Show Answer

Q4) The internal audit is _______. Show Answer

Q5) An organization gets the internal audit done with a view to evaluate ______. Show Answer

Q6) As per _______, statutory auditor also requires to comment whether the company is having sound internal audit system or not. Show Answer

Q7) Which of the following is/are objective of internal audit? Show Answer

Q8) Which of the following is/are objective of internal audit? Show Answer

Q9) Which of the following is/are objective of internal audit? Show Answer

Q10) Which of the following is/are objective of internal audit? Show Answer

Q11) Which of the following is/are objective of internal audit? Show Answer

Q12) Which of the following is/are not objective of internal audit? Show Answer

Q13) Which of the following is/are not objective of internal audit? Show Answer

Q14) Which of the following is/are not objective of internal audit? Show Answer

Q15) Which of the following is/are not objective of internal audit? Show Answer

Q16) Which of the following is/are benefits of internal audit? Show Answer

Q17) Which of the following is/are benefits of internal audit? Show Answer

Q18) Which of the following is/are benefits of internal audit? Show Answer

Q19) Which of the following is/are not benefits of internal audit? Show Answer

Q20) Which of the following is/are benefits of internal audit? Show Answer

Q21) ________ is generally conducted to ascertain whether the Balance Sheet and Profit & Loss A/c presents a true and fair view of the financial position. Show Answer

Q22) For which of the following reason financial audit is conducted? Show Answer

Q23) Which of the following party is/are interested in financial audit? Show Answer

Q24) Which of the following party is/are interested in financial audit? Show Answer

Q25) Which of the following party is/are not interested in financial audit? Show Answer

Q26) _________ of the Companies Act, 2013 contains provisions regarding the appointment of the auditor. Show Answer

Q27) Section 139 of the Companies Act, 2013 generally auditors are appointed by ______. Show Answer

Q28) Though auditors are appointed equity shareholders in certain cases auditor can be appointed by _________. Show Answer

Q29) Auditors are generally appointed by equity shareholders in _______. Show Answer

Q30) _________ is a process to check that the company has complied with the legal and procedural requirements and also followed the due processes. Show Answer

Q31) Secretarial audit is also known as ______. Show Answer

Q32) ________ has been assigned the role of secretarial auditor under section 2(2)(c)(v) of the Company Secretaries Act,1980. Show Answer

Q33) Which of the following reason is appropriate for introduction of secretarial audit? Show Answer

Q34) Objective of secretarial audit is ______. Show Answer

Q35) Secretarial audit is a ________ on the companies. Show Answer

Q36) ________ as "a system of audit introduced by the Government of India for the review, examination, and appraisal of the cost accounting records and attendant information, required to be maintained be specified industries". Show Answer

Q37) ________ defines cost audit as " a system of audit introduced by the Government of India for the review, examination and appraisal of the cost accounting records and attendant information, required to be maintained by specified industries". Show Answer

Q38) According to ________, cost audit is "the verification of the correctness of cost accounts and of adherence to the cost accounting plan". Show Answer

Q39) Cost audit comprises of _________. Show Answer

Q40) Ministry of Corporate Affairs has issued mandatory cost audit orders on companies engaged in ________. Show Answer

Q41) Ministry of Corporate Affairs has issued mandatory cost audit orders on companies engaged in ________. Show Answer

Q42) The cost auditor has to judge _______. Show Answer

Q43) Cost audit is useful for the purpose of ____. Show Answer

Q44) In India, the ________, provides for the compulsory tax audit of the accounts of certain income tax assessees whose turnover or receipts exceed the specified limits. Show Answer

Q45) The objective of tax audit is to assist the ______. Show Answer

Q46) Tax audit under The Income-tax Act,1961 conducted by ________. Show Answer

Q47) For businessman tax audit is compulsory if his ________. Show Answer

Q48) For professional tax audit is compulsory if his _________. Show Answer

Q49) In relation to bank audit NPA measns ________. Show Answer

Q50) ________ contains the provisions relating to the maintenance of accounts and audit of banks. Show Answer

Q51) Many public trusts get their accounts audited pursuant to the requirement of the ________. Show Answer

Q52) The insurance audit is an examination of the ________ of the insurance company. Show Answer

Q53) The auditor should be conversant with the provisions of ________ which contains the provision of the maintenance of accounts and audit of the insurance companies. Show Answer

Q54) Like companies, partnership firms in India are ________ required to get their financial statements audited. Show Answer

Q55) Partnership firms get their financial statements audited as audited accounts helps in ______. Show Answer

Q56) Statutory audit is compulsory for _______. Show Answer

Q57) ________ aims at ensuring that the financial transaction of the government are executed properly under sanctions and authorities and are correctly recorded in the books of account. Show Answer

Q58) Auditor of government companies are appointed by _________. Show Answer

Q59) In ________, a function is analyzed throughly with respect to system, process, input and output. Show Answer

Q60) Under ________, the expenditure is analyzed with a view to ascertain the cases of improper, avoidable or in fructous expenditure even though the expenditure has been incurred in conformity with the existing rules and regulations. Show Answer

Q61) _______ is a form of audit which is being carried out for ascertaining the performance of a system or process or input and is being carried out to judge whether the result as achieved are in conformity with set standards or not. Show Answer

Q62) Efficiency audit also known as _______. Show Answer

Q63) The performance audit may be initiated by ________. Show Answer