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Auditing Multiple Choice Questions (MCQS) Page-12. These Mcqs are very helpful for preparation of various posts i.e. Senior Auditor, Junior Auditor,Accountant. These Mcqs are also Important for Punjab Public Service Commission, National Testing Service, Federal Public Service Commission Tests/examinations.
1. WHO IS RESPONSIBLE FOR
THE APPOINTMENT OF STATUTORY AUDITOR OF A LIMITED COMPANY?
A) DIRECTORS OF THE COMPANY
B) MEMBERS OF THE COMPANY
C) THE CENTRAL GOVERNMENT
D) ALL OF THE ABOVE
2. WHICH OF THE FOLLOWING
SECTIONS DEAL WITH QUALIFICATIONS OF THE AUDITOR ?
A) SECTION 226 (1) AND SECTION 226(2)
B) SECTION 224 (1) AND SECTION 224 (2)
C) SECTION 226 (3) AND SECTION 226(4)
D) SECTION 224(3) & SEC.224
3. WHICH OF THE FOLLOWING
STATEMENT IS NOT TRUE?
A) A PARTNERSHIP FIRM CAN BE APPOINTED AS A STATUTORY AUDITOR
OF LIMITED COMPANY
B) APPOINTMENT CAN BE MADE IN THE NAME OF THE FIRM
C) MAJORITY OF THE PARTNERS SHOULD BE PRACTICING IN INDIA
D) ALL PARTNERS SHOULD BE CHARTERED ACCOUNTANTS
4. AS PER THE
REQUIREMENTS OF SECTION 226(3) AND 226(4) A PERSON IS DISQUALIFIED FROM BEING
APPOINTED AS A STATUTORY
AUDITOR IF HE HOLDS
A) EQUITY SHARES OR DEBENTURES OF THE COMPANY
B) EQUITY SHARES CARRYING VOTING OF THE COMPANY
C) SHARES CARRYING VOTING RIGHTS OF THE COMPANY
D) SECURITY CARRYING VOTING RIGHTS OF THE COMPANY
5. THE BOARD OF DIRECTORS
SHALL APPOINT FIRST AUDITOR OF A COMPANY
A) WITH IN ONE MONTH OF COMPLETION OF CAPITAL SUBSCRIPTION
STATE OF THE COMPANY
B) WITH IN ONE MONTH OF THE PROMOTION OF THE COMPANY
C) WITH IN ONE MONTH OF THE COMMENCEMENT OF THE BUSINESS OF
THE COMPANY
D) WITH IN ONE MONTH OF INCORPORATION OF THE COMPANY
6. THE TERM OF THE
AUDITOR SHIP OF FIRST AUDITOR WOULD BE FROM THE DATE OF APPOINTMENT TIL __
A) THE CONCLUSION OF STATUTORY MEETING
B) THE CONCLUSION OF FIRST ANNUAL GENERAL MEETING
C) THE CONCLUSION OF NEXT ANNUAL GENERAL MEETING
D) THE DATE OF REMOVAL
7. IN CASE THE DIRECTIONS
FAIL TO APPOINT FIRST AUDITOR (S), THE SHAREHOLDERS SHALL APPOINT THEM
AT…..BY PASSING A RESOLUTION
A) A GENERAL MEETING
B) FIRST ANNUAL
GENERAL MEETING
C) STATUTORY MEETING
D) ANNUAL GENERAL
MEETING
8. LIFE INSURANCE
CORPORATION OF INDIA HOLDS TWENTY FIVE PERCENT OF SUBSCRIBED CAPITAL OF XYZ
LTD. THE APPOINTMENT OF STATUTORY AUDITOR IN XYZ LTD. WOULD
BE BY__
A) ORDINARY RESOLUTION
B) SPECIAL RESOLUTION
C) (A) OR (B)
D) NONE OF THE ABOVE
9. ICICI PRUDENTIAL, A
LIFE INSURANCE COMPANY, HOLDS THIRTY-TWO PERCENT OF SUBSCRIBED SHARE CAPITAL OF
DELTA LTD. THE STATUTORY AUDITOR OF DELTA LTD. WOULD BE APPOINTED BY__
A) ORDINARY RESOLUTION
B) SPECIAL RESOLUTION
C) EITHER OF THE ABOVE
D) NONE
10.WHICH OF THE FOLLOWING
STATEMENT IS NOT TRUE REGARDING APPOINTMENT OF STATUTORY AUDITOR BY THE CENTRAL
GOVERNMENT?
A) SUCH POWERS HAVE BEEN CONFERRED UPON IT BY SECTION 224(3)
B) IF A COMPANY FAILS TO APPOINT AN AUDITOR AT A GENERAL
MEETING
C) IF AN AUDITOR REFUSES TO ACCEPT APPOINTMENT, THE POWERS OF
THE CENTRAL GOVERNMENT CAN BE
EXERCISED.
D) NONE OF THE ABOVE
11.IF A CASUAL VACANCY IN
THE OFFICE OF AUDITOR ARISES BY HIS RESIGNATION IT SHOULD ONLY BE FIL ED BY
THE COMPANY IN A……..
A) BOARD MEETING
B) EXTRAORDINARY
GENERAL MEETING
C) GENERAL MEETING
D) ANNUAL GENERAL
MEETING
12.FOR THE PURPOSES OF
SECTION 224(IB) THE NUMBER OF PARTNERS OF A FIRM WHICH SHALL BE TAKEN INTO
ACCOUNT WOULD BE AS ON THE DATE OF _
A) COMPLETION OF AUDIT
B) AUDITOR’S REPORT
C) ACCEPTANCE OF AUDIT
D) STARTING OF AUDIT WORK
13.WHICH OF THE FOLLOWING
IS COUNTED FOR THE PURPOSES OF SECTION 224(IB) THE NUMBER OF PARTNERS OF A FIRM
WHICH SHALL BE TAKEN INTO ACCOUNT WOULD BE AS ON THE DATA OF ___
A) JOINT AUDIT
B) AUDIT TO NONPROFIT COMPANIES
C) AUDIT OF UNLIMITED COMPANIES
D) ALL OF THE ABOVE E)
(A) AND (B) ONLY
14. MR. NARAYAN, A
CHARTED ACCOUNTANT, HAS NINETEEN AUDITS, OUT OF FOL OWING AUDITS WHICH AUDITS
SHOULD HE ACCEPT TO ENSURE HE DOESN’T VIOLATE PROVISIONS OF SECTION 224(IB) __
A) AUDIT OF ZEBA LTD. A PRIVATE COMPANY
B) AUDIT OF BRANCH OF POINTEC LTD. A FOREIGN COMPANY
C) AUDIT OF TWO BRANCHES OF VIRTUE LTD. AN INDIAN COMPANY
D) ALL OF THEM
15. WHICH AUDIT OUT OF
THE FOLLOWING WOULD NOT BE REGARDED AS ONE AUDIT FOR THE PURPOSES OF SECTION
224(IB)?
A) AUDIT OF ONE BRANCH EACH OF TWO DIFFERENT COMPANIES
B) JOINT AUDIT
C) AUDIT HEAD OFFICE & BRANCHES
D) AUDIT OF ONE OR MORE BRANCHES OF A COMPANY
16. THE AUDITOR OF A
GOVERNMENT COMPANY IS APPOINTED BY THE C & AG. HIS REMUNERATION IS FIXED BY
A) THE C & AG
B) THE SHAREHOLDERS
C) THE SHAREHOLDERS AT AN ANNUAL GENERAL MEETING
D) THE BOARD OF DIRECTORS
17. THE SECTION, WHICH
CONTAINS PROVISIONS REGARDING REMUNERATION OF THE AUDITOR IS_
A) SECTION 224(9)
B) SECTION224 (7)
C) SECTION224 (8)
D) SECTION224 (6)
18. THE AUTHORITY TO
REMOVE THE FIRST AUDITOR BEFORE THE EXPIRY OF TERM IS WITH_
A) THE SHAREHOLDERS IN A GENERAL MEETING
B) THE SHAREHOLDERS IN THE FIRST ANNUAL GENERAL MEETING
C) THE BOARD OF DIRECTORS
D) THE CENTRAL GOVERNMENT
19. WHICH OF THE
FOLLOWING STATEMENTS IS NOT CORRECT REGARDING REMOVAL OF FIRST AUDITOR BEFORE EXPIRY
OF THE TERM?
A) HE IS REMOVED AT A GENERAL MEETING
B) THE SHAREHOLDERS ARE AUTHORIZED TO DO SO
C) THE APPROVAL OF THE CENTRAL GOVERNMENT IS REQUIRED FOR
SUCH REMOVAL
D) THE PROVISIONS FOR SUCH REMOVAL ARE CONTAINED IN SECTION
224(7)
20. THE RETIRING AUDITOR
DOES NOT HAVE A RIGHT TO___
A) MAKE WRITTEN
REPRESENTATIONS
B) GET HIS
REPRESENTATIONS CIRCULATED.
C) BE HEARD AT THE MEETING
D) SPEAK AS A MEMBER OF THE COMPANY
21. WHO OUT OF THE
FOLLOWING CANNOT BE APPOINTED AS A STATUTORY AUDITOR OF THE COMPANY?
A) ERSTWHILE DIRECTOR
B) INTERNAL AUDITOR
C) RELATIVE OF A DIRECTOR
D) ONLY (B) AND (C)
22.A STATUTORY AUDITOR
HAS A RIGHT OF ACCESS AT ALL TIMES TO
A) BOOKS AND ACCOUNTS OF A COMPANY B) BOOKS, ACCOUNTS AND
DOCUMENTS OF THE COMPANY
C) BOOKS, ACCOUNTS AND VOUCHERS OF THE COMPANY
D) NOTICES AND DOCUMENTS OF THE COMPANY
23. THE AUDITOR HAS A
RIGHT TO
A) OBTAIN INFORMATION
AND EXPLANATION
B) OBTAIN INFORMATION AND EXPLANATION FROM THE EMPLOYEES AND
OFFICERS
C) OBTAIN INFORMATION AND EXPLANATION NECESSARY FOR THE
PURPOSE OF AUDIT
D) BOTH (B) AND (C
24. THE PRINCIPAL
AUDITOR, AS PER CLARIFICATION ISSUED BY THE ICAI, DOES NOT HAVE ANY RIGHT TO
A) INSPECT WORKING
PAPERS OF THE BRANCH AUDITOR
B) VISIT BRANCHES
C) SEEK INFORMATION NECESSARY FOR AUDIT PURPOSES
D) INCORPORATE THE BRANCH AUDIT REPORT IN HIS AUDIT REPORT
25.UNDER WHICH OF THE
FOLLOWING SECTION AUDITOR HAS A DUTY TO ENQUIRE INTO SIX SPECIFIED MATTERS AND REPORT BY EXCEPTION?
A) SECTION 227(4A)
B) SECTION 227 (IA)
C) SECTION 227 (2)
D) SECTION 227(3)
6.THE AUDITOR HAS TO
ENQUIRE, UNDER SECTION 227 (IA) INTO DIFFERENT ASPECTS, RELATED TO SHARES ALLOTTED
FOR CASH FOR THE PURPOSE OF AUDITOR INCLUDE
A) SHARES AGAINST WHOSE ALLOTMENT CASH HAS ACTUALLY BEEN
RECEIVED
B) SHARES ALLOTTED FOR CONSIDERATION OTHER THAN CASH
C) SHARES ALLOTTED AGAINST A DEBT PAYABLE
D) ALL OF THEM
27.RIGHT TO VISIT
BRANCHES HAS BEEN GIVEN TO THE AUDITOR UNDER WHICH SECTION?
A) SECTION 222(3)
B) SECTION 228(2)
C) SECTION 228(4)
D) SECTION 228(3)
28.WHICH OF THE FOLLOWING
STATEMENTS WITH REGARD TO RULES REGARDING EXEMPTION FROM BRANCH AUDIT IS NOT
TRUE?
A) A BRANCH OFFICE OF A COMPANY CAN BE GRANTED EXEMPTION ON
THE BASIS OF QUANTUM OF
ACTIVITY CRITERION
B) IF A SATISFACTORY ARRANGEMENT OF SCRUTINY CHECK OF THE
BOOKS OF ACCOUNT OF A BRANCH OFFICE
OF A MANUFACTURING COMPANY HAS BEEN MADE, IT CAN BE EXEMPTED
FORM BRANCH AUDIT
C) COST CONSIDERATION SHOULD BE CONSIDERED AS AN IMPORTANT
FACTOR/GROUND FOR EXEMPTION
FROM BRANCH AUDIT
D) THE AUDITOR SHOULD STATE IN HIS AUDIT REPORT THAT BRANCH
OFFICE IS EXEMPTED BY VIRTUE OF
QUANTUM OF ACTIVITY OR ANY OTHER BASIS
29.THE BRANCH AUDITOR IS
APPOINTED BY –
A) SHAREHOLDERS IN AN ANNUAL GENERAL MEETING
B) SHAREHOLDERS IN
GENERAL MEETING
C) BOARD OF DIRECTORS IN BOARD MEETING
D) ANY OF THE ABOVE
30.AUDITOR OF A ……COMPANY
DOES NOT HAVE RIGHT TO VISIT FOREIGN BRANCHES OF THE COMPANY
A) UNLIMITED LIABILITY
B) MANUFACTURING
C) BANKING
D) NONPROFIT MAKING
31.SPECIAL AUDIT IS
CONDUCTED AT THE ORDER OF THE CENTRAL GOVERNMENT. WHICH SECTION GIVES SUCH
POWERS?
A) SECTION 233(A)
B) SECTION 233A
C) SECTION 242(A)
D) SECTION 242A
32.WHO AMONG THE FOL
OWING CAN BE APPOINTED AS SPECIAL AUDITOR BY THE CENTRAL GOVERNMENT?
A) THE STATUTORY AUDITOR
B) CHARTERED
ACCOUNTANT IN PRACTICE
C) ANY CHARTERED ACCOUNTED WHO IS NOT IN PRACTICE
D) BOTH (A) AND (B)
33.THE SCOPE OF THE AUDIT
INCLUDING REFERENCE TO THE PRONOUNCEMENTS OF THE ICAI, WHICH THE
AUDITOR ADHERES TO, GENERAL Y IS COMMUNICATED TO THE CLIENT
IN THE
I) AUDITOR’S REPORT
II) ENGAGEMENT LETTER II ) REPRESENTATION LETTER
A) I) ONLY B) BOTH (I) AND (II) C) BOTH (I) AND (I I) D) ALL
THE ABOVE
34.IF ANY DIRECTOR IS
DISQUALIFIED FROM BEING APPOINTED UNDER SECTION 274(1) (G), THE AUDITOR
SHOULD MENTION THIS FACT
IN HIS AUDIT REPORT. FOR THIS PURPOSE, HOW DOES HE DETERMINE THEIR
ELIGIBILITY :
A) HE OBTAINS A REPRESENTATION FROM EACH DIRECTOR
B) HE OBTAINS A MANAGEMENT REPRESENTATION
C) HE ENQUIRIES FROM REGISTRAR OF COMPANIES D) ANY ONE OF THE
ABOVE
35.AS PER THE ‘STATEMENT
ON QUALIFICATION IN AUDITOR’S REPORT’S ISSUED BY THE ICAI, THE AUDITOR, UNDER
SECTION 227(3) HAS TO GAVE A STATEMENT OF FACT ON_
A) PROPER BOOKS OF
ACCOUNT
B) ACCOUNTING
STANDARDS
C) CESS PAYABLE UNDER SECTION 441A
D) NONE OF THE ABOVE
36.THE DATE ON AUDITOR’S
REPORT SHOULD NOT BE__
A) THE DATA OF AGM
B) LATER THAN THE DATE ON WHICH THE ACCOUNTS ARE APPROVED IN
BOARD’S MEETING
C) EARLIER THAN THE DATE ON WHICH THE ACCOUNTS ARE APPROVED
BY THE MANAGEMENT
D) BOTH (A) AND (B)
37.SECTION 227(2) OF THE
COMPANIES ACT, REQUIRES THE AUDITOR TO GIVE HIS REPORT TO THE MEMBERS OF THE
COMPANY ON CERTAIN MATTERS. WHICH OF THE FOL OWING IS NOT INCLUDED IN THE
ABOVE?
A) ACCOUNTS EXAMINED BY HIM
B) EVERY BALANCE SHEET AND PROFIT AND LOSS ACCOUNT LAID
BEFORE A GENERAL MEETING DURING HIS
TENURE
C) EVERY DOCUMENT THAT IS A PART OF OR ‘ANNEXED TO’ THE
BALANCE SHEET
D) EVERY DOCUMENT WHICH IS ATTACHED TO THE PROFIT AND LOSS
ACCOUNT
38.WHEN RESTRICTIONS THAT
SIGNIFICANTLY AFFECT THE SCOPE OF THE AUDIT ARE IMPOSED BY THE CLIENT,
THE AUDITOR GENERALLY SHOULD ISSUE WHICH OF THE FOLLOWING
OPINION?
A) QUALIFIED OPINION
B) DISCLAIMER OF
OPINION
C) ADVERSE OPINION
D) UNQUALIFIED REPORT WITH ‘AN EMPHASIS OF MATTER’ PARAGRAPH;
39.WHICH OF THE FOLLOWING
REPORT NOT RESULT IN QUALIFICATION OF THE AUDITOR’S OPINION DUE TO A SCOPE
LIMITATION?
A) RESTRICTIONS THE CLIENT IMPOSED
B) RELIANCE ON THE REPORT OF OTHER AUDITOR
C) INABILITY TO OBTAIN SUFFICIENT APPROPRIATE EVIDENTIAL
MATTER
D) INADEQUACY OF ACCOUNTING RECORDS
40.THE INVENTORY CONSISTS
OF ABOUT ONE PER CENT OF AL ASSETS. THE CLIENT HAS IMPOSED RESTRICTION ON
AUDITOR TO PROHIBIT OBSERVATION OF STOCK TAKE. THE AUDITOR CANNOT APPLY
ALTERNATE AUDIT PROCEDURES.
A) UNQUALIFIED OPINION
B) QUALIFIED OPINION
C) DISCLAIMER OF OPINION
D) ADVERSE OPINION
41.IF IN THE ABOVE
QUESTION, THE INVENTORY CONSISTED OF ABOUT TEN PER CENT OF TOTAL ASSETS, OTHER
CONDITIONS REMAINING SAME, THE AUDITOR SHOULD ISSUE __
A) UNQUALIFIED OPINION
B) QUALIFIED OPINION
C) DISCLAIMER OF OPINION
D) ADVERSE OPINION
42. THE AUDITOR HAS
SERIOUS CONCERN ABOUT THE GOING CONCERN OF THE COMPANY. IT IS DEPENDENT ON
COMPANY’S OBTAINING A WORKING CAPITAL LOAN FROM A BANK WHICH HAS BEEN APPLIED
FOR. THE MANAGEMENT OF THE COMPANY HAS MADE FULL DISCLOSURE OF THESE FACTS IN
THE NOTES TO THE BALANCE SHEET. THE AUDITOR IS SATISFIED WITH THE LEVEL OF
DISCLOSURE. HE SHOULD ISSUE_
A) UNQUALIFIED OPINION
B) UNQUALIFIED OPINION WITH REFERENCE TO NOTES TO THE
ACCOUNTS
C) QUALIFIED OPINION
D) DISCLAIMER OF OPINION
43.WHICH OF THE FOLLOWING
IS TRUE ABOUT EXPLANATORY NOTES?
A) THESE ARE GIVEN BY THE DIRECTORS OF THE COMPANY
B) THESE ARE GIVEN TO ADHERE TO REQUIREMENTS OF SECTION 211.
C) THESE ARE GIVEN BY AUDITORS OF THE COMPANY IN AUDITOR’S
REPORT
D) ALL OF THE ABOVE
44.THE CLIENT CHANGED
METHOD OF DEPRECIATION FROM STRAIGHT LINE TO WRITTEN DOWN VALUE METHOD. THIS
HAS BEEN DISCLOSED AS A NOTE TO THE FINANCIAL STATEMENTS. IT HAS AN IMMATERIAL
EFFECT ON THE CURRENT FINANCIAL STATEMENTS. IT IS EXPECTED, HOWEVER, THAT THE
CHANGE WIL HAVE A SIGNIFICANT EFFECT ON FUTURE PERIODS. WHICH OF THE FOL OWING
OPTION SHOULD THE AUDITOR EXPRESS?
A) UNQUALIFIED OPINION
B) QUALIFIED OPINION
C) DISCLAIMER OF OPINION
D) ADVERSE OPINION
45.WHICH OF THE FOL OWING
IS NOT TRUE REGARDING REQUIREMENTS UNDER SECTION 227(3) (F) OF THE COMPANIES
ACT, 1956?
A) THE AUDITOR HAS TO SATISFY HIMSELF WHETHER ANY OF THE
DIRECTORS OF THE COMPANY, WHETHER
PUBLIC OR PRIVATE, ARE DISQUALIFIED FROM BEING APPOINTED AS
DIRECTORS AS PER SECTION 274(1) (G).
B) SECTION 274(1) (G)
IS APPLICABLE TO APPOINTMENT OF DIRECTORS BOTH IN PUBLIC AND PRIVATE
COMPANIES BUT REPORTING IS LIMITED TO ONLY THOSE DIRECTORS OF
A COMPANY WHO ARE ALSO
DIRECTORS OF A PUBLIC COMPANY
C) THE AUDITOR REQUIRES EVERY DIRECTOR TO SUBMIT A WRITTEN
REPRESENTATION IN RESPECT OF EACH
PUBLIC COMPANY, OF WHICH THE IS A DIRECTOR, AS TO WHETHER
SUCH COMPANY HAS DEFAULTED IN
TERMS OF PROVISIONS OF SECTIONS 274(1) (G)
D) THE DISQUALIFICATION SHOULD BE CONSIDERED ON THE DATE OF
AUDIT REPORT.
46.THE MANAGEMENT OF A
COMPANY, TO WHICH AS3. IS NOT APPLICABLE, DOES NOT INCLUDE STATEMENT OF CASH
FLOWS IN ITS ANNUAL REPORT. THE AUDITOR SHOULD EXPRESS
A) UNQUALIFIED OPINION
B) QUALIFIED OPINION
C) ADVERSE OPINION
D) ANY OF THESE DEPENDING UPON MATERIALITY AND PERVASIVENESS
AND ADEQUACY OF DISCLOSURE
47.IN CASE THE AUDITOR
GIVES A DISCLAIMER OF OPINION IN THE AUDIT REPORT WHICH OF THE FOLLOWING
PARAGRAPH(S) OF A STANDARD UNQUALIFIED AUDIT REPORT ARE MODIFIED?
A) SCOPE PARAGRAPH
B) OPINION PARAGRAPH
C) SCOPE AND OPINION PARAGRAPHS
D) INTRODUCTORY, SCOPE AND OPINION PARAGRAPH
48.A DEPARTURE FROM
RECOGNIZED ACCOUNTING PRINCIPLE IS DISCLOSED IN A NOTE TO THE FINANCIAL
STATEMENTS. THE AUDITOR SHOULD
A) ISSUE A STANDARD UNQUALIFIED AUDIT REPORT
B) ISSUE A QUALIFIED REPORT
C) ISSUE AN UNQUALIFIED REPORT WITH ‘EMPHASIS OF MATTER’
PARAGRAPH
D) DISCLAIM OPINION
49.AB & CO, CHARTERED
ACCOUNTANT, HAVE BEEN REQUESTED BY THEIR CLIENT XYZ LTD. NOT TO CONFIRM
ACCOUNTS RECEIVABLES BECAUSE OF CONCERNS ABOUT CREASING CONFLICTS WITH
CUSTOMERS OVER AMOUNTS OWED. THE AUDITORS WERE SATISFIED CONCERNING RECEIVABLES
AFTER APPLYING ALTERNATIVE AUDIT PROCEDURES AB & CO.’S AUDITORS REPORT
LIKELY CONTAINED
A) QUALIFIED OPINION
B) DISCLAIMER OF OPINION
C) UNQUALIFIED I OPINION WITH AN EXPLANATORY PARAGRAPH
D) UNQUALIFIED OPINION
50.THE AUDITOR SHOULD
STATE THE REASONS FOR HIS RESERVATIONS IN AUDIT REPORT AND SHOULD TRY TO
QUANTIFY THE EFFECT ON THEM. THIS SHOULD BE DONE IN CASE HE HAS EXPRESSED _
I) A QUALIFIED OPINION II) AN UNQUALIFIED OPINION WITH
EMPHASIS OF MATTER PARAGRAPH
III) AN ADVERSE OPINION IV) A DISCLAIMER OF OPINION
A) I) ONLY B) I) AND (IV) ONLY C) I), III) AND (IV) ONLY D)
ALL OF THE ABOVE
51.COMPANIES EXEMPTED
FROM APPLICATION OF CARO, 2003 DOES NOT INCLUDE_
A) A BANKING COMPANY
B) AN INSURANCE COMPANY
C) A PRIVATE LIMITED COMPANY WITH PAID UP CAPITAL AND
RESERVES NOT MORE THAN FIFTY FIVE LAKH
D) A LICENSED COMPANY
52.UNDER CARO, 2003, THE
AUDITOR’S REPORT SHOULD INCLUDE REPORT ABOUT MAINTENANCE OF PROPER RECORDING
RELATING TO____
A) FIXED ASSETS AND COST
B) FIXED ASSETS, COST AND INVESTMENTS
C) FIXED ASSETS , COST INVESTMENTS AND INVENTORIES
D) FIXED ASSETS, COST
AND INVENTORY
53.UNDER CARO, 2003 THE
AUDITOR IS REQUIRED TO REPORT ON
A) ARREARS OF CUMULATIVE PREFERENCE DIVIDENDS
B) PREFERENTIAL ALLOTMENT OF SHARES TO RELATED PARTY
C) DISPOSAL OF FIXED ASSETS AND ITS EFFECT ON GOING CONCERN.
D) UNSECURED LOANS GRANTED TO RELATED PARTY.
COMPANY AUDITOR
1. B 2. A 3. C 4. D 5. D 6. B 7. A 8. B 9. A 10. B 11. C 12. C 13. E 14. D 15. A
16. B 17. C 18. A 19. C 20. D 21. B 22. C 23. D 24. A 25. B 26. D 27. C 28. B 29. B 30. B
31. C 32. B 33. B 34. A 35. C 36. C 37. D 38. A 39. B 40. A
41. C 42. B 43. A 44. A 45. D 46. A 47. C 48. B 49. C 50. A
51. C 52. C 53. A
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