Q. …. lays out the strategies to be followed to conduct an audit.
✅ Correct Answer: (A)
An action plan
Audit Taxation MCQs and Notes
Q. Balance sheet audit is also known as …………
✅ Correct Answer: (D)
Financial audit
Q. The performance audit may be initiated by the organisation or by ____.
✅ Correct Answer: (D)
External interested parties
Q. Sole proprietary concerns are ______ to get their financial statements audited by independent financial auditors.
✅ Correct Answer: (B)
Not legally required
Q. Audit papers are the property of ______.
✅ Correct Answer: (B)
Auditor
Q. Sec.143 of Companies Act 20913 deals with _____
✅ Correct Answer: (A)
Powers and rights of an auditor
Q. Auditor should see that amount received for premium on issue of shares should be shown in ______
✅ Correct Answer: (C)
Share Premium account
Q. If there is capital loss, the auditor should
✅ Correct Answer: (B)
Allow payment of dividends
Q. When the auditor is an employee of the organization being audited, the audit is classified as _____
✅ Correct Answer: (A)
Internal
Q. Which of the following persons is qualified to be a company auditor?
✅ Correct Answer: (D)
A practicing-chartered accountant