Q. The audit that is made compulsory under statute is called _________.
✅ Correct Answer: (A)
Statutory audit.
Auditing Corporate Governance MCQs and Notes
Q. Which of the following is not a kind of audit?
✅ Correct Answer: (D)
None of these.
Q. The work of one clerk is automatically check by another clerk is called
✅ Correct Answer: (B)
Internal check.
Q. Which of the following object is not included while verifying the liabilities by the auditor?
✅ Correct Answer: (D)
All of the above
Q. Who is responsible for the verification of assets?
✅ Correct Answer: (A)
Auditor
Q. Which of the following is not the procedure for vouching of cash sales:
✅ Correct Answer: (D)
Examine balance sheet
Q. The process of inspecting a document that supports a recorded transaction in order to verify the authority and authenticity of such a transaction
✅ Correct Answer: (C)
Vouching
Q. The object of internal audit is
✅ Correct Answer: (A)
To detect frauds and errors
Q. The arrangement of duties of staff in such a manner, that the work of one person is automatically checked by another during the course of carrying out, recording and processing a transaction.
✅ Correct Answer: (A)
Internal check