Q. Thevacancy caused by resignation of an auditor is filled by –
✅ Correct Answer: (B)
At the general meeting of shareholders
Auditing MCQs and Notes
Q. “Auditor is not valuer.” This statement was stated in –
✅ Correct Answer: (A)
Kingston Cotton Mill Case
Q. Sale of Rs.50,000 to ‘A’ was entered as a sale to ‘B’. This is an example of –
✅ Correct Answer: (B)
Error of commission (
Q. The main object of vouching is :
✅ Correct Answer: (C)
Verify authenticity & authority of transactions.
Q. Which of the following is not a duty of an auditor?
✅ Correct Answer: (A)
Duty to report company’s banker
Q. Internal Auditing Standards are issued by the –
✅ Correct Answer: (C)
International Audit & Assurance Standard Board
Q. Cost Audit under Section 233(B) of The Company Act is _____
✅ Correct Answer: (C)
Advisable.
Q. Auditor of a _____ company does not have right to visit foreign branches of company.
✅ Correct Answer: (B)
Manufacturing Company