Q. Internal auditor has to submit report to –
✅ Correct Answer: (D)
none of above
Auditing MCQs and Notes
Q. A remuneration of a company auditor is fixed by the –
✅ Correct Answer: (D)
Appointing authority
Q. A special auditor is appointed by the –
✅ Correct Answer: (C)
Central government
Q. The vacancy caused by resignation at a auditor is filled by –
✅ Correct Answer: (B)
At the general meeting of shareholders
Q. First auditor of the company is appointed by the –
✅ Correct Answer: (D)
Board of directors
Q. Outstanding expenses should be verified with the help of –
✅ Correct Answer: (C)
Journal proper
Q. Floating assets are valued at –
✅ Correct Answer: (C)
Cost price or market price whichever is less
Q. “Auditor is not valuer.” This statement was stated in –
✅ Correct Answer: (A)
Kingston Cotton Mill Case
Q. Valuation of fixed assets is based on the concept –
✅ Correct Answer: (A)
Going concern
Q. Verification refers to –
✅ Correct Answer: (C)
Examining the physical existence & valuation of assets