Top 150+ Solved Auditing Corporate Governance MCQ Questions Answer
Q. The full form of CAAT
a. Computer Assisted Audit Techniques
b. Computer Assistance Alternate Techniques
c. Computer Audit Assistance Technique
d. Customer Assisted Audit Technique
Q. Black box Approach is an approach which is also known as
a. Auditing around the computer
b. Auditing through the computer
c. Auditing above the computer
d. Auditing under the computer
Q. The process of collecting and evaluating evidence to determine whether a computer system safeguards assets, maintains data integrity, achieves organizational goals effectively, and consumes resources efficiently.
a. Electronic data processing
b. Electronic Domain Process
c. Environment Development process
d. None of the above
Q. Tax audit comprises of
a. Compulsory Tax Audit
b. Tax Audit for claiming deductions and exemptions
c. Selective Tax Audit
d. All of the above
Q. Who among the following can be appointed as cost auditor of a company?
a. Chartered Accountant
b. Cost Accountant within the meaning of Cost and Works Accountants Act, 1959
c. An officer or employee of the company
d. Auditor of the company
Q. Who among the following can conduct tax audit?
a. Practicing Chartered Accountant
b. A Chartered Accountant who has written the books of assessee
c. Employee of the assessee
d. Internal auditor
Q. Cost audit is a verification of cost records to estimate the ________ efficiency of a business.
a. External
b. Internal
c. Both internal and external
d. None of the above
Q. Which of the following statements are true about management audit?
a. The management audit is made compulsory and statutory
b. Management audit cannot be conducted by an independent person
c. No time limit can be fixed for submission of the report under management audit
d. Management audit is a programme of one year
Q. Which of the following is (are) true of the EDP auditors?
a. They should have computer expertise
b. They will be replaced by traditional auditors in the near future
c. Currently, there is a very high demand from firms that use personal computers
d. None of the above
Q. Audit software includes
a. Generalized Audit Software
b. Specialized Audit Software
c. Utility Software
d. All of the Above
Q. International auditing standards are issued by the:
a. International Accounting Standards Board
b. Financial Accounting Standards Board
c. International Audit and Assurance Standards Board
d. Auditing Practices Board
Q. Under the Companies Act, 2013 a cost auditor must be a cost accountant having certificate of practice issued by the institute of Cost Accountants of India as per
a. Section 148
b. Section 147
c. Section 150
d. Section 151
Q. Management Audit assess the efficiency of management for third parties to commit funds for the business in situation such as –
a. Granting loans or participation in equity
b. Reviving sick units
c. Foreign collaborations
d. All of the above
Q. The section which contains provisions regarding compulsory Tax Audit is
a. Section 44AD
b. Section 44BB
c. Section 44AB
d. Section 44AE
Q. For an assesse carrying on business in India, deductions allowed under Section 33AB includes businesses of
a. Growing and manufacturing of tea
b. Growing and manufacturing of coffee
c. Growing and manufacturing of rubber
d. All of the above