CA. X is a partner in M/s AB & Associates and M/s MN & Associates simultaneously. M/s AB & Associates has completed its tnure of 10 years as an auditor in XYZ Ltd. immediately preceding the current financial year. It may be noted that the provisions for applicability of rotation of auditors are applicable to XYZ Ltd. Now, the company wants to appoint M/s MN & Associates as auditor for 5 years.
Correct
Incorrect
Question 2 of 30
2. Question
1 points
Category: Advanced Auditing & Professional Ethics
ABC Pvt. Ltd., a new company, incorporated on 01.07.2018 is enraged in the manufacturing business. On 30.07.2018, the Managing Directors of ABC Pvt. Ltd. himself appointed CA Mohan, as the first auditor of the company.
Correct
Incorrect
Question 3 of 30
3. Question
1 points
Category: Advanced Auditing & Professional Ethics
KM Pvt. Ltd., engaged in the manufacturing business of silk shirts, is a newly incorporated company dated 01.09.2018. On 28.09.2018, the members of KM Pvt Ltd. themselves appointed CA Raj, a renowned practitioner, as the first auditor of the company opposing that Board is not authorized to appoint the auditor.
Correct
Incorrect
Question 4 of 30
4. Question
1 points
Category: Advanced Auditing & Professional Ethics
KM Ltd., a Government company is incorporated on 01.09.2018. on 28.09.2018, the Board of Directors themselves appointed CA Raj, a renowned practitioner, as the first auditor of the company.
Correct
Incorrect
Question 5 of 30
5. Question
1 points
Category: Advanced Auditing & Professional Ethics
PQR Company Ltd. removed their first auditor by passing a resolution in the meeting of the Board of Directors for his removal without obtaining prior approval from the Central Government.
Correct
Incorrect
Question 6 of 30
6. Question
1 points
Category: Advanced Auditing & Professional Ethics
“Mr. A”, a practicing Chartered Accounting, is holding securities of “XYZ Ltd.” having face value of Rs.90000/-. XYZ Ltd. wants to appoint Mr. B does not hold any securities in the company.
Correct
Incorrect
Question 7 of 30
7. Question
1 points
Category: Advanced Auditing & Professional Ethics
Mr. B, a partner of Mr. A held shares of face value of Rs. 1,05,000 in DEF Ltd., the holding company of ABC Ltd. Mr. B has sold the securities after a period of 45 days from the date of appointment of Mr. A as an auditor of ABC Ltd.
Correct
Incorrect
Question 8 of 30
8. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per proviso to Sec. 140(5) of Companies Act, 2013, if the application is made by the Central Government and the Tribunal is satisfied that any change of the auditor is required, it shall within_________of receipt of such application, make an order that he shall not function as an auditor and the________may appoint another auditor in his place.
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per proviso to Sec. 140(5) of Companies Act, 2013, an auditor, whether individual or firm, against whom final order has been passed by the Tribunal under this section shall not be eligible to be appointed as an auditor of_______for a period of_________from the date of passing of the order.
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Sec. 143(6) of Companies Act, 2013, the Comptroller and Auditor General of India shall within_______days from the date of receipt of the audit report have a right to, conduct a_______of the_______of the company by such person or persons as he may authorize in this behalf.
Correct
Incorrect
Question 11 of 30
11. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Sec. 143(12) of Companies Act, 2013, if an auditor of a company in the cource of the performance of his duties as auditor, has reason to belive that an offence of fraud involving such amount or amounts as may be prescribed, is being or has been committed in the company by its officers or employees, the auditor shall report the matter to the Central Government within such time and in such manner as many be prescribed. The amount prescribed for this purpose is_______
Correct
Incorrect
Question 12 of 30
12. Question
1 points
Category: Advanced Auditing & Professional Ethics
Report of fraud to Central Government required under Section 143(12) of Companies Act, 2013 read with Rule 13 of Companies (Audit & Auditor’s) Rules, 2014 shall be in the form of a statement as specified in__________and sent to__________.
Correct
Incorrect
Question 13 of 30
13. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per sec. 143(15) of Companies Act, 2013, if any auditor, cost accountant or company secretary in practice do not comply with the provisions of Sec. 143(12), he shall be punishable with fine which shall not be less than_______but which may extend to_______
Correct
Incorrect
Question 14 of 30
14. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Section 144 of the Companies Act, 2013, auditor appointed under this Act cannot render certain services to the company. Which of the following service is not covered in the services prescribed u/s 144?
Correct
Incorrect
Question 15 of 30
15. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Section 144 of the Companies Act, 2013, auditor appointment under this Act cannot render certain services to the company or its___________.
Correct
Incorrect
Question 16 of 30
16. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Sec. 147 of the Companies Act, 2013, if any of the provisions of sections 139 to 146 (both inclusive) is contravened, the company shall be punishable with fine which shall not be less than________but which may extend to_________.
Correct
Incorrect
Question 17 of 30
17. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Sec. 147 of the Companies Act, 2013, if any of the provisions of sections 139 to 146 (both inclusive) is contravened, every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to_______or with fine which shall not be less than_______but which may extend to___________or with both.
Correct
Incorrect
Question 18 of 30
18. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Sec. 147 of the Companies Act, 2013, if an auditor of a company contravenes any of the provisions of Sec. 139, Sec. 143, Sec. 144 or Sec. 145, the auditor shall be punishable with fine which shall not be less than________but which may extend to_________.
Correct
Incorrect
Question 19 of 30
19. Question
1 points
Category: Advanced Auditing & Professional Ethics
For the purposes of Section 148(1) of the Companies Act, 2013, the specified class of companies, including forign companies, engaged in the production of the goods or providing services, having an overall turnover from all its products and services of_______. shall include cost records for such products or services in their books of account.
Correct
Incorrect
Question 20 of 30
20. Question
1 points
Category: Advanced Auditing & Professional Ethics
Electro Ltd. is engaged in generation of electricity for captive consumption through Captive Generating Plant. The Company also maintain cost records in their books of account as required under Cost Records and Audit Rules. Mr. X, friend of Managing Director of the company, suggested name of his brother, who is a Cost Accountant in Practice, for the purpose of cost audit.
Correct
Incorrect
Question 21 of 30
21. Question
1 points
Category: Advanced Auditing & Professional Ethics
ABC & Co. is a firm of Chartered Accountants has three partners, A, B, C. The firm is holding audit of 55 companies which include 100 small companies, 5 government public companies, 5 listed companies, 5 OPC, 15 public companies and 15 private companies having paid up capital more than 100 crores. Firm has been offered the appointment as auditors of 30 companies. Of the 30 companies, 5 are private companies having paid up capital of each company is below 100 crores and the remaining 25 companies are public companies.
Correct
Incorrect
Question 22 of 30
22. Question
1 points
Category: Advanced Auditing & Professional Ethics
M/s 10 Ltd. is registered with Registrar of Companies on 1st of May 2016. The company’s 27% of paid up share capital is held by Central Government; 28% by State Government and the remaining 45% by public. The Investment committee of the company makes a contribution 2.5 lacs during the financial year ended 31.03.2019 to a political party for running a school for blinds.
Average profit earned by the company in the preceding financial years was 30 Lacs.
Correct
Incorrect
Question 23 of 30
23. Question
1 points
Category: Advanced Auditing & Professional Ethics
As per Sec. 143(3)(f) of Companies Act, 2013, auditor’s report shall also state” the observations or comments of the auditors on financial transactions or matters which have any adverse effect on the functioning of the company”. The word “observations or comments” as used in the clause (f) refers to:
Correct
Incorrect
Question 24 of 30
24. Question
1 points
Category: Advanced Auditing & Professional Ethics
While auditing the consolidated financial statements, which of the following does not form part of auditor’s objectives:
Correct
Incorrect
Question 25 of 30
25. Question
1 points
Category: Advanced Auditing & Professional Ethics
Auditor appointed at AGM shall hold the office from the conclusion of that AGM till the conclusion of_______.
Correct
Incorrect
Question 26 of 30
26. Question
1 points
Category: Advanced Auditing & Professional Ethics
An Individual auditor of a Listed company who has completed his term shall not be eligible for reappointment as auditor in the same company for_________years from the conclusion of his term.
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Category: Advanced Auditing & Professional Ethics
Which of the following company shall not appoint an audit firm as auditor for more than two terms of five consecutive years:
Correct
Incorrect
Question 28 of 30
28. Question
1 points
Category: Advanced Auditing & Professional Ethics
Subsequent auditor in case of government Company shall be appointed within___________from the commencement of the financial year.
Correct
Incorrect
Question 29 of 30
29. Question
1 points
Category: Advanced Auditing & Professional Ethics
First auditor shall hold office till conclusion of______________.
Correct
Incorrect
Question 30 of 30
30. Question
1 points
Category: Advanced Auditing & Professional Ethics
Casual vacancy in the office of an auditor, shall be filled by the Board of Directors within_____________.
Correct
Incorrect
Ekvijprovides online exams For CA,CMA and CS examinations