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CA Final Audit Committee — practice questions

Explore 22 free Audit Committee questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Audit Committee questions and exercises with answers

Showing questions 1–22 of 22.

A joint audit is carried out by how many auditors?Read the answer and worked solution →In a joint audit, how many audit reports are produced for the entity?Read the answer and worked solution →In a typical joint audit, which activity is performed jointly by the auditors?Read the answer and worked solution →Joint auditors are typically which kind of persons?Read the answer and worked solution →Under a dual audit, how do the two independent auditors report?Read the answer and worked solution →Which country made joint audit a legal requirement for public-interest entities?Read the answer and worked solution →Since the 2014 European audit reform, joint auditing in Europe is:Read the answer and worked solution →System and organization controls (SOC) reports are meant for use by which entities?Read the answer and worked solution →How many Trust Service Criteria categories do SOC 2 reports focus on?Read the answer and worked solution →Which Trust Services Criteria category covers information being protected and available on a need to know basis?Read the answer and worked solution →Which Trust Services Criteria category means systems are available for operational use?Read the answer and worked solution →A SOC 1 report relates mainly to which subject?Read the answer and worked solution →SOC 1 and SOC 2 reports are intended for which audience?Read the answer and worked solution →Which function is overseen by an audit committee?Read the answer and worked solution →Under the Indian rules, a public company needs an Audit Committee if its paid-up capital is at least:Read the answer and worked solution →Under the Indian rules, loans, borrowings, debentures and deposits of what amount trigger an Audit Committee?Read the answer and worked solution →Which is a typical audit committee responsibility?Read the answer and worked solution →Where are an audit committee's duties typically described?Read the answer and worked solution →Which matter must external auditors report to the audit committee?Read the answer and worked solution →In what year did the SEC first recommend audit committees of outside directors for public companies?Read the answer and worked solution →Which 2002 US law raised audit committee membership requirements after corporate scandals?Read the answer and worked solution →How often should audit committees complete a self-evaluation?Read the answer and worked solution →

Worked practice questions

A joint audit is carried out by how many auditors?

  1. Two or more auditors
  2. The internal auditor
  3. Exactly three auditors
  4. A single auditor only
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Correct answer: A. Two or more auditors

Two or more auditors share the work and responsibility for the audit of one entity.

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In a joint audit, how many audit reports are produced for the entity?

  1. One per auditor
  2. Two separate ones
  3. A single report
  4. None until rotation
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Correct answer: C. A single report

The joint auditors together produce one report, which is why responsibility is shared.

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In a typical joint audit, which activity is performed jointly by the auditors?

  1. Audit planning work
  2. Separate signing
  3. Negotiating fees
  4. Issuing two opinions
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Correct answer: A. Audit planning work

Planning is done together and the fieldwork is then divided between the firms.

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More Auditing topics

Auditor's ReportOverview of Audit of Public Sector UndertakingsInternal AuditStandards on Auditing and Professional EthicsInternational Ethics Standards Board for AccountantsRisk Assessment and Internal ControlSpecial Features of Audit of Banks and Non-Banking Financial CompaniesAuditor's Report on Financial Statements