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CA Final Institute of Chartered Accountants of India — practice questions

Explore 47 free Institute of Chartered Accountants of India questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Institute of Chartered Accountants of India questions and exercises with answers

Showing questions 1–30 of 47.

On which date was the Institute of Chartered Accountants of India established?Read the answer and worked solution →Which Act created ICAI?Read the answer and worked solution →ICAI functions under the administrative control of which Indian ministry?Read the answer and worked solution →Under the CA Act, which section makes ICAI a body corporate?Read the answer and worked solution →Chartered Accountant replaced which older title?Read the answer and worked solution →Which day is celebrated every year as Chartered Accountants Day in India?Read the answer and worked solution →How is the council of ICAI composed?Read the answer and worked solution →How often is the ICAI council re-elected?Read the answer and worked solution →For how long do the ICAI president and vice-president hold office?Read the answer and worked solution →Who is the chief executive authority of the ICAI council?Read the answer and worked solution →Who was the first president of ICAI, serving from 1949 to 1952?Read the answer and worked solution →A member who has completed five years of continuous practice or employment may apply for which status?Read the answer and worked solution →What must a member obtain from the ICAI Council before engaging in public practice?Read the answer and worked solution →Can a company practise accountancy in India?Read the answer and worked solution →Which Income-tax section treats a CoP holder as an accountant?Read the answer and worked solution →Which two bodies hear ICAI misconduct cases?Read the answer and worked solution →Who first forms a prima facie view on a complaint?Read the answer and worked solution →The Board of Discipline can impose which penalty?Read the answer and worked solution →Where does an aggrieved member appeal?Read the answer and worked solution →How do ICAI and criminal proceedings relate?Read the answer and worked solution →Which company's inflated books led to ICAI action on its auditors?Read the answer and worked solution →In 2010, what did the SC do on the auditors' stay plea?Read the answer and worked solution →Which brokerage's internal auditors were held negligent over demat accounts?Read the answer and worked solution →Why did ICAI seek added powers over audit firms?Read the answer and worked solution →What does ICAI's Peer Review Board examine?Read the answer and worked solution →Which regulations sit in the members' handbook?Read the answer and worked solution →What follows if a member does not comply with technical standards issued by ICAI?Read the answer and worked solution →What do Standards on Auditing apply to?Read the answer and worked solution →Standards on Quality Control apply to which services?Read the answer and worked solution →Which body has recommended auditing standards since 2018?Read the answer and worked solution →

Worked practice questions

On which date was the Institute of Chartered Accountants of India established?

  1. 1 July 1947
  2. 15 August 1949
  3. 26 January 1950
  4. 1 July 1949
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Correct answer: D. 1 July 1949

The institute came into being on 1 July 1949, the day the Chartered Accountants Act took effect, and that date is observed as Chartered Accountants Day.

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Which Act created ICAI?

  1. Companies Act, 1913
  2. Companies Act, 1956
  3. Contract Act, 1872
  4. Accountants Act, 1949
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Correct answer: D. Accountants Act, 1949

Parliament enacted the Chartered Accountants Act, 1949 to promote, develop and regulate the profession, and ICAI is established under it.

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ICAI functions under the administrative control of which Indian ministry?

  1. Ministry of Finance and Revenue
  2. Ministry of Law and Justice
  3. Ministry of Commerce and Trade
  4. Ministry of Corporate Affairs
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Correct answer: D. Ministry of Corporate Affairs

ICAI is administratively placed under the Ministry of Corporate Affairs, which also administers the Companies Act.

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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