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CA Final Internal Audit — practice questions — page 3

Explore 99 free Internal Audit questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Internal Audit questions and exercises with answers

Showing questions 61–90 of 99.

Section 138 of the Companies Act 2013 became effective on:Read the answer and worked solution →Which section gives the general penalty for breach of s.138?Read the answer and worked solution →Default under s.138 attracts Rs 10,000 plus a daily penalty of:Read the answer and worked solution →Which section bars a statutory auditor from internal audit services?Read the answer and worked solution →For Rule 13, turnover means gross revenue recognised from:Read the answer and worked solution →Listed firm, Rs 20 crore turnover: is an internal auditor compulsory?Read the answer and worked solution →Unlisted public firm: capital Rs 30 cr, turnover Rs 150 cr, loans Rs 80 cr, deposits Rs 10 cr. Needed?Read the answer and worked solution →Private firm, turnover Rs 250 crore, no loans: is an internal auditor compulsory?Read the answer and worked solution →Does Rs 80 crore paid-up capital alone, with small sales and debt, bind a private company?Read the answer and worked solution →Unlisted public firm holds only Rs 30 crore deposits. Is appointment compulsory?Read the answer and worked solution →An unlisted public company has turnover of exactly Rs 200 crore. Is s.138 attracted?Read the answer and worked solution →Rule 13 capital, turnover and loan tests look at which period?Read the answer and worked solution →The rule requiring internal auditors is found in which Rules?Read the answer and worked solution →Who decides on any other professional as internal auditor under s.138(1)?Read the answer and worked solution →Section 138 applies to:Read the answer and worked solution →Internal auditing is an assurance activity and also which other activity?Read the answer and worked solution →A chief audit executive generally reports functionally to:Read the answer and worked solution →Internal auditors are not responsible for:Read the answer and worked solution →COSO management control has five components; which is one of them?Read the answer and worked solution →In the 5 C's of an audit finding, 'Criteria' means:Read the answer and worked solution →In an audit finding, 'Cause' explains:Read the answer and worked solution →Which is NOT one of the 5 C's of an audit finding?Read the answer and worked solution →The audit plan is proposed by the CAE for approval of:Read the answer and worked solution →The annual audit plan is mainly based on:Read the answer and worked solution →Which is NOT a 'pillar' of corporate governance with internal audit?Read the answer and worked solution →Which defence line is occupied by the internal audit function?Read the answer and worked solution →The second line of defence includes risk management and:Read the answer and worked solution →Which quality is listed for a good internal audit report?Read the answer and worked solution →A balanced scorecard approach can be used to measure:Read the answer and worked solution →Independent peer reviews serve internal audit as:Read the answer and worked solution →

Worked practice questions

Section 138 of the Companies Act 2013 became effective on:

  1. 12 September 2013
  2. 1 April 2013
  3. 1 October 2014
  4. 1 April 2014
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Correct answer: D. 1 April 2014

Section 138 was brought into force with effect from 1 April 2014.

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Which section gives the general penalty for breach of s.138?

  1. Section 449
  2. Section 448
  3. Section 450
  4. Section 447
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Correct answer: C. Section 450

Section 138 has no specific penalty, so the residuary penalty in section 450 applies.

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Default under s.138 attracts Rs 10,000 plus a daily penalty of:

  1. Rs 500
  2. Rs 1,000
  3. Rs 5,000
  4. Rs 2,000
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Correct answer: B. Rs 1,000

The s.450 penalty is Rs 10,000 with a further Rs 1,000 for each day the default continues.

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More Auditing topics

Auditor's ReportOverview of Audit of Public Sector UndertakingsStandards 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 StatementsAudit Planning Strategy and Execution