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CA Final Overview of Audit of Public Sector Undertakings — practice questions — page 3

Explore 100 free Overview of Audit of Public Sector Undertakings questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Overview of Audit of Public Sector Undertakings questions and exercises with answers

Showing questions 61–90 of 100.

Why has the CAG sought to cover PPPs in its audit ambit?Read the answer and worked solution →Which committee examines the CAG audit report laid in Parliament?Read the answer and worked solution →Which three are Parliament's financial standing committees?Read the answer and worked solution →From which year were seven Rajya Sabha members added to the PAC?Read the answer and worked solution →The PAC checks whether money granted by Parliament has beenRead the answer and worked solution →The C&AG report on coal block allocation criticised the Government for allocating blocks withoutRead the answer and worked solution →The Industrial Policy Resolution that laid the framework for Indian PSUs was adopted in which year?Read the answer and worked solution →Which status, created in 2010, raises a PSU's investment ceiling from Rs 1,000 crore to Rs 5,000 crore?Read the answer and worked solution →In which year was financial autonomy first awarded to nine PSUs as Navratna companies?Read the answer and worked solution →The Board directors of central PSUs are appointed byRead the answer and worked solution →Fixed service conditions of the CAG exist mainly to secureRead the answer and worked solution →Who audits the Contingency Fund of India?Read the answer and worked solution →Section 143(6) gives the CAG how many days from receipt of the audit report to act?Read the answer and worked solution →Section 143(6)(a) lets the CAG carry out which audit of a government company?Read the answer and worked solution →Under Section 143(6)(b), what may the CAG do to the statutory auditor's report?Read the answer and worked solution →Where must the CAG's comments under Section 143(6) also be placed?Read the answer and worked solution →Section 143(7) allows the CAG to order which kind of audit of companies covered by s.139(5) or (7)?Read the answer and worked solution →Which DPC Act section applies to the report of a test audit under Section 143(7)?Read the answer and worked solution →Section 3 of the DPC Act fixes the CAG's salary equal to that of whom?Read the answer and worked solution →Section 4 of the DPC Act sets the CAG's term at how many years?Read the answer and worked solution →Section 11 of the DPC Act has the CAG prepare yearly accounts including which accounts?Read the answer and worked solution →Section 13(a) asks the CAG to check that disbursed money wasRead the answer and worked solution →Section 13(b) covers audit of transactions relating to which funds?Read the answer and worked solution →Section 13(c) requires the CAG to audit which departmental accounts?Read the answer and worked solution →Under the Explanation to Section 14, a body is substantially financed if a grant meets what share of its expenditure?Read the answer and worked solution →The Section 14 Explanation also requires a grant or loan of at least what amount in a year?Read the answer and worked solution →After the Section 14 conditions are met in a year, the CAG keeps auditing the body for a furtherRead the answer and worked solution →Under Section 15, for a specific-purpose grant the CAG scrutinises the procedures ofRead the answer and worked solution →Under Section 15(2), CAG may open a grantee's books only ifRead the answer and worked solution →Section 16 audit of receipts checks assessment, collection and what else of revenue?Read the answer and worked solution →

Worked practice questions

Why has the CAG sought to cover PPPs in its audit ambit?

  1. PPPs never use any public funds
  2. PPPs are always audited by CAG
  3. PPPs are banned across India
  4. Some PPPs may escape CAG audit
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Correct answer: D. Some PPPs may escape CAG audit

Whether a PPP project is auditable depends on its funding sources and revenue-sharing agreement, leaving gaps in coverage.

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Which committee examines the CAG audit report laid in Parliament?

  1. House Privileges Committee
  2. Business Advisory Committee
  3. House Rules Committee
  4. Public Accounts Committee
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Correct answer: D. Public Accounts Committee

The PAC's primary function is to examine the CAG's audit report once laid before Parliament.

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Which three are Parliament's financial standing committees?

  1. PAC, Estimates and COPU
  2. PAC, Ethics and Rules
  3. Estimates, Privileges, COPU
  4. PAC, Petitions, Estimates
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Correct answer: A. PAC, Estimates and COPU

The Public Accounts Committee, Estimates Committee and Committee on Public Undertakings form the three financial committees.

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