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CA Final Powers and Duties of Auditors and Auditing Standards — practice questions

Explore 60 free Powers and Duties of Auditors and Auditing Standards questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Powers and Duties of Auditors and Auditing Standards questions and exercises with answers

Showing questions 1–30 of 60.

Under s.143(1) of the Companies Act 2013, when may an auditor access the company's books of account?Read the answer and worked solution →Under s.143(1), the auditor may require officers to give what?Read the answer and worked solution →A holding company's auditor wants subsidiary records for consolidation. What does the s.143(1) proviso give?Read the answer and worked solution →Under s.143(1)(a), the auditor inquires whether loans made on security are what?Read the answer and worked solution →Which inquiry falls under s.143(1)(b) for an auditor?Read the answer and worked solution →Shares sold below cost by a trading company fall under which s.143(1) clause?Read the answer and worked solution →Under s.143(1)(d), the auditor checks whether loans and advances have been shown as what?Read the answer and worked solution →Which item must the auditor inquire into under s.143(1)(e)?Read the answer and worked solution →Shares shown as allotted for cash. Under s.143(1)(f), what is verified?Read the answer and worked solution →The s.143(2) report states, to the best of information and knowledge, that accounts give what view?Read the answer and worked solution →The true and fair view in s.143(2) covers the state of affairs, profit or loss and which statement?Read the answer and worked solution →Under s.143(3)(a), the auditor's report states whether he has obtained what?Read the answer and worked solution →Under s.143(3)(b), the auditor opines on which records kept as required by law?Read the answer and worked solution →Under s.143(3)(d), the report states whether the balance sheet and profit and loss account agree with what?Read the answer and worked solution →Under s.143(3)(e), the auditor reports whether the financial statements comply with which items?Read the answer and worked solution →Under s.143(3)(g), the auditor reports on whether any director is disqualified under which section?Read the answer and worked solution →A matter in s.143 is answered in the negative or with a qualification. What must the report state?Read the answer and worked solution →For a Government company, who directs the auditor on the manner of audit under s.143(5)?Read the answer and worked solution →A Government company's appointed auditor must send a copy of the audit report to whom under s.143(5)?Read the answer and worked solution →Within how many days of receiving the audit report may the CAG act under s.143(6)?Read the answer and worked solution →Which power does s.143(6) give the CAG over a Government company's audit report?Read the answer and worked solution →Under s.143(6), where are CAG comments placed like the audit report?Read the answer and worked solution →Section 19A of which Act covers a CAG test audit report?Read the answer and worked solution →Under s.143(8), who may audit a domestic branch office's accounts?Read the answer and worked solution →Under the s.143(8) proviso, a branch auditor sends his report to whom?Read the answer and worked solution →What does s.143(9) require of every auditor?Read the answer and worked solution →Who prescribes the standards of auditing under s.143(10)?Read the answer and worked solution →Auditing standards under s.143(10) are prescribed as recommended by which body, in consultation with NFRA?Read the answer and worked solution →Until standards are notified under s.143(10), which standards are deemed the auditing standards?Read the answer and worked solution →Under s.143(11), the Government may direct the auditor to add what?Read the answer and worked solution →

Worked practice questions

Under s.143(1) of the Companies Act 2013, when may an auditor access the company's books of account?

  1. Once each quarter
  2. Only at year end
  3. Only with consent
  4. At all times
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Correct answer: D. At all times

The statute gives every auditor an unrestricted right of access whenever needed for the audit, whatever the place where the books are kept.

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Under s.143(1), the auditor may require officers to give what?

  1. Share certificates only
  2. Board minutes only
  3. Information, explanation
  4. A written indemnity
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Correct answer: C. Information, explanation

Officers must supply whatever information and explanation the auditor considers necessary to perform the audit duties.

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A holding company's auditor wants subsidiary records for consolidation. What does the s.143(1) proviso give?

  1. No such right
  2. Right via the Board
  3. Right of access
  4. Right if CAG allows
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Correct answer: C. Right of access

The proviso extends the holding company auditor's access to records of subsidiaries and associate companies, limited to what consolidation needs.

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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