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CA Final Special Features of Audit of Banks and Non-Banking Financial Companies — practice questions — page 2

Explore 80 free Special Features of Audit of Banks and Non-Banking Financial Companies questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Special Features of Audit of Banks and Non-Banking Financial Companies questions and exercises with answers

Showing questions 31–60 of 80.

How often is the Board for Financial Supervision normally required to meet?Read the answer and worked solution →Which 1949 law empowered the RBI to regulate, control and inspect banks?Read the answer and worked solution →Under the Banking Regulation Act, what is needed to open a new bank branch?Read the answer and worked solution →Scheduled banks are those included under which Schedule of the RBI Act, 1934?Read the answer and worked solution →How many major commercial banks were nationalised in July 1969?Read the answer and worked solution →The Imperial Bank of India became which bank in 1955?Read the answer and worked solution →SBI merged its associate banks into itself on which date?Read the answer and worked solution →The RBI was nationalised on which date?Read the answer and worked solution →Which commission's recommendations led to the setting up of the RBI?Read the answer and worked solution →The repo rate is the rate at which the RBI does what?Read the answer and worked solution →What must a bank pledge as collateral when it borrows from the RBI under repo?Read the answer and worked solution →What does the reverse repo rate signify?Read the answer and worked solution →Since 16 December 2019, NEFT transfers have been available how?Read the answer and worked solution →Under s.30(1) of the BR Act, who may audit a bank's accounts?Read the answer and worked solution →A bank wants to reappoint its statutory auditor. Whose previous approval does s.30(1A) require?Read the answer and worked solution →Which step by a bank needs RBI's previous approval under s.30(1A)?Read the answer and worked solution →Under s.30(1B), when may the RBI order a special audit?Read the answer and worked solution →Who bears the expenses of a special audit ordered by the RBI under s.30(1C)?Read the answer and worked solution →To whom does the auditor make the report of a special audit under s.30(1B)?Read the answer and worked solution →Under s.30(1B), the RBI may direct a special audit to be done by whom?Read the answer and worked solution →A bank auditor must report whether branch returns sufficed for which purpose?Read the answer and worked solution →Under s.30(3)(d), a bank auditor states whether the P&L account shows what?Read the answer and worked solution →Under s.30(3)(b), transactions noticed must be within whose powers?Read the answer and worked solution →Section 29(1) requires banks to prepare their balance-sheet in the forms of which Schedule?Read the answer and worked solution →A bank has eight directors. What is the minimum number of directors signing its accounts under s.29(2)?Read the answer and worked solution →Within what time must a bank furnish its published accounts and auditor's report to the RBI under s.31?Read the answer and worked solution →Under s.31, by how much may the RBI extend the three-month period for returns?Read the answer and worked solution →Under s.35(1), whose direction makes an RBI inspection compulsory?Read the answer and worked solution →Under s.35(2), who must produce books and accounts to the RBI inspecting officer?Read the answer and worked solution →An RBI officer inspecting a bank wants sworn answers. What does s.35(3) allow?Read the answer and worked solution →

Worked practice questions

How often is the Board for Financial Supervision normally required to meet?

  1. Once a year
  2. Every quarter
  3. Every week
  4. Once every month
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Correct answer: D. Once every month

The board normally meets monthly to consider inspection reports and other supervisory issues.

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Which 1949 law empowered the RBI to regulate, control and inspect banks?

  1. Banking Regulation Act
  2. Companies Act, 2013
  3. Negotiable Instruments Act
  4. Foreign Exchange Act
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Correct answer: A. Banking Regulation Act

The Banking Regulation Act of 1949 gave the RBI powers to regulate, control and inspect banks in India.

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Under the Banking Regulation Act, what is needed to open a new bank branch?

  1. A licence from the RBI
  2. Approval from SEBI
  3. A High Court order
  4. Consent of depositors
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Correct answer: A. A licence from the RBI

No new bank or branch of an existing bank can be opened without a licence from the RBI.

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More Auditing topics

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