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CA Inter Special features of audit of different types of entities — practice questions

Explore 45 free Special features of audit of different types of entities questions in CA Inter Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Special features of audit of different types of entities questions and exercises with answers

Showing questions 1–30 of 45.

Under which Article of the Constitution is the CAG of India established?Read the answer and worked solution →Who appoints the Comptroller and Auditor General of India?Read the answer and worked solution →On what ground can the CAG be removed from office?Read the answer and worked solution →At what age or term does the CAG vacate office, whichever is earlier?Read the answer and worked solution →The salary of the CAG is the same as that of which office holder?Read the answer and worked solution →In which year was the CAG's Duties, Powers and Conditions of Service Act passed?Read the answer and worked solution →In which year was the CAG relieved of accounting functions?Read the answer and worked solution →Section 13 of the CAG's 1971 Act requires audit of expenditure from which fund?Read the answer and worked solution →CAG reports tabled in Parliament are examined by which committee?Read the answer and worked solution →The CAG is placed at which rank in the order of precedence?Read the answer and worked solution →Which local bodies are audited by the CAG as entrusted audits under technical guidance?Read the answer and worked solution →Besides the Consolidated Fund, the CAG audits which funds?Read the answer and worked solution →After leaving office, the CAG is barred from what?Read the answer and worked solution →What happens to the CAG's pension and leave rights after appointment?Read the answer and worked solution →The CAG's oath requires duties to be performed without what?Read the answer and worked solution →An audit is an independent examination of financial information done to do what?Read the answer and worked solution →The word audit comes from a Latin word meaning what?Read the answer and worked solution →Who coined the idea of an Audit Society for the spread of auditing?Read the answer and worked solution →What does a statutory audit test about an organisation's statements?Read the answer and worked solution →Since audit gives only reasonable assurance, which technique is often adopted?Read the answer and worked solution →When are financial statements said to be true and fair?Read the answer and worked solution →A cost audit involves checking cost records for adherence to what?Read the answer and worked solution →In a US integrated audit, auditors must also opine on what?Read the answer and worked solution →Specialised auditors who audit cost statements are called what in India?Read the answer and worked solution →A secretarial auditor reports on compliance with which laws?Read the answer and worked solution →Which body employs US government auditors?Read the answer and worked solution →Internal auditors differ from external auditors because they are what?Read the answer and worked solution →Who sets standards for internal auditing?Read the answer and worked solution →A performance audit of a public body mainly assesses what?Read the answer and worked solution →Quality audits are linked to certification under which standard?Read the answer and worked solution →

Worked practice questions

Under which Article of the Constitution is the CAG of India established?

  1. Article 324
  2. Article 124
  3. Article 280
  4. Article 148
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Correct answer: D. Article 148

Article 148 creates the office of the Comptroller and Auditor General as the supreme audit institution.

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Who appoints the Comptroller and Auditor General of India?

  1. Prime Minister
  2. Lok Sabha Speaker
  3. Chief Justice
  4. President of India
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Correct answer: D. President of India

The CAG holds office by appointment of the President, which supports independence from the executive.

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On what ground can the CAG be removed from office?

  1. Loss of ruling party support
  2. Failure to clear the budget
  3. Proved misbehaviour or incapacity
  4. Simple Lok Sabha majority vote
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Correct answer: C. Proved misbehaviour or incapacity

Removal needs an address from both Houses of Parliament on proved misbehaviour or incapacity, like a Supreme Court judge.

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More Auditing topics

Ethics and Terms of Audit EngagementsAudit Strategy, Planning and ProgrammeRisk Assessment and Internal ControlAudit EvidenceAudit ReportAudit DocumentationCompletion and ReviewAudit of Items of Financial Statements