Internal audit is conducted by: MCQ with Answer and Explanation

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Internal audit is conducted by:

A. External auditor

B. Employees of the company

C. Statutory auditor

D. Government auditor

Answer: Option B

Solution (By JKSSB Mock Tests)

Internal audit is an independent appraisal function within the organization, performed by internal staff or outsourced, but it's internal to the management.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for:

A. Eligible businesses with turnover up to ₹2 crore

B. LLPs

C. Companies

D. All businesses

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Correct Answer: Option A

Explanation:
Section 44AD applies to resident individuals/HUFs/firms (except LLP) carrying on eligible business.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The 'Indian Accounting Standards' (Ind AS) are issued by:

A. RBI

B. SEBI

C. MCA (Ministry of Corporate Affairs)

D. ICAI

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Correct Answer: Option C

Explanation:
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Cut-off' procedures in audit relate to:

A. Setting materiality

B. Stopping audit

C. Ensuring transactions are recorded in the correct accounting period

D. Selecting sample

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Correct Answer: Option C

Explanation:
Cut-off tests ensure revenues and expenses are recognised in the proper period.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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