The 'Retention Period' for audit working papers is generally: MCQ with Answer and Explanation

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The 'Retention Period' for audit working papers is generally:

A. No requirement

B. 7 years (or as per SQC 1)

C. 1 year

D. 10 years

Answer: Option B

Solution (By JKSSB Mock Tests)

As per ICAI's Standard on Quality Control, retention period is at least 7 years.

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

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Question #1

A key challenge of Human Resource Accounting is:

A. It reduces taxable income

B. Lack of standardized models to objectively value human capital

C. Excessive software cost

D. It is banned by Ind AS

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Correct Answer: Option B

Explanation:
Valuing human beings as assets involves subjective assumptions about tenure, capability, and future value, lacking a universally accepted model.

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

Question #2

The 'Peer Review' of audit firms is conducted by:

A. ICAI's Peer Review Board

B. SEBI

C. NFRA

D. MCA

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Correct Answer: Option A

Explanation:
ICAI has a Peer Review Board to ensure quality of audit services.

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

Question #3

The 'Derecognition of Financial Assets' under Ind AS 109 is based on:

A. Legal ownership

B. Title

C. Possession

D. Transfer of risks and rewards of ownership

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Correct Answer: Option D

Explanation:
Derecognition occurs when risks and rewards are substantially transferred.

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

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