The 'Safeguards' against threats to independence may be: MCQ with Answer and Explanation

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The 'Safeguards' against threats to independence may be:

A. Only regulatory

B. Only internal

C. None

D. Created by the profession, legislation, or within the client's organisation

Answer: Option D

Solution (By JKSSB Mock Tests)

Safeguards are measures that eliminate or reduce threats to an acceptable level.

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

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Question #1

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In the context of the Indian Financial System, the 'Securities Appellate Tribunal' (SAT) hears appeals against the orders of:

A. SEBI, PFRDA, and IRDAI

B. Reserve Bank of India

C. Competition Commission of India

D. Ministry of Corporate Affairs

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Correct Answer: Option A

Explanation:
The Securities Appellate Tribunal (SAT) is a statutory body that hears appeals against orders passed by SEBI, PFRDA (Pension Fund Regulatory and Development Authority), and IRDAI (Insurance Regulatory and Development Authority).

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

Question #2

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Which of the following is a type of audit risk?

A. Control Risk

B. Detection Risk

C. All of the above

D. Inherent Risk

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Correct Answer: Option C

Explanation:
Audit risk comprises Inherent Risk, Control Risk, and Detection Risk, which together determine the overall risk of an incorrect audit opinion.

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Question #3

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S1: Depreciation is charged on all fixed assets except land. S2: Depreciation is charged on land if it is a freehold land. Which statement(s) is/are correct?

A. S2 only

B. S1 only

C. Both S1 and S2

D. Neither S1 nor S2

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Correct Answer: Option B

Explanation:
Depreciation is charged on all depreciable fixed assets. Land (specifically freehold land) has an unlimited useful life and is not depreciated. Leasehold land is depreciated over the lease term. S1 is correct, S2 is incorrect.

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