How long is the auditor’s term of office?

Related Mcqs:

1. The term of the auditor ship of first auditor would be from the date of appointment till________?

   A. the conclusion of statutory meeting B. the conclusion of first annual general meeting C. the conclusion of next annual general meeting D. the date of removal...

2. Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?

   A. The shareholders in a general meeting B. The managing director C. The board of directors in a board meeting D. The audit committee...

3. The auditor has serious concern about the going concern of the company. It is dependent on company’s obtaining a working capital loan from a bank which has been applied for. The management of the company has made full disclosure of these facts in the notes to the balance sheet. The auditor is satisfied with the level of disclosure. He should issue___________?

   A. unqualified opinion B. unqualified opinion with reference to notes to the accounts C. qualified opinion D. disclaimer of opinion...

4. When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?

   A. Circulate representations to members B. Apply to the court to have the proposal removed C. Speak at the AGM/EGM where the removal is proposed D. Receive notification of the AGM/EGM where the removal is proposed...

5. If a casual vacancy in the office of auditor arises by his resignation it should only be filled by the company in a_________?

   A. Board meeting B. extraordinary general meeting C. General meeting D. annual general meeting...

6. The authority to remove the first auditor before the expiry of term is with__________?

   A. the shareholders in a general meeting B. the shareholders in the first annual General meeting C. the board of directors D. the Central Government...

7. An auditor is like a_______________?

   A. Blood haunt B. Watch dog C. May both according to situation D. None of these...

8. The independent auditor’s primary responsibility is to______________?

   A. the directors B. the company’s creditors (payables) C. the company’s bank D. the shareholders...

9. Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?

   A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation B. The safe custody of working papers is the responsibility of client, if kept at his premises C. The working papers must be retained by an audit firm for a period of 10 years...

10. When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the_____________?

    A. Amount of known misstatement is documented in working papers B. Estimates of the total likely misstatement is less than materiality level C. Estimate of the total likely misstatement is more than materially level D. Estimates of the total likely misstatement cannot be made...