AUDIT MCQS by VG

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Updated: May 17, 2026 at 12:13 PM

AUDIT MCQS by VG

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AUDIT MCQS by VG

May 20, 2026, 08:16 AM

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AUDIT MCQS by VG

May 20, 2026, 08:16 AM

Kochhar & Associates are refreshening up their knowledge on functions of various Parliamentary financial committees and on the varied functions and duties of Comptroller & Auditor General of India in relation to audits
of government institutions and government companies. They recognize that a thorough understanding of the C&AG’s responsibilities is essential for conducting audits effectively in this sector.
To enhance their knowledge, they have reviewed various resources, both online and offline, including the official C&AG website. Below is a summary of key insights drawn from their research:
[A] In one of its reports, the C&AG, in respect of a state government owned industrial development corporation, pointed out non-adherence of One-time settlement (OTS) guidelines of state government by the corporation
resulting in acceptance of a below par OTS proposal thus foregoing recovery of loan amounting to ` 8.52 crores. The said corporation was providing loans to industrial units.

[B] Another C&AG report for a particular year contained results of the compliance audit of Department of Revenue-Direct Taxes of the Union Government dealing with “Assessments relating to Agricultural Income”. It
included certain observations relating to allowing claim for exemption of agricultural income without supporting documents, use of this area by non-agriculturists as a conduit to avoid taxes etc., in scrutiny assessments performed by the Department.

[C] In another case, the state government owned PSU was involved in construction of a thermal power plant in the state. C&AG, in its audit report, pointed out delay in completion of work due to failure to decide on the type of water treatment in the cooling plant on a timely basis. Besides, other reasons leading to delay like frequent changes in lay- out and re-testing of soil by the company were pointed out.

[D] Finally, Kochhar & Associates reviewed annual report of a listed public sector company which is a “mini-ratna” PSU, engaged in providing diversified services to Indian Railways.

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AUDIT MCQS by VG

May 20, 2026, 08:16 AM

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AUDIT MCQS by VG

May 20, 2026, 08:16 AM

M/s Audit & Co. were appointed as internal auditors of M/s Manufacturing Limited, whose shares were held by Mr. F, Mrs. F, Mr. S & Ms. D in equal proportion.
CA Senior and his articled assistant Mr. Junior were a part of the team which was looking after the above assignment. As a part of the work, Mr. Junior was required to take care of the P2P internal controls established to
ensure the three-way match is properly functioning. Being new to internal audit, he asked from help from a fellow team member regarding the above matter.
After completion of the audit, the firm submitted its report directly to the Board of Directors of the company. A copy of the same was also sent to the company’s statutory auditors. The report had clearly mentioned that the existing internal audit system in the company was not commensurate with its size and nature of business.
Following this, the company offered the assignment of Tax Audit to M/s Audit & Co. itself. All the partners were happy to accept the offer, except CA New, an ex-articled assistant and newly inducted partner of the firm. He was of the opinion that if the above offer was accepted, it would lead to professional misconduct under the Chartered Accountants Act. However, despite his advice, the firm went on to accept the offer.
After the above incident, CA New resigned from the firm and started his own practice as a sole proprietor. Few days after the resignation of CA New, the following things happened:

(i) M/s Audit & Co. had advertised the changes in partnership of the firm, by limiting the ad to a bare statement of facts and consideration given to the appropriateness of the area of distribution of the magazine.
(ii) CA New issued a classified advertisement in the newsletter of the Institute, for seeking partnership. The ad contained his name, phone number and addresses of Social Networking sites.

AUDIT MCQS by VG

May 20, 2026, 08:16 AM

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May 20, 2026, 08:16 AM

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May 20, 2026, 08:16 AM

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May 20, 2026, 08:16 AM

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May 20, 2026, 08:16 AM

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Apr 9, 2026, 06:26 AM

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Apr 9, 2026, 06:26 AM

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Apr 9, 2026, 06:26 AM

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