511. The firm’s quality control ________ should be effectively communicated to its personnel.
A. Standards
B. Policies and procedures
C. Requirements
D. All of the above
512. Which of the following is not function of engagement partner ?
A. Design and implementing internal control in the entity
B. Compliance with professional standards
C. Whether to accept the client or not
D. Monitoring of quality control system of firm
513. Engagement Team means all personnel performing ______.
A. Audit
B. Accounting
C. Engagement
D. All of the above
514. The auditor shall assemble the audit documentation in an audit file within ____ days of completion of audit.
A. 60 days
B. 90 days
C. 180 days
D. 30 days
515. Where joint auditors are appointed they should by _______, divide the work among themselves.
A. Terms of engagement
B. Mutual discussion
C. Choice
D. All of the above
516. CA. Lucky and CA. Subhash were appointed as Joint auditors at Reliance Industries Limited. Some work was not dividend to them and therefore the same was not covered in their audit. Before preparing the audit report CA. Krishna was at the opinion that it would to performed by CA. Subhashand CA. Subhash thought vice versa. What is the treatment of work not dividend between them?
A. Jointly and severally responsible
B. Responsibility will be taken by CA. Krishna or CA. Subhash
C. Management will be responsible for not paying attention to the division of work
D. All of the above
517. If a joint auditor comes across matters which are significant and relevant to the other joint auditors and which deserve other auditor’s attention, he should communicate the same to all other joint auditors ________
A. Orally
B. By those charged with governance
C. Article clerk
D. In writing
518. Each joint auditor is entitle to assume that the other joint auditors have carried out their part of the audit work is in accordance with the _______.
A. Accounting Standard
B. Standards of Auditing
C. Generally acceptable Audit Procedure
D. All of the above
519. Normally the joint auditors are able to arrive at an agreed report. However where the joint auditors are in disagreement with the regard to any matters to be covered in the report, each one of them should ___________.
A. Express his opinion through a separate report
B. Consult with the management
C. Express his opinion through an agreed report
D. None of the above
520. Mr.Ramesh and Mr.Suresh were appointed as a chartered accountant of RST Ltd. A special audit was conducted u/s 233A of the companies Act, 2013 and it was observed that the expenses of the company were overstated. The revenue aspects was taken care by Mr.Ramesh, but there was no documentation for the division of work between the joint auditors. Who should be held responsible?
A. The management should be held responsible as they did not took care of the documentation of the joint auditors
B. Mr.Ramesh should be held responsible as expenses was taken care by him
C. Mr.Suresh should be held responsible because of the negligence
D. Both the auditor will be held responsible and will be guilty of negligence