931.Internal audit is a tool to use the resources in the best interest of the-
A.Accounting staff
B.Audit staff
C.Bothe accounts and audit staff
D.Business

932. Internal audit is of help to investigate in to the-
A.Accounting matters
B.Business matters
C.Financial matters
D.Employees matters

933.The limitation of internal audit is-
A.Shortage of time
B.Shortage of finance
C.Shortage of time and finance
D.Shortage of staff

934.The shortage of staff is a hurdle to get benefit of-
A.Internal audit
B.External audit
C.Performance audit
D.Efficiency audit

935.The limitation of internal audit is that it starts when-
A.Errors are detected
B.Errors are suspected
C.Errors remains undetected
D.Accounting ends

936.If audit staff is competent there is less chance of errors being-
A.Detected
B.Suspected
C.Located
D.Undetected

937.In case of poor audit staff there is no guarantee that audited accounts are-
A.Full of errors
B.Free from errors
C.Free from frauds
D.Full of frauds

938.The limitation of internal audit is thatmanagement may not feel their responsibility in completing the-
A.Accounts formalities
B.Legal formalities
C.Audit formalities
D.Compliance formalities

939.The owners(shareholders)need assurance that the financial Statements prepares by the management are-
A.As per norms
B.Fair
C.Reliable
D.Reasonable

940.Other users of financial statements ,e.g.tradecreditors,banks.financial institutions. Tax authorities,other government authorities,labourunions.etc,also place greater reliance-
A.Computerised accounts
B.Internally audited accounts
C.Externally audited accounts
D.None of the above

NOTE
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