CA Final Audit Memory Based MCQs of May 2022 Attempts

CA FINAL, CA Final G1, P3: Advanced Auditing and Professional Ethics Leave a comment

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We are sharing with you CA Final Paper 3 Audit MCQs of May 2022 Exams.

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CA Final Audit Memory Based MCQs of May 2022 Exams Pdf

CA Final Audit MCQs of May 2022 Exams Pdf

1) Not an example of inherent limitation

2) Not a factor in designing confirmation procedures as per sa 505

3) LODR measures taken – disclose in website or boards report

4) Incorrect about performing Audit procedures to identify subsequent event

5) entity level controls are known as _ and require __ in evaluation and testing

6)By which date you should assemble audit file for 21-22 as per SQC 1
(Audit report signed as on 15-05-2022)

7) which treatment made by company is correct
i) No amount transferred to reserve before declaration of dividend
ii) company adjusted dividend payable to one of the shareholders against payable by him to the company on account of calls in relation of shares of company
a) i. b) ii c)both are correct d)both are incorrect

8) paragraph :-DEF Ltd failed to disclose 30 lakhs in financial statements for fy 30-21 with the contention that it is matter of IT act and related to ay 20-21 which has already elapsed according to you it is material but it doesn’t have pervasive effect to Financial statements 21-22

Q. Undisclosed income of 30 L AY 20-21 whether reported in Caro

9) paragraph :- Deposits

ABC 30L. 15 – maturity period as on 31-3-22
Zc. 50L. 11 – maturity period as on 31-3-22
Jkl. 25L. 18 – maturity period as on 31-3-22

Deposits Classified under the heading other financial assets -Non current assets in Balance sheet
a) 25 L
b) 30 L
c) 55 L
d) 105 L

10) Insurance company is asking you that which other expenses are to be disclosed separately
a)1L or 0.5% net profit which ever is higher
b)5L or 1% net profit which ever is higher
c)7.5L or 1.5% net profit which ever is higher
d)10L or 2% net profit which ever is higher

11) NBFC has not been exempted from requirements of registration of RBI act
a)Micro company

b)Mutual benefit company

c)Chit company
d)Core investment company

12) Not required to be possessed by an operational auditor
a) persistent and possess attitude of skepticism
b) develop team comprised of people
c) try to visualise whether simpler alternative available to do a particular work
d) Try to see everything perfectly fits in business frame and organisational policy

13) A 5 cr NPA 30 months ageing
B 7 cr 21 months ageing

C. 10 cr 26 months ageing

D 20 cr 19 months ageing

which NPA sold by pqr Ltd

14)which statement is correct

statement 1:- Guidelines for networking, firm is allowed to join upto a max of 3 networks

statement 2:- Guidelines for networking, firm having common partners shall join only one network.

15) while considering the assertion auditor would assess the risk of error in payable as low, however for inventory where obsolescence is a factor auditor would assess the valuation risk

a) completeness, high

b) occurance, moderate

c) accuracy, moderate

d) valuation, high

17) correct in context of SEBI LODR

a) limited reveiw Of Audit report for 31 Dec and limited reveiw for 31 March…..

Note – these are hint MCQs , Not sure about authenticity. #auditmcq_M22

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