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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>We are sharing with you CA Final Paper 3 Audit MCQs of May 2022 Exams.</p></blockquote>



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<p class="wp-block-paragraph">CA Final Audit Memory Based MCQs of May 2022 Exams Pdf </p>



<p class="wp-block-paragraph"> CA Final Audit MCQs of May 2022 Exams Pdf </p>



<p class="wp-block-paragraph"> </p>


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<p class="wp-block-paragraph">1) Not an example of inherent limitation</p>



<p class="wp-block-paragraph">2) Not a factor in designing confirmation procedures as per sa 505</p>



<p class="wp-block-paragraph">3) LODR measures taken &#8211; disclose in website or boards report</p>



<p class="wp-block-paragraph">4) Incorrect about performing Audit procedures to identify subsequent event</p>



<p class="wp-block-paragraph">5) entity level controls are known as _ and require __ in evaluation and testing</p>



<p class="wp-block-paragraph">6)By which date you should assemble audit file for 21-22 as per SQC 1<br>(Audit report signed as on 15-05-2022)</p>



<p class="wp-block-paragraph"><strong>7) which treatment made by company is correct</strong><br>i) No amount transferred to reserve before declaration of dividend<br>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<br>a) i. b) ii c)both are correct d)both are incorrect</p>



<p class="wp-block-paragraph">8) <strong>paragraph </strong>:-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&#8217;t have pervasive effect to Financial statements 21-22</p>



<p class="wp-block-paragraph">Q. Undisclosed income of 30 L AY 20-21 whether reported in Caro</p>



<p class="wp-block-paragraph">9) <strong>paragraph :- Deposits</strong></p>



<p class="wp-block-paragraph">ABC 30L. 15 &#8211; maturity period as on 31-3-22<br>Zc. 50L. 11 &#8211; maturity period as on 31-3-22<br>Jkl. 25L. 18 &#8211; maturity period as on 31-3-22</p>



<p class="wp-block-paragraph"><strong>Deposits Classified under the heading other financial assets -Non current assets in Balance sheet</strong><br>a) 25 L<br>b) 30 L<br>c) 55 L<br>d) 105 L</p>



<p class="wp-block-paragraph">10<strong>) Insurance company is asking you that which other expenses are to be disclosed separately</strong><br>a)1L or 0.5% net profit which ever is higher<br>b)5L or 1% net profit which ever is higher<br>c)7.5L or 1.5% net profit which ever is higher<br>d)10L or 2% net profit which ever is higher</p>



<p class="wp-block-paragraph">11)<strong> NBFC has not been exempted from requirements of registration of RBI act</strong><br>a)Micro company</p>



<p class="wp-block-paragraph">b)Mutual benefit company</p>



<p class="wp-block-paragraph">c)Chit company<br>d)Core investment company</p>



<p class="wp-block-paragraph"><strong>12) Not required to be possessed by an operational auditor</strong><br>a) persistent and possess attitude of skepticism<br>b) develop team comprised of people<br>c) try to visualise whether simpler alternative available to do a particular work<br>d) Try to see everything perfectly fits in business frame and organisational policy</p>



<p class="wp-block-paragraph">13) A 5 cr NPA 30 months ageing<br>B 7 cr 21 months ageing</p>



<p class="wp-block-paragraph">C. 10 cr 26 months ageing</p>



<p class="wp-block-paragraph">D 20 cr 19 months ageing</p>



<p class="wp-block-paragraph"></p>



<p class="wp-block-paragraph">which NPA sold by pqr Ltd</p>



<p class="wp-block-paragraph"><strong>14)which statement is correct</strong></p>



<p class="wp-block-paragraph">statement 1:- Guidelines for networking, firm is allowed to join upto a max of 3 networks</p>



<p class="wp-block-paragraph">statement 2:- Guidelines for networking, firm having common partners shall join only one network.</p>



<p class="wp-block-paragraph">15)<strong> 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</strong></p>



<p class="wp-block-paragraph">a) completeness, high</p>



<p class="wp-block-paragraph">b) occurance, moderate</p>



<p class="wp-block-paragraph">c) accuracy, moderate</p>



<p class="wp-block-paragraph">d) valuation, high</p>



<p class="wp-block-paragraph"><strong>17) correct in context of SEBI LODR</strong></p>



<p class="wp-block-paragraph">a) limited reveiw Of Audit report for 31 Dec and limited reveiw for 31 Marchโฆ..</p>



<p class="wp-block-paragraph"><strong>Note</strong> &#8211;<em> these are hint MCQs , Not sure about authenticity. #auditmcq_M22</em></p>



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