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B Com Exam  >  B Com Tests  >  Auditing and Secretarial Practice  >  Test: Auditing and Secretarial Practice - B Com MCQ

Test: Auditing and Secretarial Practice - B Com MCQ


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10 Questions MCQ Test Auditing and Secretarial Practice - Test: Auditing and Secretarial Practice

Test: Auditing and Secretarial Practice for B Com 2024 is part of Auditing and Secretarial Practice preparation. The Test: Auditing and Secretarial Practice questions and answers have been prepared according to the B Com exam syllabus.The Test: Auditing and Secretarial Practice MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Auditing and Secretarial Practice below.
Solutions of Test: Auditing and Secretarial Practice questions in English are available as part of our Auditing and Secretarial Practice for B Com & Test: Auditing and Secretarial Practice solutions in Hindi for Auditing and Secretarial Practice course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Auditing and Secretarial Practice | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Auditing and Secretarial Practice for B Com Exam | Download free PDF with solutions
Test: Auditing and Secretarial Practice - Question 1
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What is the primary objective of auditing?

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The primary objective of auditing was originally focused on detecting and preventing errors and frauds in accounting records. However, as auditing evolved, its objective shifted to verifying whether financial statements provide a true and fair view of a company's financial position.
Test: Auditing and Secretarial Practice - Question 2
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Which of the following is NOT a feature of auditing?

Detailed Solution for Test: Auditing and Secretarial Practice - Question 2
Auditing focuses on the examination of financial records and the verification of financial results. It does not typically involve evaluating non-financial aspects such as marketing strategies.
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Test: Auditing and Secretarial Practice - Question 3
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What does "ICAI" stand for in the context of auditing?

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ICAI stands for Institute of Chartered Accountants of India. It defines auditing as a systematic and independent examination of data, statements, records, operations, and performance of an enterprise for a stated purpose.
Test: Auditing and Secretarial Practice - Question 4
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What is the secondary objective of auditing?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 4
The secondary objective of auditing is to detect and prevent frauds and errors in financial records, in addition to the primary objective of verifying the financial position and results presented in the financial statements.
Test: Auditing and Secretarial Practice - Question 5
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Which of the following is NOT part of the auditor's scope during an audit?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 5
An auditor's scope is primarily focused on financial records and internal controls. Marketing strategies fall outside the scope of traditional financial audits.
Test: Auditing and Secretarial Practice - Question 6
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What is the purpose of ISAs (International Standards on Auditing)?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 6
ISAs, or International Standards on Auditing, provide guidelines and principles for auditors to conduct audits in accordance with internationally accepted standards, ensuring consistency and quality in auditing practices.
Test: Auditing and Secretarial Practice - Question 7
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Which of the following is NOT part of the auditor's responsibilities in an audit engagement?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 7
An auditor's responsibilities primarily involve evaluating financial records and internal controls. Marketing strategies are not typically within the scope of audit engagements.
Test: Auditing and Secretarial Practice - Question 8
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What is the main focus of ISA 700?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 8
ISA 700 focuses on the auditor's responsibilities related to forming an opinion and reporting on financial statements based on the audit conducted.
Test: Auditing and Secretarial Practice - Question 9
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What is the purpose of ISA 315?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 9
ISA 315 provides guidelines for auditors to identify and assess the risks of material misstatement in financial statements, helping auditors plan their audit procedures accordingly.
Test: Auditing and Secretarial Practice - Question 10
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What is the role of ISQC 1 in auditing?
Detailed Solution for Test: Auditing and Secretarial Practice - Question 10
ISQC 1, or International Standard on Quality Control 1, establishes quality controls for firms that perform audits, reviews of financial statements, and other assurance and related services engagements. This ensures the quality and consistency of audit practices within the firm.
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