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Test: Types of Company Audit- 2 - B Com MCQ


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10 Questions MCQ Test - Test: Types of Company Audit- 2

Test: Types of Company Audit- 2 for B Com 2024 is part of B Com preparation. The Test: Types of Company Audit- 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Types of Company Audit- 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Types of Company Audit- 2 below.
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Test: Types of Company Audit- 2 - Question 1
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What is the main purpose of an internal audit?

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Internal audit is primarily conducted to evaluate the efficiency and effectiveness of internal controls within an organization. It aims to assess whether internal check systems, policies, procedures, and accounting practices are adequate and effective in preventing errors and frauds. This type of audit helps identify areas where improvements are needed and provides recommendations to the management for enhancing internal control mechanisms.
Test: Types of Company Audit- 2 - Question 2
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Which type of audit is conducted between two annual audits, often for the purpose of declaring interim dividend or ascertaining interim profit?

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An Interim Audit is conducted between two annual audits, typically during the middle of the financial year. It serves specific purposes like declaring interim dividends or ascertaining interim profits. It helps speed up the final audit process and is particularly useful for organizations that need to provide interim financial figures.
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Test: Types of Company Audit- 2 - Question 3
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What is the main objective of a Performance Audit?

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Performance Audit focuses on evaluating whether government programs have achieved their desired objectives at the lowest possible cost and delivered the intended benefits. It goes beyond financial matters to assess the effectiveness and efficiency of government initiatives.
Test: Types of Company Audit- 2 - Question 4
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Which committee is responsible for examining the accounts of public undertakings and evaluating their efficiency?
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The Committee on Public Undertakings (COPU) is responsible for examining the efficiency of public undertakings and ensuring that they are managed in accordance with sound business principles and prudent commercial practices.
Test: Types of Company Audit- 2 - Question 5
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Which audit focuses on evaluating the social performance and contribution of a business organization?
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Social Audit evaluates the social performance and contribution of a business organization, assessing its impact on society beyond just its economic performance.
Test: Types of Company Audit- 2 - Question 6
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What is the primary purpose of Regularity Audit (Compliance)?
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Regularity Audit (Compliance) ensures that expenditures are in accordance with laws, rules, and regulations. It examines whether the money spent was authorized and whether the expenditure followed the proper procedures.
Test: Types of Company Audit- 2 - Question 7
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What is the primary purpose of a Management Audit?
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The primary purpose of a Management Audit is to critically evaluate plans, policies, procedures, objectives, means, and operational areas of an organization. It helps identify deficiencies, provide suggestions for improvement, and assist different levels of management in their duties.
Test: Types of Company Audit- 2 - Question 8
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What is the purpose of a Proprietary Audit?
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Proprietary Audit involves examining various actions and decisions to determine whether they are in the public interest and meet the standard of conduct. It assesses the wisdom and economy of management decisions and actions, considering their impact on the organization and stakeholders.
Test: Types of Company Audit- 2 - Question 9
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Which committee examines the reports and accounts of public undertakings and their efficiency?
Detailed Solution for Test: Types of Company Audit- 2 - Question 9
The Committee on Public Undertakings (COPU) examines the reports, accounts, and efficiency of public undertakings to ensure they are managed according to sound business principles and prudent commercial practices.
Test: Types of Company Audit- 2 - Question 10
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In which type of audit is the focus mainly on verifying items in the balance sheet, such as capital, reserves, and liabilities?
Detailed Solution for Test: Types of Company Audit- 2 - Question 10
Balance Sheet Audit concentrates on verifying items in the balance sheet, such as capital, reserves, liabilities, and assets. It ensures accuracy and reliability in the presentation of financial position.
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