Which of the following qualifications is required for an auditor to be appointed for a joint stock company under the Companies Act?

A degree in business administration.

Membership in a local business association.

Completion of a Chartered Accountants examination.

Completion of a cost management course.

In what capacity does an auditor act when attending a general meeting of the shareholders?

As a participant with the right to speak.

Which of the following is a professional quality required for an efficient auditor?

Knowledge of current fashion trends.

Thorough knowledge of auditing techniques.

Expertise in computer programming.

Which liability arises if an auditor issues a certificate knowing it contains false information?

Civil liability for negligence.

Criminal liability for misfeasance.

Civil liability for misstatement in prospectus.

Criminal liability under the Indian Income Tax Act.

What duty does an auditor have in relation to the valuation of assets shown in a company's balance sheet?

No duty related to valuation of assets.

Duty to solely rely on management's valuation.

Duty to verify the real accuracy and fairness of valuation.

Duty to suggest arbitrary valuations.

What duty is imposed on an auditor by the Indian Penal Code?

Duty to verify personal income tax returns.

Duty to maintain accurate tax records.

Duty to assist the Central Government in taxation proceedings.

Duty to refrain from issuing false certificates.

Which organization formulates rules and regulations that auditors must comply with?

Central Government of the country.

Institute of Chartered Accountants of India.

Auditing firms' management boards.

In which situation may an auditor be granted relief from liability for misfeasance?

When the misfeasance causes financial loss to the auditor.

When the auditor proves acting honestly and reasonably.

When the Central Government intervenes in the matter.

When the auditor resigns immediately after the misfeasance.

What classification of audit is based on the extent of work to be performed or the approach to audit work?

Classification based on organization structure.

Classification based on specific objectives.

Classification based on the degree of independence.

Classification based on the method or approach to audit work.

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