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Test: Dividends & Audit- 3 - B Com MCQ


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10 Questions MCQ Test - Test: Dividends & Audit- 3

Test: Dividends & Audit- 3 for B Com 2024 is part of B Com preparation. The Test: Dividends & Audit- 3 questions and answers have been prepared according to the B Com exam syllabus.The Test: Dividends & Audit- 3 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Dividends & Audit- 3 below.
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Test: Dividends & Audit- 3 - Question 1
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Which of the following companies is NOT required to appoint an internal auditor under Section 138 of the Companies Act, 2013?

Detailed Solution for Test: Dividends & Audit- 3 - Question 1
Section 138 of the Companies Act, 2013 requires certain classes of companies to appoint an internal auditor. These classes include listed companies, unlisted public companies meeting specific criteria, and private companies meeting specific criteria. In this case, the unlisted public company with a paid-up share capital of Rs 40 crore is not required to appoint an internal auditor as it does not meet the criteria outlined in the section.
Test: Dividends & Audit- 3 - Question 2
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As per Section 138 of the Companies Act, 2013, who can be appointed as an internal auditor for a company?

Detailed Solution for Test: Dividends & Audit- 3 - Question 2
According to Section 138 of the Companies Act, 2013, an internal auditor for a company can be either a chartered accountant, cost accountant, or another professional as decided by the Board. The term "chartered accountant" includes both practicing and non-practicing chartered accountants.
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Test: Dividends & Audit- 3 - Question 3
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What is the transitional period for existing companies to comply with the requirements of Section 138 of the Companies Act, 2013?

Detailed Solution for Test: Dividends & Audit- 3 - Question 3
The transitional period for existing companies covered under the criteria of Section 138 to comply with its requirements is 3 years from the commencement of the section. This means that these companies need to ensure compliance within 3 years from the date the Companies Act, 2013 came into effect.
Test: Dividends & Audit- 3 - Question 4
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What is the maximum number of consecutive years an individual can hold the office of an auditor in a company as per Section 139 of the Companies Act, 2013?
Detailed Solution for Test: Dividends & Audit- 3 - Question 4
As per Section 139 of the Companies Act, 2013, an individual can hold the office of an auditor in a company for a maximum of 5 consecutive years. After that, the individual must have a cooling-off period of 5 years before being eligible for reappointment in the same company.
Test: Dividends & Audit- 3 - Question 5
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Which of the following services is prohibited for an auditor to provide to their audit client under Section 144 of the Companies Act, 2013?
Detailed Solution for Test: Dividends & Audit- 3 - Question 5
Under Section 144 of the Companies Act, 2013, auditors are prohibited from providing investment advisory services to their audit clients. This section lists various non-audit services that auditors cannot render directly or indirectly to their clients.
Test: Dividends & Audit- 3 - Question 6
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How often is mandatory rotation of auditors required for listed companies and certain other classes of companies as per the Companies Act, 2013?
Detailed Solution for Test: Dividends & Audit- 3 - Question 6
According to the Companies Act, 2013, listed companies and certain other classes of companies are required to rotate their auditors every 5 consecutive years. This provision aims to enhance audit quality and independence.
Test: Dividends & Audit- 3 - Question 7
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Which section of the Companies Act, 2013 deals with the appointment, remuneration, and qualifications of auditors?
Detailed Solution for Test: Dividends & Audit- 3 - Question 7
Section 141 of the Companies Act, 2013 deals with the eligibility, qualifications, and disqualifications of auditors. It outlines the criteria that individuals, firms, or LLPs must meet to be eligible for appointment as auditors of a company.
Test: Dividends & Audit- 3 - Question 8
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If a retiring auditor is eligible for reappointment, what conditions must be met?
Detailed Solution for Test: Dividends & Audit- 3 - Question 8
For a retiring auditor to be eligible for reappointment, he must meet the following conditions: He has not given notice of unwillingness to be reappointed. He is not disqualified for reappointment. The company passes a special resolution for reappointment, unless the auditor is appointed due to mandatory rotation.
Test: Dividends & Audit- 3 - Question 9
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What is the penalty for contravention of certain sections related to auditors under the Companies Act, 2013?
Detailed Solution for Test: Dividends & Audit- 3 - Question 9
For contravention of certain sections related to auditors, such as Sections 139, 143, 144, and 145, the penalty specified in the Companies Act, 2013 is a fine ranging from Rs. 25,000 to Rs. 5,00,000 for the auditor.
Test: Dividends & Audit- 3 - Question 10
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Under which section of the Companies Act, 2013, can members of a company pass a resolution to provide for the rotation of auditing partners and conducting the audit by more than one auditor?
Detailed Solution for Test: Dividends & Audit- 3 - Question 10
Under Section 147 of the Companies Act, 2013, members of a company have the authority to pass a resolution to provide for the rotation of auditing partners and conduct the audit by more than one auditor. This provision allows for enhanced transparency and accountability in the audit process.
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