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Test: Dividends & Audit- 4 - B Com MCQ


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10 Questions MCQ Test - Test: Dividends & Audit- 4

Test: Dividends & Audit- 4 for B Com 2024 is part of B Com preparation. The Test: Dividends & Audit- 4 questions and answers have been prepared according to the B Com exam syllabus.The Test: Dividends & Audit- 4 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Dividends & Audit- 4 below.
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Test: Dividends & Audit- 4 - Question 1
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Under Section 139 of the Companies Act, 2013, at what interval must an individual or firm auditor be appointed for a company?

Detailed Solution for Test: Dividends & Audit- 4 - Question 1
According to Section 139 of the Companies Act, 2013, an individual or firm auditor is appointed for a company for a term of five consecutive years.
Test: Dividends & Audit- 4 - Question 2
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In case the Board of Directors disagrees with the recommendation of the Audit Committee for the appointment of an auditor, what is the subsequent action to be taken?

Detailed Solution for Test: Dividends & Audit- 4 - Question 2
If the Board of Directors disagrees with the recommendation of the Audit Committee for the appointment of an auditor, it must provide reasons for the disagreement and refer the recommendation back to the committee for reconsideration.
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Test: Dividends & Audit- 4 - Question 3
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Which form must be filed to notify the Registrar of a company's appointment of an auditor within 15 days of the AGM?

Detailed Solution for Test: Dividends & Audit- 4 - Question 3
The company is required to file Form ADT-1 with the Registrar within 15 days of the annual general meeting (AGM) to notify the appointment of an auditor.
Test: Dividends & Audit- 4 - Question 4
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What is the cooling-off period for an individual auditor after completing one term of five consecutive years?
Detailed Solution for Test: Dividends & Audit- 4 - Question 4
After completing one term of five consecutive years, an individual auditor must observe a cooling-off period of five years before being eligible for re-appointment in the same company.
Test: Dividends & Audit- 4 - Question 5
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According to the Companies Act, 2013, who appoints the first auditor of a company, other than a Government Company?
Detailed Solution for Test: Dividends & Audit- 4 - Question 5
In the case of a company other than a Government Company, the first auditor is appointed by the Board of Directors within 30 days of the company's registration.
Test: Dividends & Audit- 4 - Question 6
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In the case of listed companies and certain prescribed class of companies, what is the maximum number of consecutive terms for which an individual auditor can be appointed?
Detailed Solution for Test: Dividends & Audit- 4 - Question 6
For listed companies and other prescribed classes, an individual auditor can be appointed for a maximum of two terms, each term lasting five consecutive years.
Test: Dividends & Audit- 4 - Question 7
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What is the maximum time period within which a casual vacancy in the office of an auditor must be filled?
Detailed Solution for Test: Dividends & Audit- 4 - Question 7
A casual vacancy in the office of an auditor must be filled by the Board within 30 days, and if caused by resignation, it must also be approved by the company at a general meeting within three months.
Test: Dividends & Audit- 4 - Question 8
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In case of a Government company, who appoints the first auditor within 60 days from the date of registration of the company?
Detailed Solution for Test: Dividends & Audit- 4 - Question 8
In the case of a Government company, the first auditor is appointed by the Comptroller and Auditor-General of India within 60 days from the date of registration of the company.
Test: Dividends & Audit- 4 - Question 9
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What should a retiring auditor do if he does not want to be re-appointed?
Detailed Solution for Test: Dividends & Audit- 4 - Question 9
A retiring auditor who does not want to be re-appointed must notify the company in writing of his unwillingness to continue.
Test: Dividends & Audit- 4 - Question 10
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What is the penalty for an auditor who fails to file a statement after resigning from a company?
Detailed Solution for Test: Dividends & Audit- 4 - Question 10
An auditor who fails to file a statement in the prescribed form after resigning from a company is liable for a fine ranging from ?50,000 to ?5 lakhs.
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