Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Indirect Tax LawsTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Which SA governs the use of expert work in an audit? SA 610 SA 620 SA 705 SA 570 None 2. Audit procedures performed to assess the risk of material misstatement are called: Substantive procedures Risk assessment procedures Test of controls Analytical procedures None 3. Which standard governs the identification of related party transactions? SA 315 SA 550 SA 500 SA 230 None 4. The auditor evaluates going concern under which standard? SA 570 SA 700 SA 705 SA 706 None 5. The purpose of SA 402 is to: Guide audits of group financial statements Deal with audit considerations relating to entities using service organizations Discuss materiality in audits Guide audit documentation None 6. Inspection of tangible assets is an example of: Analytical procedures Substantive procedures Test of controls Risk assessment procedures None 7. Audit procedures to identify contingent liabilities include: Reviewing board minutes Obtaining legal confirmations Examining management representation letters All of the above None 8. Sampling in auditing is governed by which SA? SA 500 SA 530 SA 520 SA 230 None 9. External confirmations are required for: Bank balances Accounts receivable Loans and borrowings All of the above None 10. An auditor performs analytical procedures to: Detect material misstatements Assess financial trends and ratios Evaluate management integrity Document the audit strategy None 11. The term "audit file" refers to: Management representation letter Working papers and documentation collected during the audit Financial statements Audit engagement letter None 12. Audit documentation serves as evidence of: Compliance with audit standards Conclusions drawn from audit procedures Both a) and b) None of the above None 13. Permanent audit files include all of the following EXCEPT: Lease agreements Memorandum of association Articles of association Current year trial balance None 14. Documentation of audit evidence must include: The nature and timing of procedures performed Results obtained from the procedures The conclusions drawn from the evidence All of the above None 15. Audit documentation should be sufficient to: Support the auditor’s opinion Provide evidence for legal cases Meet regulatory requirements only None of the above None 16. A member of ICAI may disclose client information: To competitors When legally required to do so To auditors of another client Without restriction None 17. The cooling-off period for reappointment of an auditor after rotation is: 1 year 3 years 5 years No cooling-off period None 18. Providing financial guarantees for a client creates which type of threat? Self-interest threat Advocacy threat Familiarity threat Intimidation threat None 19. As per the Code of Ethics, a Chartered Accountant should comply with: Integrity Professional competence and due care Confidentiality All of the above None 20. Professional misconduct under Schedule I of the CA Act includes: Issuing incorrect certificates Engaging in business other than the profession of accounting Accepting contingent fees All of the above None 21. The primary purpose of an audit committee is to: Approve financial statements Oversee the financial reporting process Conduct audits independently Manage the company's internal controls None 22. Corporate Governance under SEBI (LODR) Regulations mandates: Independent directors CSR compliance Peer review reports Tax compliance None 23. A whistleblower policy ensures: Employees can report unethical practices without fear Management has control over audit procedures Tax compliance is adhered to None of the above None 24. The Companies Act, 2013 mandates CSR for: Companies with a net worth of ₹500 crore or more Companies with a turnover of ₹1,000 crore or more Companies with a net profit of ₹5 crore or more All of the above None 25. Audit committees are required for: Private companies Listed companies Co-operative societies Sole proprietorships None 26. The auditor of a government company is appointed by: CAG Board of directors Shareholders MCA None 27. Audit of a partnership firm is governed by: The Companies Act, 2013 The Indian Partnership Act, 1932 SEBI Regulations None of the above None 28. The primary focus of a bank audit is: Detecting fraud Verifying internal controls and statutory compliance Profit maximization None of the above None 29. NBFC audits are governed by: RBI Act Companies Act SEBI Regulations Both a) and b) None 30. In an insurance company audit, auditors must verify: Claims register Premium receipts Reinsurance agreements All of the above None 31. A forensic audit is primarily concerned with: Fraud detection Statutory compliance Financial statement preparation Operational efficiency None 32. The term “fraud triangle” includes: Incentive, Opportunity, Rationalization Control, Planning, Detection Integrity, Audit, Reporting Compliance, Management, Governance None 33. Which is NOT a type of audit? Operational audit Financial audit Strategic audit Compliance audit None 34. Peer review is conducted to ensure: Independence of auditors Adherence to professional standards Fraud detection Increase in audit fees None 35. CARO 2020 applies to which type of companies? Small companies Certain private companies meeting specified thresholds Section 8 companies None of the above None 36. Which standard governs subsequent events? SA 560 SA 570 SA 550 SA 520 None 37. Audit of inventory primarily includes: Physical verification Valuation as per accounting standards Reviewing inventory aging reports All of the above None 38. Material misstatements are categorized as: Factual, judgmental, projected Direct, indirect, remote Actual, potential, identified Significant, non-significant, irrelevant None 39. The primary objective of operational audits is to assess: Financial reporting accuracy Efficiency, effectiveness, and economy Statutory compliance Detection of fraud None 40. Audit evidence includes: Physical evidence Oral statements from management Documents and records All of the above None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test.Look out for results and future opportunities.Stay Connected !! Your quiz time is about to finish. 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