‘Question60::Which of the following statements is/are correct?
2. The overall audit strategy is more detailed than the audit plan
b. Once the overall audit strategy has been established , an audit plan can be developed
._ Establishment of the overall audit strategy and the detailed audit plan are not necessarily discrete audit plan are not necessarily discrete or sequential processes, but are closely
interrelated since changes in one may result in consequential changes to the other
൫. The auditor shall update and change the overall audit strategy and the audit plan as necessary during the course of the audit
‘Ava, and d only
Bea, band d only
C+b, ¢ and d only
D:a, band c only
Correct Answer: Option-C
‘Question61:-Consider the following statements regarding the appointment of first Auditor of the company
൫. First auditor of a company, other than a Government company shall be appointed by the Board of directors within 90 days from the date of registration of the company
b. If Board of directors fails to appoint, by the members of the company within 90 days at an extraordinary general meeting appoint the first auditor
AsBoth are correct a and b
B:-Both are incorrect a and b
C:Statement a is not correct
D:-Statement b is not correct
Correct Answer: Option-C
Question62::Which of the following statements is/are correct regarding audit evidence?
‘a. Audit evidence is the information used by the auditor in arriving at the conclusions on which the auditor's opinion is based
b. Sufficiency is the measure of quality of audit evidence
‘c. Audit evidence includes information contained in the accounting records underlying and other information
d. Manuals containing details of intemal control is not audit evidence
Ava and only
Bia and d only
Cra, band c only
D-All the statements are correct (a, b,c and d)
Correct Answer: Option:
Question63::Which of the following statement is/are correct regarding audit working papers?
‘a. Audit working papers are the record of the planning and execution of the audit engagement
b. Audit working papers for the current year are referred to as permanent working papers
. Significant audit observations of the earlier years are permanent audit files
A:Only aandc
B-Only band ८
C-Only a and b
D:-All of the above
Correct Answer: Option:
‘Question64:-Consider the following statements regarding the removal of auditor by members:
൫. The members of a company have no right to remove the auditor from his office before the expiry of the term
b. The members have a right to remove an auditor from his office by an ordinary resolution of the company
. Obtaining previous approval of the Central Government in the prescribed manner is not required for removing the auditor
Which of the given statements is/are correct?
Ava and b only
8:0 806 conly
பவி 076 statements are corrects (1, 2 and 3)
D:-None of the above options (1, 2 and 3)
Correct Answer: Option-D
‘Question65:-Which of the following statements is/are correct regarding call money market?
‘a. Call money market is the part of national money market
b. Call money market helps the banks to borrow money from other banks to maintain the CRR with RBI
. Loans in the call money market are of a long term nature
6. No collateral is required to carry transactions in call money market
‘Aca, b and ¢ only
Bec, dand a only
‏بطع‎ and a only
D:All of the above (a,b,c and d)
Correct Answer: Option-C
‘Question66:-Process of converting securities held in electronic form in to physical certificates is called

A:-Dematerialization

B:-Re-materialization