Explore Auditing Regulations and the Meaning of 'Audit' in India
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Questions and Answers

Which of the following is not necessary for the purpose of regulating the profession of auditing in India?

  • The Chartered Accountants Act 1949
  • Audit code formulated by the Auditor General of India
  • The Companies Act 1956
  • The income Tax Act 1961 and Income Tax Rules 1962 (correct)

    • What does the word 'Audit' mean?

  • To analyze
  • To investigate
  • To listen (correct)
  • To observe

    • What is the objective of auditing?

  • To analyze financial statements
  • To provide financial advice
  • To ensure compliance with tax laws
  • To detect and prevent frauds (correct)

    • What is the method of audit where a few selected transactions are checked?

    <p>Test checking (B)</p> Signup and view all the answers

    In the famous case of 'London and General Bank Case', it was decided that an auditor is a...

    <p>Watch dog (C)</p> Signup and view all the answers

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