Changes in Audit MCQ's BOOK: Introduction To Auditing

CA-IPCC Auditing &Assurance
Changes in Audit MCQ’s BOOK
Chapter 1:
Introduction to Auditing
1. In 16th MCQ  In option (a) He EXCERCISES due skill & care
(There is a spelling mistake for the underlined word)
2. In 20th MCQ Answer should be option (d) instead of Option (c)
3. In 23rd MCQ  Instead of word APPLICANT it should be APPLICATION
4. In 29th MCQ The Answer is option (d)
Instead of Option (b)
5. In 3rd MCQ  Instead of Applicable FS
It should be Applicable FRF
Chapter -2:
Basic Concepts of Auditing

1. In 13th MCQ The answer is option (b) instead of answer (c)
2. In 18th MCQ The answer is option (a) instead of answer (d)
3. In 35th MCQ The answer is option (c) instead of answer (d)
4. In 37th MCQ The answer is option (c) instead of answer (d)
5. In 41st MCQ The options are given in the material to be ignored. The
options are:
a) Management b) TCWG c) Auditor d) All of these
The answer is (c)
6. In 46th MCQ The answer is Option (a) instead of option (b)
VEE ACADEMY ca.lokesh.cv@gmail.com

8019162918/854 www.lokeshauditclasses.com
7. In 49th MCQ The Question should be “Auditor should consider -

______________ of evidences” instead of “_____________ should carefully
plan & control external confirmation”
Chapter -3:
Preparation for An Audit

1. In 3rd MCQ the option (d) should be “both a & b” instead of Board of
Directors
2. In 7th MCQ option (d) is missing. It is “Partial Acceptance & Partial

Rejection”. The correct option is (a) and not (c).
3.In 8th MCQ The answer is (a) instead of (c)
4. In 10th MCQ  Options (C) & (D) is Missing. It should be
c) Option (a) is correct
d) None of the above
5. In 12th MCQ The answer is option (c) instead of option (a)
6. In 16th MCQ  The answer is option (c) instead of option (b)
7.In 24th MCQ  The answer is option(b) instead of option (a)
8. In 25th MCQ  In statement (1) instead of “early” it should be “yearly”
9. In 29th MCQ The option (b) is “7years from the date of signing of Audit
Report” instead of 8 years.
Chapter -4:
Internal Control System

1. In 11th MCQ the option (d) is “ Day to Day; Another”
It is not “ Day to Day ; Auditor”
2. In 42nd MCQ The options are as follows
a) Compliance Procedures

b) Substantive Procedures
c) Test of Controls & Substantive Procedures
d) Overall Responses
3. In 43rd MCQ The Question should be
“ The Auditor shall obtain__persuasive audit evidence if the auditor’s __is

high”.
4. In 49th MCQ The Question Should be
“ The auditor shall apply procedures to examine overall presentation of FS &

their compliance with relevant FRF”
“These are called as___”
Chapter -5:
Vouching
1. In 3rd MCQ  The Option (a) should be
“Account Payee cheque”  instead of “charitable institution”
2. In 15th MCQ The answer is option(b) instead of option(c)
3. In 21st MCQ The options are:-
a) in the ordinary course of business
b) Other than transactions which are not on an Arm’s Length basis
c) Both option a) & b)
d) Either option a) or option b)
The answer is Option (C)

Chapter -7:
Company Audit -1
1. In 2nd MCQ the option (c) should be “Next AGM” instead of sixth AGM
2. In 23rd MCQ The Question should be “ In case of Removal of Auditor u/s

140(1) APPLICATION for APPROVAL shall be made to ____”
The option (d) should be NCLT
3. In 27th MCQ the word should be “RESIGNATION”
4. In 31st MCQ the option (c) should be “21 days before AGM”
Instead of “14 days before AGM”
5. In 36th MCQ the option (d) should be “All of those”
Instead of “Any of these”
6. In 41st MCQ the option (d) should be “All of these”
Instead of “Any of these “
Chapter -8:
Company Audit –II

1. In 7th MCQ the option (d) is “All of above”
2. IN 19th MCQ the word is PRESCRIBING” instead of “Preceding”
3. In 30th MCQ The Question should be
“Issue of ___ shares does not fall within the preview of sec 53 of the
companies’ act 2013.”
4. In 31st MCQ The option (d) is “Passing ordinary Resolution”
“__ is required to be passed in the __ for Alteration of share capital”

Chapter -9:
EDP Auditing
1. In 3rd MCQ the options (c) & (d) should be
(c) Statements (1) & (3) are true
(d) All the statements are true
“Statement 1: In on-line real time systems, audit trail is generally available to

the auditor as these systems are quick”
“Statement -2: Auditor should use CAAT’s to compensate for loss of Audit trail”
“In Auditing through the computer, the computer is used as __ of Audit
Chapter -10:
Government Audit
1. In 3rd MCQ The option (c) & (d) should be
(c)  Prime Minister
(d)  Member of Parliament
“The C&AG shall hold office up to__”
“______is very crucial in the context of audit of a government entity, one can
say that in the audit of Government entity, it is of utmost importance”.
4. In 12th MCQ the word is “propriety” instead of “properly”.

Chapter -11:
Special Audit
1.In 3rd MCQ The option c & d should be
(c) Grant
(d) All of these
Chapter -12:
Audit Reports
1. In 24th MCQthe word should be “TCWG” instead of FMCG.
2. In 25th MCQ the options are as follows:-
a) Qualification, basis for opinion
b) Quantification, basis for opinion
c) Qualification, opinion
d) Quantification, opinion
3.In 26th MCQ Ignore that MCQ as it is repeated Question.
Because of the Repeated Question & Ignoring it, the answer for the subsequent Question
has been changed. The revised answers are as follows:-
27-b 28-b 29-a 30-c 31-a

32-c 33-b 34-b 35-a 36-d
37-d 38-a 39-c 40-b 41-c
42-d 43-b 44-b 45-b 46-d
Chapter -14:
Standards
SA-INTRODUCTION:
1.In 1st MCQ The answer is option (d) instead of option (a)

SA-200 to 299:
1. In 8th MCQ the options should be
a) i & iii b) ii c) ii & iv d) iii & iv
2. IN 16th MCQ the options should be
a) Negative b) Low c) Reasonable d) Absolute
3. In 32nd MCQ the options are:-
a) i b) i & iv c) i & iii d) All of the above
4. In 57th MCQ The option c & d should be:-
c) External Inspector d) All of these
5. MCQ’s from 74 to 84 should be ignored as it is repetition of previous one’s.
6. In 85th MCQ In statement (2)
The word should be ”financial statements” instead of “ Material statements”
7. In 106th MCQ in statement (2)
The word should be “Inherent” instead of word “Internal”

SA 300 to 399
1. In 1st MCQ In option (b) the word should be “Effective” instead of
“Efficient”.
2. In 13th MCQ The word Nil should be substituted by “an”
3. In 19th MCQ The option (d) is “None of the above”
4.In 20th MCQ The option (d) is “None of the above”
5.In 37th MCQ In option (a) Remove the “400”

SA-400 to 499
1. In 2nd MCQ The word “Outcomes” should be substituted with “Outsource”
SA-500 to 599
1. The serial Numbers 9,10,11,12 should be substituted with 1,2,3,4
2. In 1st MCQ The options are a,b, c & d instead of c,d,e,f
3. In 7th MCQ the option (a) is “Measurement” instead of “Internal Control

System”.
4. In 14th MCQ the word “tiled” should be substituted by “filed”
5. In 26th MCQ The Question should be “SA-580 relates to”
6. In 38th MCQ the option (d) the word should be “Consistency” instead of
“Consultancy”
7. In 74th MCQ the option (d) should be “ALL of these” instead of SA 610
8. In 79th MCQ the correct answer is option (d) instead of (b)
9. In 82nd MCQ the option (b) should be “Only Statement (2) is true”
10. In 83rd MCQ the option (b) should be “Only Statement (2) is true”
11. In 88th MCQ the option (c) should be “SA 570”
12. In 89th MCQ the option (a) should be “Events Occurring between the
date of FS & date of approval”

SA-600 to 699
1. The serial number should be from (1) to (27) instead of (13) to (39)
2. In 13th MCQ The Question should be “when shall an auditor obtain experts
opinion”
3. In 25th MCQ Remove the 4th point i.e., “The Competence of Internal
Auditor”
The Options are as follows
a) 1,3 b) 1,2&3 c) 2&3 d) Only 2
SA-700 to 799
1. The Serial number to be from 1 to 47



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CA-IPCC Auditing &Assurance

Changes in Audit MCQ’s BOOK

(There is a spelling mistake for the underlined word)

2. In 20th MCQ Answer should be option (d) instead of Option (c)

3. In 23rd MCQ  Instead of word APPLICANT it should be APPLICATION

4. In 29th MCQ The Answer is option (d)

Instead of Option (b)

5. In 3rd MCQ  Instead of Applicable FS

It should be Applicable FRF

Basic Concepts of Auditing

2. In 18th MCQ The answer is option (a) instead of answer (d)

3. In 35th MCQ The answer is option (c) instead of answer (d)

4. In 37th MCQ The answer is option (c) instead of answer (d)

a) Management b) TCWG c) Auditor d) All of these

The answer is (c)

6. In 46th MCQ The answer is Option (a) instead of option (b)

VEE ACADEMY ca.lokesh.cv@gmail.com

7. In 49th MCQ The Question should be “Auditor should consider -

Preparation for An Audit

2. In 7th MCQ option (d) is missing. It is “Partial Acceptance & Partial

3.In 8th MCQ The answer is (a) instead of (c)

4. In 10th MCQ  Options (C) & (D) is Missing. It should be

c) Option (a) is correct

d) None of the above

5. In 12th MCQ The answer is option (c) instead of option (a)

6. In 16th MCQ  The answer is option (c) instead of option (b)

7.In 24th MCQ  The answer is option(b) instead of option (a)

8. In 25th MCQ  In statement (1) instead of “early” it should be “yearly”

Internal Control System

It is not “ Day to Day ; Auditor”

2. In 42nd MCQ The options are as follows

VEE ACADEMY ca.lokesh.cv@gmail.com

c) Test of Controls & Substantive Procedures

3. In 43rd MCQ The Question should be

“ The Auditor shall obtain__persuasive audit evidence if the auditor’s __is

4. In 49th MCQ The Question Should be

“ The auditor shall apply procedures to examine overall presentation of FS &

“These are called as___”

“Account Payee cheque”  instead of “charitable institution”

2. In 15th MCQ The answer is option(b) instead of option(c)

3. In 21st MCQ The options are:-

a) in the ordinary course of business

b) Other than transactions which are not on an Arm’s Length basis

c) Both option a) & b)

d) Either option a) or option b)

The answer is Option (C)

VEE ACADEMY ca.lokesh.cv@gmail.com

2. In 23rd MCQ The Question should be “ In case of Removal of Auditor u/s

The option (d) should be NCLT

3. In 27th MCQ the word should be “RESIGNATION”

Instead of “14 days before AGM”

5. In 36th MCQ the option (d) should be “All of those”

Instead of “Any of these”

6. In 41st MCQ the option (d) should be “All of these”

Instead of “Any of these “

Company Audit –II

2. IN 19th MCQ the word is PRESCRIBING” instead of “Preceding”

3. In 30th MCQ The Question should be

4. In 31st MCQ The option (d) is “Passing ordinary Resolution”

5. In 34th MCQ The Question should be

“__ is required to be passed in the __ for Alteration of share capital”

VEE ACADEMY ca.lokesh.cv@gmail.com

“ The Auditor shall obtainpersuasive audit evidence if the auditor’s is

“ is required to be passed in the for Alteration of share capital”