[Solved] ________ audit is not a statutory requirement.

________ audit is not a statutory requirement.

a) Management

b) Financial

c) Tax Audit

d) None of these

Answer: (a) Management audit is not a statutory requirement. Statutory audit is a legal requirement but an internal audit is the necessity of management and not a legal obligation. Appointment: Statutory auditor is appointed by the shareholders of a company but as far as the internal audit is concerned, they are generally appointed by the management.

More MCQ and Answers on Auditing

  1. A vacancy caused by resignation of the auditor is filled by
  2. A company auditor can be removed before expiry of his term by
  3. Remuneration of a company auditor is fixed by the
  4. A company auditor, in general has to submit his report to
  5. An auditor of Government company has to submit his report to the
  6. Internal auditor has to submit report to
  7. Auditor should be dutiful like a
  8. Auditor, in general is an
  9. Which of the following percentage of nominal amount of shares should be received with application
  10. While checking allotment, auditor should see that amount

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