While checking allotment auditor should see that amount
a) Equal to estimated fixed capital is received
b) Equal to estimated working capital is received
c) Necessary for purchase of land & building has been received
d) None of the above
Answer: (d) Typically, auditors obtain evidence through inspection (of documents or tangible assets, for example), inquiries, observation, third-party confirmations, testing of selected transactions and other procedures.
More MCQ and Answers on Auditing
- Fixed assets are valued at
- Floating assets are valued at
- Outstanding expenses should be verified with the help of
- Book debts should be verified with the help of
- Book debts should be verified with the help of
- Main object of auditing is
- Propriety audit refers to
- Propriety is normally undertaken in case of
- Final audit implies
- Joint audit implies