Audit Questions and Answers
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Q - 1 Why you want to be a auditor?

Ans- To scrutinize that work done was properly or not according to prescribed rules and regulations.
To avoid discrepancies while doing work.
Is This Answer Correct?    74 Yes 25 No
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Q - 2 What are intangible assets?

Ans- Intangible assets are those which we can't be seen like goodwill of the company.
Is This Answer Correct?    105 Yes 5 No
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Q - 3 What are tangible assets?

Ans- Tangible Assets are those assets which we can see or touch like fixed asset ,machinery,etc.
Is This Answer Correct?    94 Yes 4 No
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Q - 4 What is vouching?

Ans- Vouching is the process of checking for the existence an example for this is checking from the final record to the supporting document.
Is This Answer Correct?    56 Yes 7 No
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Q - 5 Who will audit an auditing firm?

Ans- One auditing firm can audit other auditing firm.
Is This Answer Correct?    60 Yes 18 No
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Q - 6 What is the mean of decommission Liability?

Ans- Decommission Liability is costs that a company expects to incur in the future when the plant is shut down.
Is This Answer Correct?    41 Yes 9 No
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Q - 7 What should the internal auditor?

Ans- Contact the board of directors or the audit committee. They should ensure the independence of internal auditing.
Is This Answer Correct?    49 Yes 5 No
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Q - 8 What is CARO 2004?

Ans- CARO means company audit report order 2004.It describes the matter on witch Statutory Auditors has to report in their Audit Report.
Is This Answer Correct?    44 Yes 2 No
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Q - 9 What is social audit?

Ans- social audit is performed to know the corporate social responsibility.
Is This Answer Correct?    51 Yes 5 No
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Q - 10 What is final audit?

Ans- Final audit is commenced when all account has been closed and final accounts is been prepared.
Is This Answer Correct?    46 Yes 4 No
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