MCQ for CA Final Audit - Chapter 17 PEER REVIEW AND QUALITY REVIEW

Sample Multiple Choice Questions (MCQ's) for CA Final - Paper 3 - Advanced Auditing and Professional Ethics - Chapter 17: PEER REVIEW AND QUALITY REVIEW - For Practice relevant for May/Nov 23 Examinations

 

Q:1 The term "Peer Review" means:     

 

  1. review of work done by a professional by Central Government.
  2. review of work done by a professional by National Financial Reporting Authority (NFRA).
  3. review of work done by engagement team members by the engagement partner.
  4. review of work done by a professional by another professional of similar standing.

Answer: 4

 

Q:2 In Peer Review, examination and review of work of practice unit is carried out by:

 

  1. review appointed by the Peer Review Board.
  2. review appointed by the Quality Review Board.
  3. review appointed by the National Financial Reporting Authority (NFRA).
  4. reviewer appointed by Central Government.

Answer: 1

 

Q:3 Peer Review process shall apply to:        

       

  1. all assurance and consulting services provided by a practice unit.
  2. all assurance services provided by a practice unit.
  3. all consulting services provided by a practice unit.
  4. all assurance and due diligence services provided by a practice unit.

Answer: 2

 

Q:4 Statement of Peer Review aims to confine the scope of review to:

 

  1. preceding 2 years.
  2. preceding 3 years.
  3. preceding 4 years.
  4. preceding 5 years.

Answer: 2

 

Q:5 A process designed to provide an objective evaluation, before the report is issued, of the significant judgements the engagement team made and the conclusions they         

 

  1. Inspection
  2. Engagement Quality Control Review
  3. Peer Review
  4. Quality Review

Answer: 2

 

Q:6 The limited review or audit reports submitted to stock exchanges(s) on a quarterly or annual basis are to be given by an auditor who has subjected himself to the:   

 

  1. peer review process of Institute of Chartered Accountants of India.
  2. quality review process of Quality Review Board.
  3. ISO Certification.
  4. peer review process of Institute of Chartered Accountants of India or quality review process of Quality Review Board.

Answer: 1

 

Q:7 Peer Review Board shall be constituted by _______ and shall consist of maximum of __________ members.        

 

  1. Council of ICAI; 10
  2. Central Government; 10
  3. Council of ICAI; 12
  4. Central Government; 12

Answer: 3

 

Q:8 Casual Vacancies on the Peer Review Board shall be filled by the ____.      

 

  1. Chairperson of QRB.
  2. Chairperson of PRB.
  3. Council of ICAI
  4. Central Government

Answer: 3

 

 

CA Final - Paper 3 - Advanced Auditing and Professional Ethics - Chapter 18   

 

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