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:
- review of work done by a professional by Central Government.
- review of work done by a professional by National Financial Reporting Authority (NFRA).
- review of work done by engagement team members by the engagement partner.
- 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:
- review appointed by the Peer Review Board.
- review appointed by the Quality Review Board.
- review appointed by the National Financial Reporting Authority (NFRA).
- reviewer appointed by Central Government.
Answer: 1
Q:3 Peer Review process shall apply to:
- all assurance and consulting services provided by a practice unit.
- all assurance services provided by a practice unit.
- all consulting services provided by a practice unit.
- 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:
- preceding 2 years.
- preceding 3 years.
- preceding 4 years.
- 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
- Inspection
- Engagement Quality Control Review
- Peer Review
- 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:
- peer review process of Institute of Chartered Accountants of India.
- quality review process of Quality Review Board.
- ISO Certification.
- 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.
- Council of ICAI; 10
- Central Government; 10
- Council of ICAI; 12
- Central Government; 12
Answer: 3
Q:8 Casual Vacancies on the Peer Review Board shall be filled by the ____.
- Chairperson of QRB.
- Chairperson of PRB.
- Council of ICAI
- Central Government
Answer: 3
CA Final - Paper 3 - Advanced Auditing and Professional Ethics - Chapter 18
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