Regulation on Audit & Accounts, 2007

  1. The Regulation on Audit and Accounts was made by C&AG of India under the powers conferred on him by _____________of C&AGs (DPC) Act, 1971.
    1. Section 20
    2. Section 21
    3. Section 23
    4. Section 24
  2. The Regulation on Audit and Accounts’2007 do not apply to
    1. Bodies/authorities and enterprises to which CAG’s audit/accounts jurisdiction extend
    2. All ministries and departments of Union Government and State Governments
    3. Union Territory Governments
    4. Any international assignment relating to audit taken up or being taken up by CAG 
  3. The Regulation on Audit and Accounts were made by C&AG of India in the year
    1. 2005
    2. 2007
    3. 2008
    4. 2009
  4. Major irregularity means
    1. an instance of suspected material fraud coming to the notice in audit
    2. an instance of corruption coming to the notice in audit
    3. an irregularity of serious nature involving public funds
    4. All of the above
  5. The Regulation of Audit & Accounts shall apply to
    1. Officers and staff of IA&AD
    2. All Ministries and Department of the Union /State/Union Territory Governments
    3. Bodies, Authorities and Enterprises to which the audit or accounts jurisdiction of the C&AG of India extend
    4. All of the above
  6. C&AGs authority to inspect any office of accounts under the control of union is derived from ______ of C&AGs (DPC)act.
    1. Section 13
    2. Section 14
    3. Section 18
    4. Section 19
  7. Under sec 18 read with sec 2 (e) of DPC act the C&AG has the authority to
    1. to inspect any office of accounts under the control of a Union Territory having a legislative assembly
    2. to require that any accounts , books, papers and other documents which deal with or form the basis of or are otherwise relevant to the transactions to which his duties in respect of audit extend, shall be sent to such place as he may appoint his inspection and
    3. to put such questions or make such observations as he may consider necessary to the person in charge of the office and to call for such information as he may require for the preparation of any account or report which it is his duty to prepare
    4. all of the above
  8. Auditors should ordinarily not become members of management committees
    1. True
    2. False
  9. The scope and extent of audit shall be determined by the C&AG of India under which section of DPC Act?
    1. Section 10
    2. Section 13
    3. Section 19A
    4. Section 23
  10. The C&AG of India is the sole authority to decide the scope and extent of audit to be conducted by him or on behalf of him
    1. True
    2. False
  11. The C&AG of India undertakes audit which are broadly categorised as
    1. Financial  audit, compliance audit and Performance audit
    2. Civil audit, commercial audit, railway audit and P&T audit
    3. Receipt audit, expenditure audit and grant audit
    4. all of the above
  12. The power to dispense with detailed audit of any accounts or transaction is derived by C&AG of India under ____________ of DPC act.
    1. Section 22
    2. Section 23
    3. Section 24
    4. Section 25
  13. Audit will be conducted
    i) In the Audit Office
    ii) In the office of the Auditable entity
    iii) At the site where the relevant records for audit are available
    iv) At such place as may be decided by audit.
    1. (i) & (ii) above
    2. (i) (ii) & (iii) above
    3. (ii) (iii) & (iv) above
    4. (i) to (iv) above
  14. A request for the special Audit shall be given due consideration by C &AG or any other Officer so authorised if the request for such audit of a programme , project or organisation is made with the approval of the
    1. Cabinet secretary
    2. Secretary of the concerned department
    3. Minister concerned
    4. None
  15. Auditing standards will apply to
    (i) the individual auditor    (ii) the audit department     (iii) the auditee organisation    (iv) the head of the auditee organisation
    1. (i) above
    2. (i) (ii) above
    3. (i) (ii) (iii) above
    4. (i) (ii) and (iv) above
  16. Auditing standards shall, interalia, include the following (i) basic postulates (ii) general standards;(iii) field standards (iv)reporting standards
    1. (i) above
    2. (i) (ii) above
    3. (i) (ii) (iii) above
    4. (i) (ii) (iii)and (iv) above
  17. Under the constitution of India, it is the duty of the C&AG of India to audit and report on the accounts of the
    1. Union Government
    2. Governments of each State
    3. Government of Union Territory having legislative assembly
    4. all of the above
  18. The C&AG of India examines both the appropriation accounts and finance accounts of the Union, each State and each Union Territory having a legislative assembly but certifies only the appropriation accounts.
    1. True
    2. False
  19. Excess or savings are shown in   (i) appropriation accounts (ii) finance accounts
    1. (i) above
    2. (ii) above
    3. both (i) (ii)  above
    4. neither (i) or (ii) above
  20. A consolidated statement of all orders of re-appropriation and surrender of funds issued during a financial year shall be sent to the audit office and the accounts office so as to reach within__________after the close of the financial year.
    1. 15 days
    2. one month
    3. two months
    4. three months
  21. Reasons for any excess or shortfall in expenditure beyond the limits prescribed for the purpose under any unit of appropriation shall be furnished by Government departments to  
    (i) the audit office (ii) the accounts office
    1. (i) above
    2. (ii) above
    3. both (i) (ii)  above
    4. neither (i) or (ii) above
  22. C&AG is authorised to audit all expenditure from consolidated fund of India and of a state and of a Union Territory having a legislative assembly under __________ of DPC act.
    1. Section 13
    2. Section 14
    3. Section 15
    4. Section 16
  23. Authority for C&AG to audit all transaction of the Union and of the State and Union Territorys relating to contingency funds and Public accounts is derived from ________ of DPC Act.
    1. Section 2 (e)
    2. Section 2 (e) r/w Section 13
    3. Section 13
    4. None of the above
  24. C&AG is authorised  to audit all receipts of the GOI and of Government of each State and of each Union Territory having a legislative assembly under ________ of DPC Act.
    1. Section 13
    2. Section 14
    3. Section 15
    4. Section 16
  25. C&AGs power to audit and report on the accounts of the stores and stock kept in any office or department of the Union is derived from
    1. Section 15
    2. Section 16
    3. Section 17
    4. Section 18
  26. C&AGs power to audit and report on the accounts of the stores and stock kept in any office or department of the Union Territory having a legislative assembly is derived from
    1. Section 17
    2. Section 17 r/w sec 2(e)
    3. Section 19
    4. Section 19 r/w sec 2(e)
  27. The accounts of stores and stock shall be kept in the manner prescribed by C&AG of India in consultation with the Union Government
    1. True
    2. False
  28. Before commencing detailed work of performance audit, the AG(Audit) shall hold an entry conference with:-
    1. Chief Secretary to the Government
    2. Governor
    3. Secretary to the Government of the concerned Department
    4. Additional Secretary to the Government of the concerned Department
  29. Discussion at the entry conference shall, interalia, include
    1. Scope and coverage of audit
    2. Audit objectives and criteria
    3. Proposed techniques of evidence collection
    4. Overall time frame
    5. Tentative time schedule
    6. All of the above
  30. The audit of bodies and authorities, other than Government establishments and companies, by C&AG is governed by the provision contained in
    1. Section 14, 15 & 20 of the DPC Act
    2. Section 14,15,19(1),19(2) and 19(3) of the DPC Act
    3. Section 14,15,19(2) and 19(3), 19 A and 20 of the DPC Act
    4. Section 14,15,19(1),19(2) and 19(3), 20 of the DPC Act
  31. The expression “Body” in the DPC Act includes
    1. A co-operative society
    2. A society
    3. A club
    4. A Non-Government Organisation
    5. all of the above
  32. The provision of section 18 of DPC Act do not apply to bodies and authorities that are under the audit jurisdiction of the C&AG
    1. True
    2. False
  33. Where a body of authority is audited under Section 14(1) or 14(2) for a particular year, than C&AG is empowered to continue to audit that body or authority for a further period of
    1. one year
    2. two years
    3. three years
    4. none of the above
  34. The result of audit under section 14 or 15 shall be communicated to the     
    (i) Chief executive officer of the body or authority        
    (ii)Department of the Government that paid the grant or loan to the body or authority
    1. (i) above only
    2. both (i) and (ii) above
    3. (ii) above only
    4. none of the above
  35. Audit of a body or authority receiving loan or grant for a specific purpose from the consolidated fund of India or of a State or of a Union Territory having a legislative assembly is done under section ____ of DPC Act.
    1. Section 14(1)
    2. Section 14(2)
    3. Section 15
    4. Section 19
  36. Every corporation that is subject to audit by C&AG shall send copies of agenda notes and minutes of the meeting of its governing body to the
    1. AG(Audit) concerned
    2. AG(A&E) concerned
    3. CAG of India
    4. None of the above
  37. The scope of performance audit of a corporation may extend to more than one financial year
    1. True
    2. False
  38. The normal time limit for communicating reply to draft SAR by the CEO of the corporation shall be
    1. one week
    2. two weeks
    3. 15 days
    4. one month
  39. Audit arrears committee” shall be constituted by a corporation in case a large number of audit observations included in the IRs remain outstanding for more than
    1. 6 months
    2. one year
    3. 2 years
    4. 3 years
  40. The formation of a new Government Company or a deemed Government company shall be intimated with a copy of its certificate of incorporation to the CAG in writing by the administrative ministry/department within ______ of its incorporation.
    1. 15 days
    2. one month
    3. 2 months
    4. 90 days
  41. Where a Government company or a deemed government company ceases to be so, the fact shall be intimated to the CAG by the administrative ministry/department within ______ of such occurrence.
    1. 15 days
    2. one month
    3. 2 months
    4. 90 days
  42. The statutory auditor of a Government company or a deemed government company shall be appointed by
    1. Secretary to the Government of the concerned department
    2. CEO of the company
    3. CAG of India
    4. None of the above
  43. The total period of appointment including the initial appointment of a statutory auditor shall not ordinarily exceed
    1. two financial years
    2. three financial years
    3. four financial years
    4. five financial years
  44. The time limit for the statutory auditor to send acceptance of the audit assignment in writing to the CAG of India shall be
    1. two weeks
    2. three weeks
    3. four weeks
    4. none of the above
  45. The CAG of India may terminate the appointment of a statutory auditor before the expiry of the normal tenure for reasonable grounds without giving him an opportunity to make representation against the premature termination
    1. True
    2. False
  46. The CAG shall conduct a supplementary or test audit of the accounts of a Government company which was already audited by a statutory auditor
    1. True
    2. False
  47. On completion of the audit of a Government Company, the statutory auditor shall prepare his audit report under the companies Act 1956, and a submit a copy to
    1. the C&AG of India
    2. AG (Audit) concerned
    3. AG (A&E) concerned
    4. None of the above
  48. The C&AG may, at his discretion, dispense with supplementary audit of the accounts of the company for any particular year
    1. True
    2. False
  49. the Audit Board shall function in an advisory and recommendatory capacity
    1. True
    2. False
  50. The quorum for a meeting of the Audit Board shall be
    1. Two
    2. Three
    3. Four
    4. There shall be no requirement of quorum for the meetings of the Audit Board
  51. Reply to an audit note or IR shall be sent within ________ of its receipt
    1. 15 days
    2. Two weeks
    3. Four weeks
    4. Six weeks
  52. In the case of an IR relating to PWD, the reply shall be sent through the
    1. HOD
    2. Next higher authority
    3. Secretary to Government
    4. Chief Engineer
  53. Copies of important audit observations included in an audit note or an IR shall be sent to the
    1. HOD
    2. Next higher authority
    3. Secretary to Government
    4. None of the above
  54. The Secretary in turn shall inform to AG (Audit) of the action taken within a period of
    1. 1 month
    2. 2 months
    3. 3 months
  55. Time allowed for communicating the comments, observations and explanation of the Government for the DP shall be
    1. Two weeks
    2. Three weeks
    3. Four weeks
    4. Six weeks
  56. The duties and powers of C&AG in regard to the accounts of the Union & State Governments are laid down under             (i)      Article 149 of Constitution    (ii)     Article 150 of Constitution          (iii)    Article 151 of Constitution       (iv)    Section 10 to 12 of DPC Act 1971
    1. (i) & (iv) above
    2. (i), (ii) & (iv) above
    3. (i), (iii) & (iv) above
    4. (i), (ii), (iii) & (iv) above
  57. The authority for C&AG to lay down general principles of Government accounting is derived from
    1. Article 150 of the Constitution
    2. Section 10 of DPC Act
    3. Section 11 of DPC Act
    4. Section 23 of DPC Act
  58. All Government departments are required to comply with the general principles of Government Accounting
    1. TRUE
    2. FALSE
  59. The regulation on Audit of Accounts shall apply to any international assignment relating to audit or accounts taken up by C&AG.
    1. TRUE
    2. FALSE

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