Answered: The panel of Auditors of cooperative…

The panel of Auditors of cooperative society is maintained by – (A) Charted Accountant (B) Central Government (C) Registrar (D) Shareholders

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: According to the changes in financial reporting, which of the following are publicly traded…

A: Correct answer is Audit committe of board of directors

Q: Companies are required to follow the laws and regulations including company law, tax law and…

A: Internal control procedures are those procedures which are adopted to ensure fulfilment of…

Q: From the options enunciated here under identify the external user of financial information. a.…

A: Users of financial information are categorised into 2 types external and internal users…

Q: In an audit report on the effectiveness of ICFR for a public company, to what does the basis of…

A: The basis of opinion paragraph in an audit report on the effectiveness of Internal Control over…

Q: Which of the following “bodies designated by Council” have been authorized to promulgategeneral…

Q: The use of the Certified Public Accountant title is regulated by Select one a the Securities and…

A: Corporate finance is referred as the decision of the firm to take capital investments and other…

Q: The official SSARS are applicable to engagements involvinga. Audited financial statements of public…

Q: 44. All are found in the By laws, except: Group of answer choices Rights and obligations of a…

A: Bylaws are the rules and regulations that a company has to follow to run its business. It is a…

Q: From the following, which is the correct form of IFAC? a. International Federation of Audit…

A: IFAC is an organisation which is globally representing the accounting profession.

Q: The scope of the internal audit is decided by the : 1/ government ✅2/ shareholders 3/ audit firm 4/…

A: Internal auditor is the trained professional who offer independent as well as objective evaluations…

Q: The agency of the federal government that, among other responsibilities, prescribes the methodology…

A: Introduction: Securities exchange commission: Regulators of the securities , protection to the…

Q: Financial statements of public companies are required to be audited by O an independent certified…

A: As per Bartleby's answer guidelines. One question is answered Audit of Public companies: As per the…

Q: Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may…

A: Special purpose framework is a non-GAAP framework which is used for financial purposes and includes…

Q: The authority to appoint first independent auditor is vested to __________ a. The shareholders b.…

A: The first auditor of a company shall be appointed by board of directors with 30 days from the date…

Q: The measurement principle requires that Oa. accounting principles meet the objectives of the…

A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

A: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

Q: Audit committee activities and responsibilities includewhich of the following?a. Selecting the…

A: Audit is the process of checking and verifying books of accounts in order to check authenticity and…

Q: Which of the following individuals is incharge of the Policies and Procedures of the Organization…

A: Chief Audit Executives - These are the person who involve in monitoring and verifying the internal…

Q: What is due process in the context of standard-setting at the IASB? A. IASB operates in full view…

A: IASB is the international accounting standards board formed to issue the accounting standards which…

Q: Identify who is the user of Reports in external audit: All Employees All Stakeholder Management only…

A: Accounting information is presented in the form of financial statements to help the users of the…

Q: An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c.…

A: An audit committee also refers as review council and it is one of the major working panels of an…

Q: While listing the functional Committees of the Board and explaining their significance, explain the…

Q: Governance issues include the following except;

A: The corporate governance represents the rules and practice by which the company would be controlled…

Q: The committee of the board of directors who is in charge of monitoring circumstances that might…

A: In an organisation, various type of committees are being made and every committe has its purposes,…

Q: rights of the auditor

A: The statement a is correct because the auditor has the right to get all the information and…

Question

(i) The panel of Auditors of cooperative society is maintained by –

(A) Charted Accountant
(B) Central Government
(C) Registrar
(D) Shareholders

(ii)Internal auditor has to submit report to –

(A) Shareholders
(B) Government
(C) Company law board
(D) None of above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Diversified International Auditing and Reporting Requirements

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for which of the following? Multiple Choice O O O O Special purpose governments with a business purpose. All not-for-profit organizations. All not-for-profit organizations that are nongovernmental and business entities. All not-for-profit organizations and business entities.
**Objective Question:** Which set of standards governs the conduct of audits performed by certified public accountants (CPAs) in the United States? A) IFRS B) GAAP C) GAAS D) ISA
The scope of external audit is decided by the: a. Shareholders b. Government c. Management d. Audit firm
Government entities are interested in financial statements to determine compliance of business enterprises to regulations. True or False
Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?
Which of the following is not correct about special purpose financial statements? O a. This type of statement is usually required by a shareholder O b.A special-purpose financial statement is a financial report that is intended for presentation to a limited group of users O . This type of statement is usually required by a government entity O d. Special-purpose financial statements may or may not be prepared in accordance with a financial reporting framework
Who should set accounting standards? A government agency or private body such as the FASB?
The fair presentation of financial statements in conformity with applicable financial reporting framework is the responsibility of the Shareholders Management Auditors Board of Directors
Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the responsibility ofa. The public accounting firm.b. Senior management.c. The audit committee.d. The PCAOB
Please answer and explain
The following are examples of related party transactions except *a. Extending credit to officers or directors or to entities that are owned or controlled by officers or directorsb. Deposit and other transactions with directors, officers, or affiliated entitiesc. Expense allowances given to executivesd. Guarantee loans to, or the financial performance of, an affiliated entity
The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's board of directors? Select one: A. Nominating committee. B. Audit committee. C. Compensation committee and audit committee. D. Nominating committee and compensation committee.