{"id":32750,"date":"2024-04-15T09:06:16","date_gmt":"2024-04-15T09:06:16","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32750"},"modified":"2024-04-15T09:06:16","modified_gmt":"2024-04-15T09:06:16","slug":"the-statutory-auditor-is-duty-bound-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-statutory-auditor-is-duty-bound-to\/","title":{"rendered":"The statutory auditor is duty-bound to :"},"content":{"rendered":"

[amp_mcq option1=”Review the managerial processes and procedures” option2=”Prepare the final accounts of the company in accordance with the provisions of the company law” option3=”Submit a report to the members of the company” option4=”Verify physically the various assets of the company” correct=”option3″]<\/p>\n

The correct answer is: C. Submit a report to the members of the company.<\/p>\n

A statutory auditor is an independent auditor appointed by the shareholders of a company to audit the company’s financial statements and report to the shareholders on the results of the audit. The statutory auditor is duty-bound to submit a report to the members of the company within six months of the end of the company’s financial year. The report must state whether the auditor has obtained all the information and explanations that they considered necessary for the purpose of their audit, and whether in their opinion the financial statements give a true and fair view of the company’s financial position and results of operations.<\/p>\n

Option A is incorrect because the statutory auditor is not responsible for reviewing the managerial processes and procedures of the company. This is the responsibility of the company’s management.<\/p>\n

Option B is incorrect because the statutory auditor is not responsible for preparing the final accounts of the company. This is the responsibility of the company’s management.<\/p>\n

Option D is incorrect because the statutory auditor is not responsible for verifying physically the various assets of the company. This is the responsibility of the company’s management.<\/p>\n","protected":false},"excerpt":{"rendered":"

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