Multiple Choice Questions (Mcqs) On Engagement And Quality Control Standards Multiple Choice Questions (Mcqs) On Engagement And Quality Control Standards (As On July 1, 2020)

Foreword

Engagement and Quality Control Standards are performance benchmarks for the members while performing auditing, review, assurance and related services engagements. The Institute of Chartered Accountants of India (ICAI) through its Auditing and Assurance Standards Board (AASB) is making every possible effort to ensure that these standards are understood and implemented in the same spirit in which these standards have been formulated. For this purpose, AASB has taken various steps like organizing regular training programmes on standards, issuing implementation guides on standards, issuing non-authoritative literature on standards, running e-learning course on standards.

I am happy to note that the AASB of ICAI is bringing out this “Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards”. The publication contains a number of MCQs on each of the 46 Engagement and Quality Control Standards issued till date. The publication is quite comprehensive containing around 1200 MCQs.

I wish to place my appreciation for CA. G. Sekar, Chairman, CA. (Dr.) Debashis Mitra, Vice-Chairman and all members of the Auditing and Assurance Standards Board for taking this timely initiative of bringing out this publication for creating awareness about the Engagement and Quality Control Standards for the benefit of members and other stakeholders at large.

I am sure that the members and other interested readers would find this publication immensely useful.

June 11, 2020
New Delhi

CA. Atul Kumar Gupta President,
ICAI

Preface

The Standards issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants represent the global best practices in performance of auditing, review, assurance and related services engagements and these Standards are globally accepted and used by various jurisdictions. The Engagement and Quality Control Standards used in India have been converged with the corresponding international Standards issued by IAASB. The Auditing and Assurance Standards Board (AASB) of ICAI has taken various initiatives in order to provide support to the members in effective implementation of these standards. These initiatives include organizing regular training programmes on standards, issuing implementation guides on standards, running e-learning course on standards, issuing non-authoritative literature on standards.

AASB feels happy to publish this “Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards”. The publication contains number of MCQs on all the 46 Engagement and Quality Control Standards issued till date. These MCQs are in the form of select true or false, fill in the blanks, match the order, choose the correct option. Readers are cautioned that this publication is not a substitute of complete text of the standards and the complete text of the standards should always be referred for comprehensive knowledge on the subject.

We place on record our gratitude to all experts viz. CA. Khushroo B. Panthaky, CA. Manoj Daga, CA. Deepa Agarwal, CA. Archana Bhutani, CA. Madhumathi L, CA. Amit Mitra, CA. Radhika Sharma, CA. Anuradha Jain, CA. Amruta Rangnekar, CA. Amit Goel for their contribution in developing MCQs for enrichment of knowledge of the members.

We wish to express our sincere thanks to CA. Atul Kumar Gupta, Honourable President, ICAI and CA. Nihar Niranjan Jambusaria, Honourable Vice-President, ICAI for their guidance and support to the activities of the Board.

We also wish to place on record our sincere thanks to all the Board members for their suggestions, support and guidance in finalising various pronouncements of the Board. We sincerely appreciate the efforts made by CA. Megha Saxena, Secretary, AASB and other staff of AASB in reviewing the MCQs developed by experts and finalizing this publication.

We are confident that the readers would find this publication very useful.

CA. (Dr.) Debashis Mitra
Vice Chairman
Auditing and Assurance Standards Board

CA. G. Sekar
Chairman
Auditing and Assurance Standards Board

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