::: vuaskari.com ::: ACC311 Answers with Logic are required

Answers with Logic are required


Question No: 4     ( Marks: 1 ) - Please choose one
Which one of the following statements is NOT true about the internal control system of a company?




Internal control is affected by people working in an organization


Internal control is a process of bringing accuracy and improvements in the systems


Internal control systemt is expected to provide absolute assurance about the performance of a company


Internal control is geared to achieve objectives of financial reporting, compliance and operations




Question No: 5     ( Marks: 1 ) - Please choose one     

Who shall fix the remuneration of the auditors, if auditors of a company are appointed by the
shareholders? (Companies Ordinance, 1984)




Directors


Shareholders


Securities and Exchange Commission




Institute of Chartered Accountants of Pakistan (ICAP)




Question No: 6     ( Marks: 1 ) - Please choose one     

If Directors could not appoint the first auditors of a company, then the first auditors shall be appointed by which one of the following authorities? (Companies Ordinance, 1984)




Shareholders


Securities and Exchange Commission




Company secretary


Company registrar