The 'Rotation of Audit Partners' for listed companies is required every: MCQ with Answer and Explanation

The 'Rotation of Audit Partners' for listed companies is required every:

A. 10 years

B. No rotation

C. 7 years (as per Companies Act 2013, audit firm rotation for certain companies, partner rotation for listed companies)

D. 5 years

Answer: Option C

Solution (By JKExamLibrary)

Companies Act 2013 mandates partner rotation for listed companies.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

S1: Cheques issued but not presented for payment increase the bank balance as per the pass book. S2: Direct deposit by a customer into the bank account decreases the cash book balance. Which statement(s) is/are correct?

A. S2 only

B. S1 only

C. Both S1 and S2

D. Neither S1 nor S2

View Answer & Solution Discuss

Correct Answer: Option D

Explanation:
Cheques issued but not presented decrease the pass book balance, not increase it. Direct deposit by a customer increases the pass book balance but has no immediate effect on the cash book until intimated. Both are incorrect.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping