Question
Which of the following constitutional amendment act
empower the state government to form 3 tier local self-government?Solution
The Constitution (73rd Amendment) Act was passed in 1992 and it came into effect on 24 April 1993. The Act empowered state governments to take the necessary steps that would lead to the formalisation of the gram panchayats and help them operate as units of self-governance. The Directive Principles of State Policy in the Constitution of India lays down in Article 40 that the government shall facilitate the establishment and smooth functioning of the gram panchayats. The requirement of 'no dues’ certificate has also been dispensed with in respect of small loans up to Rs.50,000 availed by small and marginal farmers, share-croppers and the like and, instead, only a self-declaration from the borrower is required.
Late-year reinsurance treaties significantly reduce reported loss ratio. Which step is most relevant to fraud risk of “window dressing”?
Which of the following is an example of an inherent limitation of an audit?
The risk that the internal control system will fail to prevent or detect a material misstatement is:
The primary objective of an audit is to:
Which auditing standard outlines the auditor's responsibilities relating to fraud in an audit of financial statements?
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Which of the following statements is not true?
An auditor detects unusual journal entries passed at month-end involving revenue accounts, without supporting documents. Management explains they are ďż˝...
Which of the following statements is true for cash basis accounting?