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      Question

      Under Section 18, the annual accounts of the Council are

      subject to audit by a firm of chartered accountants appointed annually by the Council from a panel maintained by which authority?
      A The Securities and Exchange Board of India Correct Answer Incorrect Answer
      B The Reserve Bank of India Correct Answer Incorrect Answer
      C The Comptroller and Auditor-General of India Correct Answer Incorrect Answer
      D The National Financial Reporting Authority Correct Answer Incorrect Answer
      E The Ministry of Corporate Affairs Correct Answer Incorrect Answer

      Solution

      Section 18(5) provides that the annual accounts of the Council shall be prepared as prescribed and audited by a firm of chartered accountants appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India. A firm is ineligible if any of its partners is or was a Council member in the last four years, and provisions exist for special audits where accounts do not show a true and fair view. The panel-maintaining authority is therefore the CAG, making it correct.

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