100+ Free ICAB PL Audit & Assurance Practice Questions

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2026 Statistics

Key Facts: ICAB PL Audit & Assurance Exam

3.5 hours

Exam duration

ICAB Syllabus-2025

100 marks

Total marks

ICAB Syllabus-2025

50-60%

Weighting of planning and performing engagements

ICAB Syllabus-2025 specification grid

Tk. 2,500

Professional Level exam fee per paper

ICAB CA brochure, May 2025

Master the ICAB CA Professional Level Audit & Assurance paper by excelling in the statutory audit framework of Bangladesh (Companies Act 1994, BSEC CG Code 2018, FRA 2015), ISAs/BSAs, ISQM 1/2 quality management, IESBA ethical codes, risk assessment (ISA 315), fraud identification (ISA 240), substantive testing cycles, and audit report drafting (ISA 700, 701, 705, 706).

Sample ICAB PL Audit & Assurance Practice Questions

Try these sample questions to test your ICAB PL Audit & Assurance exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Section 210(6) of the Companies Act 1994 (Bangladesh), who is empowered to appoint the first auditor of a newly incorporated company, and within what timeframe?

A.The Board of Directors within one month of the date of incorporation of the company

B.The shareholders at an Extraordinary General Meeting (EGM) within 90 days of incorporation

C.The Registrar of Joint Stock Companies and Firms (RJSC) within 30 days of registration

D.The Financial Reporting Council (FRC) within 60 days of obtaining the Certificate of Commencement of Business

Explanation: Pursuant to Section 210(6) of the Companies Act 1994 of Bangladesh, the first auditor or auditors of a company shall be appointed by the Board of Directors within one month of the date of registration (incorporation) of the company. If the Board fails to exercise this power, the company in general meeting may appoint the first auditor.

2According to Section 210(1) of the Companies Act 1994, what is the statutory tenure of an auditor appointed at an Annual General Meeting (AGM)?

A.From the conclusion of that AGM until the conclusion of the next AGM

B.For a fixed term of three consecutive financial years without annual re-appointment

C.From the date of appointment until the completion of the audit field work

D.For an indefinite period until a formal resolution for removal is passed

Explanation: Under Section 210(1) of the Companies Act 1994, every company shall at each Annual General Meeting appoint an auditor or auditors to hold office from the conclusion of that meeting until the conclusion of the next Annual General Meeting.

3If a casual vacancy in the office of an auditor arises due to the resignation of the auditor under the Companies Act 1994, how must the vacancy be filled?

A.Only by the members of the company in general meeting, not by the Board

B.By the Board of Directors within 30 days of the resignation

C.By the Managing Director acting under delegated executive authority

D.By the Institute of Chartered Accountants of Bangladesh (ICAB) upon application

Explanation: Under Section 210(7) of the Companies Act 1994, the directors may fill any casual vacancy in the office of an auditor, but while any such vacancy continues, the surviving or continuing auditor or auditors, if any, may act; provided that if such vacancy is caused by the resignation of an auditor, the vacancy shall only be filled by the company in general meeting.

4Which of the following persons is expressly disqualified under Section 212 of the Companies Act 1994 from being appointed as an auditor of a company in Bangladesh?

A.A person who is an officer or employee of the company, or a partner or employee of such officer or employee

B.A Chartered Accountant holding a valid Certificate of Practice from ICAB who has audited the company for one year

C.A member of ICAB who holds no shares or indebtedness in the company or its subsidiaries

D.An audit firm consisting of three practicing ICAB partners with no personal or financial ties to the company

Explanation: Section 212 of the Companies Act 1994 specifies disqualifications of auditors, which include an officer or employee of the company, a person who is a partner of or in the employment of an officer or employee of the company, or a person indebted to the company for an amount exceeding Tk. 1,000.

5Under Section 210 of the Companies Act 1994, what procedure is required to remove a statutory auditor before the expiration of their term of office?

A.A special resolution passed by the company in general meeting, with special notice served under Section 211 and the auditor given the right to be heard

B.A simple majority resolution passed at a meeting of the Board of Directors

C.A written directive issued unilaterally by the Chief Financial Officer (CFO)

D.An executive order issued by the Registrar of Joint Stock Companies (RJSC)

Explanation: Section 210 of the Companies Act 1994 provides that, apart from a casual vacancy filled under the casual-vacancy provision, an auditor may be removed from office before the expiry of the term only by a special resolution of the company in general meeting. Section 211 layers the procedural safeguards on top: special notice of the resolution, a copy sent to the retiring auditor, and the auditor's right to make representations and be heard at the meeting.

6Under Section 213(1) of the Companies Act 1994, what statutory right does an auditor possess regarding the books, accounts, and vouchers of the company?

A.A right of access at all times to the books, accounts, and vouchers of the company

B.A right to inspect books only during business hours upon giving 7 days prior written notice

C.A right of access only to summarized trial balance and annual ledger files

D.A right to seize and permanently confiscate original accounting registers from company premises

Explanation: Section 213(1) of the Companies Act 1994 provides that every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company, and shall be entitled to require from the officers of the company such information and explanation as may be necessary for the performance of their duties.

7Under Section 213(2) of the Companies Act 1994, what are the statutory rights of the auditor regarding general meetings of the company?

A.To receive all notices and communications relating to any general meeting and to be heard on any part of the business which concerns them as auditor

B.To vote on resolutions regarding the election of independent board directors

C.To preside as chairman over the Annual General Meeting during discussion of the accounts

D.To veto any dividend proposed by the Board of Directors if profits are deemed insufficient

Explanation: Section 213(2) of the Companies Act 1994 confers on the auditor the statutory right to receive all notices of and other communications relating to any general meeting which any member is entitled to receive, to attend any general meeting, and to be heard on any part of the business which concerns them as auditor.

8What is the primary statutory mandate of the Financial Reporting Council (FRC) established under the Financial Reporting Act 2015 (FRA 2015) in Bangladesh?

A.To act as the independent regulator for setting and enforcing financial reporting and auditing standards, and overseeing public interest entities (PIEs) and auditors

B.To conduct statutory tax assessments and collect corporate advance income taxes across commercial districts

C.To directly prepare and publish the annual financial statements of all listed companies in Dhaka and Chittagong

D.To issue trading licenses to commodity exporters and manage national foreign exchange reserves

Explanation: The Financial Reporting Council (FRC) was established under Section 3 of the Financial Reporting Act 2015 as the independent regulatory oversight body in Bangladesh to adopt, monitor, and enforce accounting and auditing standards, license auditors of Public Interest Entities (PIEs), and conduct audit quality reviews.

9According to the Bangladesh Securities and Exchange Commission (BSEC) Corporate Governance Code 2018, what is the mandatory requirement regarding the composition of the Audit Committee of a listed company?

A.The committee must comprise at least 3 members, including at least 1 independent director

B.The committee must comprise exactly 2 executive directors and 1 internal auditor

C.The committee must comprise only external shareholders with no board membership

D.The committee must comprise all members of the Board of Directors without exception

Explanation: Condition 5(1) of the BSEC Corporate Governance Code 2018 stipulates that the Audit Committee shall be composed of at least 3 (three) members and the Board shall appoint at least 1 (one) independent director as a member of the Audit Committee.

10Under the BSEC Corporate Governance Code 2018, what are the requirements regarding the Chairman of the Audit Committee?

A.The Board shall select an Independent Director to be the Chairman of the Audit Committee, and the Chairman must be present at the AGM

B.The Managing Director / CEO shall serve as the Chairman of the Audit Committee

C.The Chief Financial Officer (CFO) shall ex-officio chair the Audit Committee

D.The senior partner of the statutory external audit firm shall act as Chairman

Explanation: Condition 5(3) of the BSEC Corporate Governance Code 2018 mandates that the Board of Directors shall select 1 (one) member of the Audit Committee to be its Chairman, who must be an Independent Director, and the Chairman of the Audit Committee shall remain present in the Annual General Meeting (AGM) to answer shareholder queries.

About the ICAB PL Audit & Assurance Exam

The ICAB CA Professional Level Audit & Assurance examination evaluates a candidate's in-depth competence in conducting external and internal audit engagements in accordance with the International Standards on Auditing (ISAs/BSAs), International Standards on Quality Management (ISQM 1 and ISQM 2), the IESBA/ICAB Code of Ethics, the Companies Act 1994 of Bangladesh, BSEC Corporate Governance Code 2018, and the Financial Reporting Act 2015. Candidates are expected to design risk assessment procedures, evaluate internal control systems, formulate detailed substantive audit procedures for financial statement balances and transactions, evaluate audit evidence, and draft appropriate statutory audit reports with key audit matters and modifications.

Assessment

ICAB Syllabus-2025 Professional Level Audit and Assurance (100 marks, 3.5 hours). Specification grid: Legal and other professional regulations, ethics, accepting and managing engagements and current issues 20-25%; Planning and performing engagements 50-60%; Concluding and reporting on engagements 20-25%.

Time Limit

3.5 hours (210 minutes)

Passing Score

Not published as a percentage. ICAB reports subject-wise pass/fail results per sitting and does not publish a permanent public pass mark - confirm the current examination regulations on icab.org.bd.

Exam Fee

Professional Level examination fee Tk. 2,500 per paper (ICAB CA brochure, May 2025, following the fee revision agreed at the 778th Council meeting on 27 April 2025). ICAB's older FAQ page still prints the superseded Tk. 3,300 figure - confirm the fee on the sitting circular at exam.icab.org.bd. (Institute of Chartered Accountants of Bangladesh (ICAB), CA Bhaban, 100 Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215)

ICAB PL Audit & Assurance Exam Content Outline

20-25%

Legal and other professional regulations, ethics, accepting and managing engagements and current issues

Statutory audit framework under the Companies Act 1994 (appointment, removal, qualification and powers of auditors), BSEC Corporate Governance Code 2018, Financial Reporting Act 2015 and FRC oversight, the IESBA and ICAB Code of Ethics fundamental principles, threats and safeguards, engagement acceptance and continuance, and the firm's system of quality management under ISQM 1, ISQM 2 and ISA 220 (Revised).

50-60%

Planning and performing engagements

Preconditions and engagement terms (ISA 210), overall strategy and audit plan (ISA 300), documentation (ISA 230), understanding the entity and assessing risks of material misstatement (ISA 315 Revised 2019), materiality (ISA 320), fraud risk (ISA 240), internal control evaluation and tests of controls, deficiency reporting (ISA 265), and the full range of substantive procedures - evidence and assertions (ISA 500), external confirmations (ISA 505), analytical procedures (ISA 520), sampling (ISA 530), accounting estimates (ISA 540 Revised), related parties (ISA 550) and inventory attendance (ISA 501).

20-25%

Concluding and reporting on engagements

Subsequent events (ISA 560), going concern assessment and material uncertainty reporting (ISA 570 Revised), written representations (ISA 580), forming the opinion and the standard report (ISA 700 Revised), modified opinions (ISA 705 Revised), Emphasis of Matter and Other Matter paragraphs (ISA 706 Revised), and Key Audit Matters (ISA 701).

How to Pass the ICAB PL Audit & Assurance Exam

What You Need to Know

Passing score: Not published as a percentage. ICAB reports subject-wise pass/fail results per sitting and does not publish a permanent public pass mark - confirm the current examination regulations on icab.org.bd.
Assessment: ICAB Syllabus-2025 Professional Level Audit and Assurance (100 marks, 3.5 hours). Specification grid: Legal and other professional regulations, ethics, accepting and managing engagements and current issues 20-25%; Planning and performing engagements 50-60%; Concluding and reporting on engagements 20-25%.
Time limit: 3.5 hours (210 minutes)
Exam fee: Professional Level examination fee Tk. 2,500 per paper (ICAB CA brochure, May 2025, following the fee revision agreed at the 778th Council meeting on 27 April 2025). ICAB's older FAQ page still prints the superseded Tk. 3,300 figure - confirm the fee on the sitting circular at exam.icab.org.bd.

Keys to Passing

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ICAB PL Audit & Assurance Study Tips from Top Performers

1Memorize statutory audit provisions of Companies Act 1994: Focus on Section 210 (appointment and AGM rules), Section 211 (disqualifications), Section 212 (removal procedures), and Section 213 (statutory powers and duties).

2Master BSEC Corporate Governance Code 2018 requirements: Pay special attention to Audit Committee composition (minimum 3 members, independent director requirement, financially literate members) and auditor independence restrictions.

3Understand ISQM 1 and ISA 220 (Revised) differences: Differentiate firm-level system of quality management (8 components under ISQM 1) from engagement partner leadership and direction on individual audit engagements (ISA 220).

4Structure substantive audit procedures systematically: Always state the assertion tested, the source document/record inspected, and the exact action verb (inspect, observe, confirm, recalculate, re-perform, inquire).

5Master the ISA 705 Modification Matrix: Clearly distinguish between misstatements/inability to obtain evidence that are 'material but not pervasive' (Qualified Opinion) versus 'material and pervasive' (Adverse Opinion or Disclaimer of Opinion).

6Learn Key Audit Matters (ISA 701) rules: Understand that KAM applies mandatorily to listed entities, is selected from matters communicated with TCWG requiring significant auditor attention, and does not replace modified opinions or going concern material uncertainty disclosures.

Frequently Asked Questions

What is the format and duration of the ICAB Professional Level Audit & Assurance exam?

The ICAB Professional Level Audit & Assurance exam is a 3-hour (180 minutes) written examination carrying 100 marks. It consists of 5 to 7 detailed scenario-based and procedure-oriented questions testing theoretical principles, auditing standards (ISAs/BSAs), quality management, ethical dilemmas, and practical audit working paper procedures.

What auditing standards and legal frameworks are tested in this ICAB examination?

The examination tests International Standards on Auditing (ISAs) as adopted by ICAB (Bangladesh Standards on Auditing - BSAs), ISQM 1 and ISQM 2, the IESBA/ICAB Code of Ethics, the Companies Act 1994 (Bangladesh), the Bangladesh Securities and Exchange Commission (BSEC) Corporate Governance Code 2018, and the Financial Reporting Act 2015 (FRA).

What is the passing score for the ICAB Professional Level Audit & Assurance paper?

ICAB does not publish a percentage pass mark for this paper. Results are reported subject by subject as pass or fail, and the widely repeated '50%' figure could not be confirmed in any ICAB syllabus, brochure or examination-regulation source. Prepare to the standard of the specification grid and confirm the current examination regulations on icab.org.bd.

How often is the ICAB Professional Level examination conducted?

ICAB conducts the Professional Level examinations twice a year, typically in the May/June and November/December examination sessions.

What is the role of the Financial Reporting Council (FRC) in auditing in Bangladesh?

The Financial Reporting Council (FRC) was established under the Financial Reporting Act 2015 as the independent statutory oversight body in Bangladesh. The FRC oversees the adoption and enforcement of financial reporting and auditing standards, monitors the quality of audits of public interest entities (PIEs), and registers professional audit firms and statutory auditors.

Which ICAB syllabus applies to the 2026 examinations?

ICAB has published the Revised CA Syllabus-2025, which applies from the November 2026 examination session onwards (coaching under the revised curriculum started 10 August 2026). Under that syllabus each Professional Level paper runs for 3.5 hours, except IT Governance at 4 hours. Certificate Level papers are now sat online, while Professional and Advanced Level papers remain written apart from IT Governance. Older web sources still quote the 3-hour durations from the 2018 new-curriculum notice.