1. The general principles and rules of Audit which govern audit of expenditure apply mutatis mutandis to:

Answer: Disbursement under debts, deposits, remittances and suspense heads.

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MCQ-> My aim is to present a conception of justice which generalizes and carries to a higher level of abstraction the familiar theory of the social contract. In order to do this we are not to think of the original contract as one to enter a particular society or to set up a particular form of government. Rather, the idea is that the principles of justice for the basic structure of society are the object of the original agreement. They are the principles that free and rational persons concerned to further their own interests would accept in an initial position of equality. These principles are to regulate all further agreements; they specify the kinds of social cooperation that can be entered into and the forms of government that can be established. This way of regarding the principles of justice, I shall call justice as fairness. Thus, we are to imagine that those who engage in social cooperation choose together, in one joint act, the principles which are to assign basic rights and duties and to determine the division of social benefits. Just as each person must decide by rational reflection what constitutes his good, that is, the system of ends which it is rational for him to pursue, so a group of persons must decide once and for all what is to count among them as just and unjust. The choice which rational men would make in this hypothetical situation of equal liberty determines the principles of justice.In ‘justice as fairness’, the original position is not an actual historical state of affairs. It is understood as a purely hypothetical situation characterized so as to lead to a certain conception of justice. Among the essential features of this situation is that no one knows his place in society, his class position or social status, nor does anyone know his fortune in the distribution of natural assets and abilities, his intelligence, strength, and the like. I shall even assume that the parties do not know their conceptions of the good or their special psychological propensities. The principles of justice are chosen behind a veil of ignorance. This ensures that no one is advantaged or disadvantaged in the choice of principles by the outcome of natural chance or the contingency of social circumstances. Since all are similarly situated and no one is able to design principles to favor his particular condition, the principles of justice are the result of a fair agreement or bargain.Justice as fairness begins with one of the most general of all choices which persons might make together, namely, with the choice of the first principles of a conception of justice which is to regulate all subsequent criticism and reform of institutions. Then, having chosen a conception of justice, we can suppose that they are to choose a constitution and a legislature to enact laws, and so on, all in accordance with the principles of justice initially agreed upon. Our social situation is just if it is such that by this sequence of hypothetical agreements we would have contracted into the general system of rules which defines it. Moreover, assuming that the original position does determine a set of principles, it will then be true that whenever social institutions satisfy these principles, those engaged in them can say to one another that they are cooperating on terms to which they would agree if they were free and equal persons whose relations with respect to one another were fair. They could all view their arrangements as meeting the stipulations which they would acknowledge in an initial situation that embodies widely accepted and reasonable constraints on the choice of principles. The general recognition of this fact would provide the basis for a public acceptance of the corresponding principles of justice. No society can, of course, be a scheme of cooperation which men enter voluntarily in a literal sense; each person finds himself placed at birth in some particular position in some particular society, and the nature of this position materially affects his life prospects. Yet a society satisfying the principles of justice as fairness comes as close as a society can to being a voluntary scheme, for it meets the principles which free and equal persons would assent to under circumstances that are fair.A just society, as conceptualized in the passage, can be best described as:
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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking...
MCQ-> DIRECTIONS for questions 24 to 50: Each of the five passages given below is followed by questions. For each question, choose the best answer.The World Trade Organisation (WTO) was created in the early 1990s as a component of the Uruguay Round negotiation. However, it could have been negotiated as part of the Tokyo Round of the 1970s, since that negotiation was an attempt at a 'constitutional reform' of the General Agreement on Tariffs and Trade (GATT). Or it could have been put off to the future, as the US government wanted. What factors led to the creation of the WTO in the early 1990s?One factor was the pattern of multilateral bargaining that developed late in the Uruguay Round. Like all complex international agreements, the WTO was a product of a series of trade-offs between principal actors and groups. For the United States, which did not want a new Organisation, the dispute settlement part of the WTO package achieved its longstanding goal of a more effective and more legal dispute settlement system. For the Europeans, who by the 1990s had come to view GATT dispute settlement less in political terms and more as a regime of legal obligations, the WTO package was acceptable as a means to discipline the resort to unilateral measures by the United States. Countries like Canada and other middle and smaller trading partners were attracted by the expansion of a rules-based system and by the symbolic value of a trade Organisation, both of which inherently support the weak against the strong. The developing countries were attracted due to the provisions banning unilateral measures. Finally, and perhaps most important, many countries at the Uruguay Round came to put a higher priority on the export gains than on the import losses that the negotiation would produce, and they came to associate the WTO and a rules-based system with those gains. This reasoning - replicated in many countries - was contained in U.S. Ambassador Kantor's defence of the WTO, and it amounted to a recognition that international trade and its benefits cannot be enjoyed unless trading nations accept the discipline of a negotiated rules-based environment.A second factor in the creation of the WTO was pressure from lawyers and the legal process. The dispute settlement system of the WTO was seen as a victory of legalists over pragmatists but the matter went deeper than that. The GATT, and the WTO, are contract organisations based on rules, and it is inevitable that an Organisation created to further rules will in turn be influenced by the legal process. Robert Hudec has written of the 'momentum of legal development', but what is this precisely? Legal development can be defined as promotion of the technical legal values of consistency, clarity (or, certainty) and effectiveness; these are values that those responsible for administering any legal system will seek to maximise. As it played out in the WTO, consistency meant integrating under one roof the whole lot of separate agreements signed under GATT auspices; clarity meant removing ambiguities about the powers of contracting parties to make certain decisions or to undertake waivers; and effectiveness meant eliminating exceptions arising out of grandfather-rights and resolving defects in dispute settlement procedures and institutional provisions. Concern for these values is inherent in any rules-based system of co-operation, since without these values rules would be meaningless in the first place. Rules, therefore, create their own incentive for fulfilment.The momentum of legal development has occurred in other institutions besides the GATT, most notably in the European Union (EU). Over the past two decades the European Court of Justice (ECJ) has consistently rendered decisions that have expanded incrementally the EU's internal market, in which the doctrine of 'mutual recognition' handed down in the case Cassis de Dijon in 1979 was a key turning point. The Court is now widely recognised as a major player in European integration, even though arguably such a strong role was not originally envisaged in the Treaty of Rome, which initiated the current European Union. One means the Court used to expand integration was the 'teleological method of interpretation', whereby the actions of member states were evaluated against 'the accomplishment of the most elementary community goals set forth in the Preamble to the [Rome] treaty'. The teleological method represents an effort to keep current policies consistent with stated goals, and it is analogous to the effort in GATT to keep contracting party trade practices consistent with stated rules. In both cases legal concerns and procedures are an independent force for further cooperation.In large part the WTO was an exercise in consolidation. In the context of a trade negotiation that created a near- revolutionary expansion of international trade rules, the formation of the WTO was a deeply conservative act needed to ensure that the benefits of the new rules would not be lost. The WTO was all about institutional structure and dispute settlement: these are the concerns of conservatives and not revolutionaries, which is why lawyers and legalists took the lead on these issues. The WTO codified the GATT institutional practice that had developed by custom over three decades, and it incorporated a new dispute settlement system that was necessary to keep both old and new rules from becoming a sham. Both the international structure and the dispute settlement system were necessary to preserve and enhance the integrity of the multilateral trade regime that had been built incrementally from the 1940s to the 1990s.What could be the closest reason why the WTO was not formed in the 1970s?
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MCQ-> Read the following passage to answer the given questions based on it. Some words/ phrases are printed in ‘’bold’’ to help you locate them while answering some of the questions.The e-waste (Management of Handling) Rules, 2011 notified by the Ministry of Environment and Forests, have the potential to turn a growing problem into a developmental opportunity. With almost half-a-year to go before the rules take effect, there is enough time to create necessary infrastructure for collection, dismantling, and recycling of electronic waste. The focus must be on sincere and efficient implementation.Only decisive action can reduce the pollution and health costs associated with India’s hazardous waste recycling industry. If India can achieve a transformation, it will be creating a whole new employment sector that provides good wages and working conditions for tens of thousands. The legacy response of the States to even the basic law on urban waste , the Municipal Solid Wastes (Management and Handling) Rules, has been one of the indifference many cities continue to simply burn the garbage or dump it in lakes. With the emphasis now on segregation of waste at source and recovery of materials, it should be feasible to implement ‘’both sets of rules’’ efficiently. A welcome feature of the new e-waste rule is emphasis on extended producer responsibility. In, other words, producers must take responsibility for the disposal of end-of-life products. For this provision to work, they must ensure that consumers who sell scrap get some form of financial incentive. The e-waste rules, which derive from those pertaining to hazardous waste, are scheduled to come into force on May 1, 2012. Sounds as they are, the task of scientifically disposing a few hundred, thousand tonnes of trash electronics annually depends heavily on a system of oversight by State Pollution Control Boards (PCBs). Unfortunately, most PCBs remain unaccountable and often lack the resources for active enforcement. It must be pointed out that, although agencies handling e-waste must obtain environmental ‘’clearances’’ and be authorised and registered by the PCBs even under the Hazardous Wastes (Management, Handling and Transboundary Movements) Rules, 2008, there has been little practical impact. Over 95 per cent of electronic waste is collected and recycled by the informal sector. The way forward is for the PCBs to be made accountable for enforcement of the e-waste rules, and the levy of penalties under environmental laws. Clearly, the first order priority is to create a system that will absorb the 80000-strong workforce in the informal sector into the proposed scheme for scientific recycling. Facilities must be created to upgrade the skills of these workers through training and their occupational health must be ensured. Recycling of e-waste is one of the biggest challenges today. In such a time, when globalization and information technology are growing at a pace which could only be imagined few years back, e-waste and its hazards have become more prominent over a period of time and should be given immediate attention.What according to the passage is important now for e-waste management?
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MCQ-> Read the following passage carefully and answer the questions given at the end.The movement to expel the Austrians from Italy and unite Italy under a republican government had been gaining momentum while Garibaldi was away. There was a growing clamour, not just from Giuseppe Mazzini's republicans, but from moderates as well, for a General capable of leading Italy to independence. Even the King of Piedmont, for whom Garibaldi was still an outlaw under sentence of death, subscribed to an appeal for a sword for the returning hero. Meanwhile, the 'year of revolutions', 1848, had occurred in which Louis Philippe had been toppled from the French throne. In Austria, an uprising triggered off insurrections in Venice and Milan, and the Austrian garrisons were forced out. The King of Piedmont, Charles Albert ordered his troops to occupy these cities. There had also been insurrections in Sicily, causing the King Ferdinand II, to grant major constitutional freedoms in 1849, prompting both the Pope and Charles Albert to grant further concessions.Meanwhile, largely ignorant of these developments, Garibaldi was approaching Italy at a leisurely pace, arriving at Nice on 23 June 1848 to a tumultuous reception. The hero declared himself willing to fight and lay down his life for Charles Albert, who he now regarded as a bastion of Italian nationalism.Mazzini and the republicans were horrified, regarding this as outright betrayal: did it reflect Garibaldi's innate simple-mindedness, his patriotism in the war against Austria, or was it part of a deal with the monarchy? Charles Albert had pardoned Garibaldi, but to outward appearances he was still very wary of the General and the Italian Legion he had amassed of 150 'brigands'. The two men met near Mantua, and the King appeared to dislike him instantly. He suggested that Garibaldi's men should join his army and that Garibaldi should go to Venice and captain a ship as a privateer against the Austrians.Garibaldi, meanwhile, met his former hero Mazzini for the first time, and again the encounter was frosty. Seemingly rebuffed on all sides, Garibaldi considered going to Sicily to fight King Ferdinand II of Naples, but changed his mind when the Milanese offered him the post of General - something they badly needed when Charles Albert's Piedmontese army was defeated at Custoza by the Austrians. With around 1,000 men, Garibaldi marched into the mountains at Varese, commenting bitterly: 'The King of Sardinia may have a crown that he holds on to by dint of misdeeds and cowardice, but my comrades and I do not wish to hold on to our lives by shameful actions'.The King of Piedmont offered an armistice to the Austrians and all the gains in northern Italy were lost again. Garibaldi returned to Nice and then across to Genoa, where he learned that, in September 1848, Ferdinand II had bombed Messina as a prelude to invasion - an atrocity which caused him to be dubbed 'King Bomba'. Reaching Livorno he was diverted yet again and set off across the Italian peninsula with 350 men to come to Venice's assistance, but on the way, in Bologna, he learned that the Pope had taken refuge with King Bomba. Garibaldi promptly altered course southwards towards Rome where he was greeted once again as a hero. Rome proclaimed itself a Republic. Garibaldi's Legion had swollen to nearly 1,300 men, and the Grand Duke of Tuscany fled Florence before the advancing republican force.However, the Austrians marched southwards to place the Grand Duke of Tuscany back on his throne. Prince Louis Napoleon of France despatched an army of 7,000 men under General Charles Oudinot to the port of Civitavecchia to seize the city. Garibaldi was appointed as a General to defend Rome.The republicans had around 9,000 men, and Garibaldi was given control of more than 4,000 to defend the Janiculum Hill, which was crucial to the defence of Rome, as it commanded the city over the Tiber. Some 5,000 well-equipped French troops arrived on 30 April 1849 at Porta Cavallegeri in the old walls of Rome, but tailed to get through, and were attacked from behind by Garibaldi, who led a baton charge and was grazed by a bullet slightly on his side. The French lost 500 dead and wounded, along with some 350 prisoners, to the Italians, 200 dead and wounded. It was a famous victory, wildly celebrated by the Romans into the night, and the French signed a tactical truce.However, other armies were on the march: Bomba's 12,500-strong Neapolitan army was approaching from the south, while the Austrians had attacked Bologna in the north. Garibaldi too, a force out of Rome and engaged in a flanking movement across the Neapolitan army's rear at Castelli Romani; the Neapolitans attacked and were driven off leaving 50 dead. Garibaldi accompanied the Roman General, Piero Roselli, in an attack on the retreating Neapolitan army. Foolishly leading a patrol of his men right out in front of his forces, he tried to stop a group of his cavalry retreating and fell under their horses, with the enemy slashing at him with their sabres. He was rescued by his legionnaires, narrowly having avoided being killed, but Roselli had missed the chance to encircle the Neapolitan army.Garibaldi boldly wanted to carry the fight down into the Kingdom of Naples, but Mazzini, who by now was effectively in charge of Rome, ordered him back to the capital to face the danger of Austrian attack from the north. In fact, it was the French who arrived on the outskirts of Rome first, with an army now reinforced by 30,000. Mazzini realized that Rome could not resist and ordered a symbolic stand within the city itself, rather than surrender, for the purposes of international propaganda and to keep the struggle alive, whatever the cost. On 3 June the French arrived in force and seized the strategic country house, Villa Pamphili.Garibaldi rallied his forces and fought feverishly to retake the villa up narrow and steep city streets, capturing it, then losing it again. By the end of the day, the sides had 1,000 dead between them. Garibaldi once again had been in the thick of the fray, giving orders to his troops and - fighting, it was said, like a lion. Although beaten 'off for the moment, the French imposed a siege in the morning, starving the city of provisions and bombarding its beautiful centre.On 30 June the French attacked again in force, while Garibaldi, at the head of his troops, fought back ferociously. But there was no prospect of holding the French off indefinitely, and Garibaldi, decided to take his men out of the city to continue resistance in the mountains. Mazzini fled to Britain while Garibaldi remained to fight for the cause. He had just 4,000 men, divided into two legions, and faced some 17,000 Austrians and Tuscans in the north, 30,000 Neapolitans and Spanish in the south, and 40,000 French in the west. He was being directly pursued by 8,000 French and was approaching Neapolitan and Spanish divisions of some 18,000 men. He stood no chance whatever. The rugged hill country was ideal, however, for his style of irregular guerrilla warfare, and he manoeuvred skilfully, marching and counter-marching in different directions, confounding his pursuers before finally aiming for Arezzo in the north. But his men were deserting in droves and local people were hostile to his army: he was soon reduced to 1500 men who struggled across the high mountain passes to San Marino where he found temporary. refuge.The Austrians, now approaching, demanded that he go into exile in America. He was determined to fight on and urged the ill and pregnant Anita, his wife, to stay behind in San Marino, but she would not hear of it. The pair set off with 200 loyal soldiers along the mountain tracks to the Adriatic coast, from where Garibaldi intended to embark for Venice which was still valiantly holding out against the Austrians. They embarked aboard 13 fishing boats and managed to sail to within 50 miles of the Venetian lagoon before being spotted by an Austrian flotilla and fired upon.Only two of Garibaldi's boats escaped. He carried Anita through the shallows to a beach and they moved further inland. The ailing Anita was placed in a cart and they reached a farmhouse, where she died. Her husband broke down into inconsolable wailing and she was buried in a shallow grave near the farmhouse, but was transferred to a churchyard a few days later. Garibaldi had no time to lose; he and his faithful companion Leggero escaped across the Po towards Ravenna.At last Garibaldi was persuaded to abandon his insane attempts to reach Venice by sea and to return along less guarded routes on the perilous mountain paths across the Apennines towards the western coast of Italy. He visited his family in Nice for an emotional reunion with his mother and his three children - but lacked the courage to tell them what had happened to their mother.Find the correct statement:
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