Q1Auditing Standards - Communication with those charged with G
5 marks medium
Discuss with reference to SAs:
(i) The auditor shall communicate all significant findings with those charged with Governance.
Q1Auditing Standards - Audit Planning
5 marks medium
Discuss with reference to SAs: Form, timing and extent of audit.
Q1Audit Procedures - Surprised Checks
5 marks medium
Discuss the following: Is surprised checks desirable in audit, if so give important recommendations.
Q1Audit Evidence - Inquiry Procedure
5 marks medium
Discuss the following: Inquiry is one of the audit procedure to obtain audit evidence.
Q2Multiple audit concepts - Companies Act, Auditor duties, Acc
16 marks very hard
Comment on any eight of the following:
(i) PQR Ltd. include underwriting commission and stamp duty as preliminary expenses.
(ii) AGM is not held in time, auditor automatically vacates his office.
(iii) Selling and distribution cost included in the cost of inventories.
(iv) Internal check is part of internal control system.
(v) Company can provide lower rate of depreciation than prescribed by Schedule XVI of the Companies Act, 1956.
(vi) Compliance procedures are tools designed to obtain audit evidence as to the completeness and accuracy of data processed by accounting system.
(vii) ABC Ltd. having turnover of ₹100 crores during financial year 2011-12, need not get its branch audited whose turnover is ₹1.5 crores during the same year.
(viii) Computer software which is the integral part of the related hardware can be treated as intangible assets or fixed assets.
(ix) CARO, 2003 does not apply to a foreign company.
(x) Define shortly arm's length transaction.
Q3Continuous Audit
8 marks hard
What is continuous audit and what are the precautions which should be taken while doing the implementation of continuous audit?
Q3Audit Principles
8 marks hard
Explain the basic principles governing audit.
Q4Audit Planning - CIS Environment
4 marks medium
To prepare an audit plan in CIS environment an auditor should gather information. Mention any four each important information which he has to collect.
Q4Vouching and Verification
12 marks very hard
How will you vouch/verify the followings?
(i) Purchase with invoice
(ii) Patterns, dies, loose tools etc.
(iii) Work-in-Progress
Q5Audit Report - Types of Opinions
6 marks medium
State the circumstances which could lead to any of the following in an Auditors Report:
(i) A modification of opinion
(ii) Disclaimer of opinion
(iii) Adverse opinion
(iv) Qualified opinion
Q5bSpecial Audit
8 marks hard
What are the cases in which special audit may be called by Central Government?
Q5cAudit - Share Capital Verification
4 marks medium
AnsuPhal & Co. Ltd. issued shares to the equity shareholders in the proportion of one bonus share for every three existing shares. As an auditor of the Company how would you verify this issue?
Q6aAudit of Partnership Firm
8 marks hard
Mention important points which auditors will consider while conducting audit of accounts of a partnership firm.
Q6bAudit of NGO
8 marks hard
What are the points on which an auditor should concentrate while planning audit of an N.G.O.?
Q7Audit - Multiple Topics
16 marks very hard
Write short notes on any four of the following:
Q7Auditing & Assurance (PSK-II)
16 marks very hard
Write brief notes on any four of the following: