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CA IPCC : Sample / Mock Test Paper - AUDITING & ASSURANCE 2011

3 pages, 31 questions, 2 questions with responses, 2 total responses,    0    0
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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Paper 6 AUDITING AND ASSURANCE Questions 1. State with reasons (in short) whether the following statements are True or False. (Answer any ten): (i) Potential for human error in the development, maintenance and execution of computer information systems more than in manual systems. (ii) In case of audit of partnership or sole proprietorship, the auditor s duties are defined purely by the contract between him and the client. (iii)There is no difference between auditing and accounting as both deals with financial statements. (iv) Once audit plan is developed at the start of the audit it should be stuck to and not revised during the course of audit. (v) Misstatement of financial information may not be the objective of certain frauds. (vi) There is no single list of accounting policies applicable to all enterprises. (vii) The auditor of a company has a right to carry out surprise checks of transactions beyond the end of the accounting year for which he is reporting. (viii) If the assessed levels of inherent and control risks are low, there is no need to perform substantive procedures. (ix) Clerical errors ordinarily associated with manual processing are virtually eliminated in CIS system. (x) Vouching is mere comparison of the entries in the books of account with evidence supporting the entries. (xi) An unqualified opinion in audit report is a guarantee as to the future viability of the company. (xii) If there is a material tax liability for which no provision is made in the accounts, the auditor should qualify his report in this respect even if the reserves are adequate to cover the liability. ( 10 x 2 = 20 Marks ) 2. Comment on the following: (a) In case the existing auditor(s) appointed at the Annual General Meeting refused to accept the appointment, whether the Board of Directors could fill up the vacancy. (5 Marks) (b) X and Co., Chartered Accountants, who were appointed as the first auditors of the company, were removed without the prior approval of the Central Government, before the expiry of their term, by calling an Extraordinary General Meeting. (5 Marks) (c) Due to the resignation of the existing auditor(s), the Board of directors of X Ltd appointed Mr. Hari as the auditor. Is the appointment of Hari as auditor valid? (5 Marks) (d) At the Annual General Meeting of the Company, a resolution was passed by the entire body of 25

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Chartered Accountancy (ICAI India) : Integrated Professional Competence Course (IPCC) - Model / Mock Test Paper for Auditing & Assurance Group II Paper 2

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