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CA IPCC : Revision Test Paper (with Answers) - AUDITING & ASSURANCE Nov 2013

31 pages, 50 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 6 : AUDITING AND ASSURANCE QUESTIONS Nature of Auditing 1. (a) Mention briefly the conditions or events, which increase the risk of fraud or error leading to material misstatement in Financial Statements. (b) What are the obvious assertions in the following items appearing in the Financial Statements? (i) Profit and Loss Statement Travelling Expenditure ` 50,000 (ii) Balance Sheet Debtors 2. ` 2,00,000 (a) What are the inherent limitations of audit? (b) What is the importance of having the accounts audited by an independent auditor? 3. (a) Discuss the types of audits required under law. (b) Discuss briefly relationship of Auditing with Behavioural Science. Basic Concepts in Auditing 4. (a) What do you mean by the term 'Sufficient Appropriate Audit Evidence'? State various factors that help the auditor to ascertain as to what is sufficient appropriate audit evidence. (b) 'A Joint Auditor is not bound by the views of the majority of the joint auditors regarding matters to be covered in the report.' Justify this statement in the light of responsibilities of Joint Auditors under SA 299. 5. (a) Distinguish between Internal evidence and External evidence. (b) What is meant by external confirmation? Mention four situations where external confirmation may be useful for auditors. 6. (a) Explain, what do you mean by Analytical procedures. How such procedures are helpful in auditing? (b) To ensure proper understanding of financial statements, it is necessary that all significant accounting policies in preparation and presentation of financial statements should be disclosed. Comment. Preparation for an Audit 7. (a) In performing an audit of financial statements, the auditor should have or obtain knowledge of the business. Explain in the light of SA 315 Identifying and Assessing The Institute of Chartered Accountants of India

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