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CA IPCC : Revision Test Paper (with Answers) - AUDITING & ASSURANCE May 2014

23 pages, 44 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) While auditing the accounts of XYZ Ltd., it has come to the notice of the auditor that receipts have been suppressed. Discuss explaining at least five techniques as to how receipts may be suppressed. (b) The relationship between auditing and law is very close one. Discuss. 2. (a) Weaknesses in the design of the internal control system and non-compliance with identified control procedures amongst other conditions or events increase the risk of fraud or error. Discuss. (b) If the books of account are not properly maintained and if the control system is weak, the possibility of frauds and errors are enormous and the auditor, even with the best of his efforts, may not be able to detect all of them. The fact is recognised by the Courts as is obvious from a study of the various judgments. Discuss the tests applied by the courts to judicially view the auditor s performance. 3. (a) Discuss with the help of examples how certain characteristics or circumstances may increase the susceptibility of assets to misappropriation. (b) In terms of the Revised Preface, the Auditing and Assurance Standards are now renamed based on the type of assurance provided by the engagement undertaken by a member. Discuss. Basic Concepts in Auditing 4. (a) Disclosure of significant accounting policies followed is necessary if the view presented is to be properly appreciated. Comment (b) What do you understand by Risk of material misstatement ? Describe its two components at the assertion level. 5. (a) Discuss the Objectives of an auditor as stated in SA 570 Going Concern . (b) Because of the uncertainties inherent in business activities, some financial statement items can only be estimated. Discuss explaining the meaning of accounting estimates according to the SA 540 and also by giving examples. 6. (a) The Companies Act, 1956 has enacted specific provisions to give concrete shape to the concept of Auditor s Independence. Discuss. (b) As an ordinary rule the auditor should try to match internal and external evidence as far as practicable. Where external evidence is not readily available to match, the auditor should see as to what extent the various internal evidence corroborate each other. Discuss explaining the meaning of Internal and external evidence and distinction between them. The Institute of Chartered Accountants of India

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