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CA IPCC : Question Paper (with Answers) - AUDITING & ASSURANCE Nov 2011

14 pages, 20 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 Question No.1 is compulsory. Attempt any five questions from the remaining six questions. Question 1 Comment on the following: (a) It is not mandatory to send a new engagement letter in recurring audit, but sometimes it becomes mandatory to send new letter . Explain those situations where new engagement letter is to be sent. (5 Marks) (b) Vouching of payment of taxes. (5 Marks) (c) Removal of auditor before expiry of term. (5 Marks) (d) What procedure an auditor should adopt to test the authenticity of cash at bank. (5 Marks) Answer (a) Issue of Audit Engagement Letter in Recurring Audits: On recurring audits, the auditor shall assess whether circumstances require the terms of the audit engagement to be revised and whether there is a need to remind the entity of the existing terms of the audit engagement. The auditor may decide not to send a new audit engagement letter or other written agreement each period. However, in the following situations it is appropriate to revise the terms of the audit engagement or to remind the entity of existing terms: (i) Any indication that the entity misunderstands the objective and scope of the audit. (ii) Any revised or special terms of the audit engagement. (iii) A recent change of senior management. (iv) A significant change in ownership. (v) A significant change in nature or size of the entity s business. (vi) A change in legal or regulatory requirements. (vii) A change in the financial reporting framework adopted in the preparation of the financial statements. (viii) A change in other reporting requirements. (b) Vouching of Payment of Taxes: (i) Obtain the computation of income prepared by the auditee and verify whether it is as per the Income-tax Act, 1961 and Rules made there under. (ii) Review adjustments, expenses disallowed, special rebates etc. with particular reference to the last available completed assessment. The Institute of Chartered Accountants of India

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