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CA IPCC : Question Paper (with Answers) - AUDITING & ASSURANCE Nov 2009

14 pages, 30 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 Answer all questions Question 1 State with reasons (in short) whether the following statements are true or false. (Answer any ten): (10 x 2 = 20 Marks) (i) While auditing the accounts of a company, it is obligatory that the auditor must adopt sampling technique. (ii) Interim dividend is not a part of dividend. (iii) A casual vacancy caused by resignation of the auditor can be filled by the Board of Directors. (iv) The auditor, in the interest of the users, while explaining the nature of his reservation, can describe the work of the expert with his name, in the audit report without obtaining prior consent of the expert. (v) The auditee firm has no right to compel the auditor to provide copies of the working papers. (vi) Comptroller and Auditor General of India can be removed by the Prime Minister of India on the recommendation of his Council of Ministers. (vii) Provisions of Companies (Auditor's Report) order 2003 as amended upto date, apply to clubs, chambers of commerce, research institutes etc, which have been established under Section 25 of the Companies Act, 1956. (viii) Mr. X, a Chartered Accountant, is an employee of M/s M & N Co., a firm of Chartered Accountants of India. The firm is the Auditors of ABC & Co. Ltd. After auditing the accounts of the Company the Auditor firm allowed Mr. X, their employee, to sign the audit report; which he did. (ix) The Auditor disagreed with the management with regard to the acceptability of the Accounting Policies and the inadequacy of disclosures in the financial statements and issued a .disclaimer. (x) Analytical procedures are unable to help the Auditor in determining the nature, timing and extent of other audit procedures at the planning stage. (xi) A Company which has been unable to negotiate borrowings from its bankers claims that it will be able to continue as a 'going concern'. (xii) The overall objective of audit changes in Computer Information System (CIS) environment.

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