Auditing Past Papers

[OBJECTIVE]

Subject: Auditing

Time Allowed: 15 Minutes

Maximum Marks: 10

NOTE: Attempt this Paper on this Question Sheet only.  Please encircle the correct option. Division of marks is given in front of each question. This Paper will be collected back after expiry of time limit mentioned above.

 

Part-I Encircle the right answer, cutting and overwriting are not allowed. (10)

[OBJECTIVE]

Subject: Auditing

Time Allowed: 10 Minutes

Maximum Marks: 10

NOTE: Attempt this Paper on this Question Sheet only. Please encircle the correct option. A division of marks is given in front of each question. This Paper will be collected back after the expiry of the time limit mentioned above.

 

Part-I  Encircle the correct option, cutting and overwriting is not allowed. (10)

1. Auditors qualifications are fixed by:
A) Management B) Government
C) Audit Company D Companies Act
2. The fraud of cash may happen when:
A) Receipts are overstated B) Payments are understated
C) Receipts are understated D) All of above
3. Continues audit is also called:
A) Balance sheet audit B) Running an audit
C) Interim audit D) Ad-hoc audit
4. The major drawback of an audit program Is:
A) Work will not be duplicated B) No important work will be overlooked
C) Initiative may be lost D) Responsibility of each audit staff is fixed
5. Audit covers the:
A) Examination of business accounts B) Examination of business record
C) Examination of financial statement D) All the above
6. The word “audit” is derived from:
A) French word B) Arabic word
C) Persian word D) Latin word
7. The Investigator may be appointed by:
A) Shareholders B) Owners
C) Creditors )D All of the above
8. Contingent liabilities are shown in:
A) Balance sheet B) Profit & loss account
C) Footnote attached to the balance sheet D) None of the above
9. Fixed tangible assets are shown in the balance sheet at:
A) Cost price less depreciation B) Market price
¢) Cost or market price whichever is higher D) Cost or market price whichever is lower
10. A voucher may be:
A) Cash memo B) An invoice
C) A bank receipt D) All of the above

[SUBJECTIVE]

Subject: Auditing

Time Allowed: 2 Hours 45 Minutes

Maximum Marks: 50

NOTE: ATTEMPT THIS (SUBJECTIVE) ON THE SEPARATE ANSWER SHEET PROVIDED.

 

Part-II Give short details of each of them, each answer carries equal marks. (20)

Q#1: Test checking

Q#2: Three benefits of the audit program

Q#3: Teeming and lading

Q#4: Five objectives of internal control

Q#5: Three techniques of verification

Part-III Give brief answers, each answer carries equal marks. (30)

Q#3: What points should be kept in mind by an auditor while examining the accounts of Banking Companies?

Q#4: List down the qualifications and disqualifications of an auditor under the Company Act 2017.

Q#5: Under what circumstances an auditor can be held liable for:

a) Criminal Liability b) Liability for libel

Support your answer with relevant case law.


1. Auditing work accounting,
a. precedes
b. follows
c. goes parallel to
d. None of the above
2. In the process of . the auditor physically inspects the assets.
a. vouching
b. verification
c. inspection
d. investigation
3. A is an intentional misrepresentation of financial information.
a. negligence
b. pilfcrage
c. ertor
d. fraud
4. Any documentary evidence in support of a transaction is called:
a. voucher
b. account
c. income statement
d. balance sheet
5. While conducting audit of a ______, the auditor should examine compliance of the Prudentai Regulations.
a. hotel
b. newspaper company
c. bank
d. insurance company
6. is the evaluation of performance of management.
a management audit
b. operational audit
c. financial audit
d. accounting
7. _________ means all the policies, procedures, methods, measures éfc. adopted by the management to ensure that everything is working in the organization as it should.
a. Internal control system
b. Internal audit
c. Internal check
d. Interim audit
8. ________ is a detailed list of audit procedures to be performed in the conduct of an audit.
a. audit plan
b. working paper
c. accounting
d. audit program
9. Which of the following is the primary object of external audit?
a. detection of errors and frauds
b. expression of independent opinion that whether or not financial statements give true and fair view
c. shareholders’ satisfaction
d. prevention of errors and frauds
10. This type of error arises when the correct amount is entered but in the wrong account.
a. error of omission
b. error of principle
c. error of commission
d. errors of original entry

[SUBJECTIVE]

Subject: Auditing

Time Allowed: 2 Hours 45 Minutes

Maximum Marks: 50

NOTE: ATTEMPT THIS (SUBJECTIVE) ON THE SEPARATE ANSWER SHEET PROVIDED.

 

Part-II Give short notes on following, each question carries equal marks. (20)

Q#1: Define INTERIM AUDIT.

Q#2: Define UNQUALIFIED OPINION?

Q#3: What is AUDITOR’S LIABILITY FOR LIBEL?

Q#4: Define COMPUTER ASSISTED AUDIT TECHNIQUES (CAATS).

Q#5: Define INTERNAL CHECK

Q#6: Define AUDIT WORKING PAPERS?

Q#7: What is MANIPULATION OF ACCOUNTS?

Q#8: Define QUALIFIED AUDIT REPORT?

Q#9: What is the difference between THEFT and PILFERAGE?

Q#10: What are TESTS OF CONTROLS?

 

Part-III Give detailed answers, each question carries equal marks. (30)

Q#1: Differentiate between Continuous Audit and Final Audit.

Q#2: What is a Statutory Report? State contents of the statutory report.

Q#3: Discuss rights (powers) and duties of auditor of a company.